Carmageddon: All 3 Major Auto Markets Contract YoY For The First Time Since January 2009

by Tyler Durden
ZeroHedge.com
May 17, 2017

For the first time since January 2009, sales of cars declined year-over-year in all three of the world’s largest auto markets of Western Europe (-6.8%), China (-1.8%) and the United States (-3.7%). Combined, these three markets account for roughly 70% of the world’s auto sales (chart per Bloomberg).

And while auto OEMs spent the first part of 2017 ignoring the growing signs of trouble facing their industry, some are finally starting to admit that all is not well in autoland. As we noted a couple of days ago (see “How Is This Not A Recession? Ford To Slash 10% Of Global Workforce”), Ford just announced plans to cut about 10% of its global workforce. Meanwhile Nissan Motor is forecasting a surprise drop in profit this year and Toyota Motor expects an 18% decline as well.

The Rest…HERE

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