'The pain is just beginning': After 38,000 layoffs, Wall Street wakes up to 'peak car'
Global demand for cars will decline 3% in 2019, analysts predict.
At bank after bank, analysts are coming round to the idea that the world may have passed "peak car," and that in the future humans will need fewer personal vehicles.
The most dramatic example of just how vulnerable automakers are came from Britain last week. The country prides itself on being the Detroit of Europe. But The Society of Motor Manufacturers & Traders (SMMT) reported that total car production in the UK was down 45%, year on year, in April. Commercial vehicle exports collapsed a staggering 89%.
This is a long-term trend
The decline won't be total. Cars won't go the way of the horse and cart. More likely the aftermath of "peak car" will look like the television business — a long, slow decline that takes years to play out.
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