A huge drop in the value of Chinese stocks has unsettled the global economy and led to predictions of slower growth around the world and intense pressure on the energy sector where an oil glut has developed in face of falling demand.
Nonetheless, automakers remain surprisingly upbeat about sales in China, which has become by far the world’s largest market for new vehicles despite the prospects for only modest growth of the Chinese economy overall.
No one expects the kind of explosive, double-digit growth that characterized the decade prior to 2015 when it finally slowed dramatically. But automakers such as Ford Motor, General Motors and Daimler AG remain cautiously optimistic about their Chinese business. (more…)