China Auto Market in ‘Downward Spiral,’ Japan Group Says
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China’s vehicle market has shown signs of a “downward spiral” that will eventually hit Japanese carmakers, according to the head of Japan’s auto association.
“There’s excessive competition and carmakers are building excessive capacity, and to raise utilization of the plants, they will engage in excessive selling,” Fumihiko Ike, chairman of Japan Automobile Manufacturers Association, told reporters in Tokyo Thursday.