Should someone tell Gavin? Forget it, he's rolling...
Bloomberg (9/24/20) reports: "For two years, falling sales seemed to spell the end for China’s time as the world’s most vital car market. Then came the coronavirus, followed by a swift recovery that’s left Europe and the U.S. in its dust. Now — more than ever — China is the focus of the hopes of automakers around the globe. Sales of passenger cars in Asia’s largest economy have increased for two months, while the other major markets have continued to shrink, with Europe slumping 18% in August. And China is set to be the first to bounce back to 2019 volume levels, albeit as late as 2022, according to researchers including S&P Global Ratings. All the while maintaining its hefty lead over Europe and the U.S. The world’s biggest car market since 2009, China can still grow for the foreseeable future because of its relatively low penetration and expanding middle class. Yet merely being there doesn’t automatically spell success for global giants such as Volkswagen AG, Toyota Motor Corp. and Tesla Inc. — they need to contend with state-supported champions like SAIC Motor Corp., Zhejiang Geely Holding Group Co. and NIO Inc., all increasingly aggressive in defending their home turf while eyeing an expansion beyond it."
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"It might make WOKE Californians feel better to pretend that buying a $185,000 electric Porsche Taycan can help reduce the average yearly temperature of the world. Yet California has only five hundredths of one percent of the world population (39.8 million out of 7.8 billion). No matter how large California’s share of new electric car sales becomes, the overwhelming bulk of all light vehicles in the nation and world in 2030-2040 will not be new and will not be electric."
– Alan Reynolds, Cato Institute
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