Eight months into the year, steady erosion grinds down world’s largest automakers. In all likelihood, they will end the year with sales below in the last. Cars have always been a cyclical business, and the down-cycle is very much evident.
Toyota Group, down 3.9% YTD, mainly blames the “continued severe market conditions in China, such as the intensifying price competition,” and the results of the production suspensions back home.
At the Hyundai Group, down 1.3%, promises are made to “cope with business uncertainties.”
AWOL Volkswagen decided to report its global sales only quarterly, reducing 12 embarrassments per year to only four.
