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The German car industry saw July business conditions improve to the highest level in three years, as the business situation index rose 11.9pt to 56.8, data published Tuesday by the Ifo institute showed. Expectations ticked up 2.7pt to 6.3 in July.
"Demand in Asia and the US continues to be very strong, and pre-crisis levels are within reach. In Europe, however, we've still got quite a way to go," said Oliver Falck, Director of the ifo Center for Industrial Organization and New Technologies.
However, shortages of intermediate products remain a concern for businesses with 83.4% of firms noting that they were affected by them in July. "Automakers and their suppliers are affected by the shortage in preproduction, which is causing production stoppages. Semiconductor bottlenecks in particular are likely to continue for a while," Falck added. Nevertheless, auto makers plan to hire more staff for the first time since December 2018.