Sentiment in German car industry worsens "considerably" in November

Sentiment in Germany's automotive industry worsened in November, data published by the ifo institute showed Wednesday.

The Business Climate index for the German automotive industry dropped to minus 20.0 points in November, down "considerably" ifo said, from minus 13.4 points in October.

The decline can be mostly attributed to more pessimistic expectations, ifo said. Companies cut their business expectations in November to minus 23.0 points from minus 4.6 points in October.

"These ups and downs in the business climate reflect the very high and rising level of economic policy uncertainty in Germany and worldwide," said ifo industry expert Anita Wolfl.

Ifo added that companies in the German automotive industry assessed their business situation as slightly better in November than in October, with the business situation indicator rising to minus 17.0 points in November from minus 21.7 points in October.

Further, companies assessed their order backlog as somewhat better in November than in October. Export expectations however fell to minus 8.7 points in November from plus 15.7 points in October.