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German car industry 'unfazed' by VW scandal?

2015-10-27 08:47

BUSINESS AS USUAL: The German car industry seems to be very little affected by VW's huge emission scandal. Image: AP / Kai-Uwe Knoth

Munich - Germany's auto industry does not seem to have been affected by the emissions scandal at Volkswagen, Information and Forschung (research - Ifo) economist Klaus Wohlrabe told Reuters on Monday, adding that companies in this sector had revised their production plans upwards.

Conidtions improved

"The German automobile industry appears to be unfazed by the VW scandal," Wohlrabe said, adding that both expectations and the assessment of current conditions in the sector had improved.

Wohlrabe said the German economy was proving to be "very resilient", although emerging markets and the US economy were dampening export expectations.

The Ifo index, which fell slightly in October, has hardly been affected by an influx of refugees so far, Wohlrabe said, adding that there were also no noticeable effects from the monetary policy pursued by the U.S. Federal Reserve and the European Central Bank.

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