Dec 01

Chinese Auto Sales Crash, Inventories Soar In November:

Despite ongoing exuberance at auto sales in America (which disappointed) – as crashing credit standards enable every Tom, Dick, and Muppet to buy too much ‘depreciating asset’ for their incomes – there are numerous problems few are talking about for automakers worldwide. Aside from “plans to buy a car” tumbling in the latest confidence surveys, and inventories-to-sales surging, China just poured ice cold water on any hope of stability in that ‘growth’ market as auto dealers issue the highest inventory alert since June. November data from China shows demand plunging, sales collapsing, and inventories soaring – a triple whammy of “no, things are not ‘stabilizing’.”

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