“Chinese auto sales declined for 17 consecutive months through November and new energy vehicle sales also declined for five straight months. The China Association of Automobile Manufacturers (CAAM) announced that local auto sales in China decreased by 3.6% year-over-year. Just three years ago, China’s auto sales grew at double-digit % but declined last year for the first time since the 1990s due to the slowing economic growth and the trade war with the US. It is also noteworthy that sales of new energy vehicles, which supported the entire auto market, have fallen significantly. Sales of new energy vehicles fell 45.6% in October and fell 43.7% in November. Growth is expected to return next year, but the prolonged automotive sales crisis has made global OEMs reduce China production plans. Now they are more likely to turn to India which has great growth potential and try to expand business there (India has a population of 1.3 billion, but its automobile penetration rate is around 35 per 1,000 people).” – Liz Lee