According to the results of a survey by Germany’s Ifo economic institute, German carmakers are optimistic about production and exports of vehicles in May.

The development comes as a ray of hope in Germany’s economy which has been ravaged by the coronavirus which emerged in Wuhan, China.

Germany’s index for export expectations rose to -9.8 from -65.3 in April while the index for production expectations increased to 22.7 from -41.5.

Despite the glint of optimism, a pessimistic gloom continues to linger over Germany’s vehicle manufacturing industry, with carmakers feeling more downbeat about the current state of business than they did during the 2009 global financial crisis.