China’s failing auto sector signals the great stagnation

Via the FT:

China’s shrinking car market is hitting foreign manufacturing groups hard, with some companies operating at a fraction of their potential output, sparking fears a number will be forced to quit the world’s biggest market.

Ford and Peugeot owner PSA have suffered the most, with their factories running well below full capacity at historic lows because of plunging sales after last year’s reversal in the Chinese auto market — the first in almost three decades.

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