Auto Demand Facing a ‘Sustained Downturn' in World’s Two Biggest Markets
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Global automakers are rapidly downshifting, two leading industry watchers said Wednesday, as demand falters in the world’s largest car markets -- China and the U.S.
Global light vehicle sales fell 7% in May, dragged down by a 16% decline in the Chinese market and stagnation in the U.S. and Europe, research firm LMC Automotive said in a report. “The global automotive industry is enduring a sustained downturn not seen since the Great Recession,” the report said.