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On August 29, LMC, the global auto market forecaster, said global auto sales were expected to reach 97 million in 2018, but growth slowed to 1.8% year-on-year, far below the 5% annual growth rate since 2010. Since 2010, global car sales have expanded steadily at an annual rate of over 5%. Global auto sales are still relatively strong, boosted by the global economic recovery, but the outlook is starting to change.

The slowdown in growth in China and Europe is the main reason for the slowdown in global car sales in 2018. The pressure of US tariff policy is the key to trigger the slowdown in the car market in China and Europe, affecting consumer confidence in many non-US markets. According to BBC analysis, the automotive industry is probably the most affected area by US trade policy so far. Ford, General Motors, Fiat and three other major auto makers have recently warned that changes in trade policy are beginning to affect performance.

Among them, Ford and general motors have lowered their profit forecasts for 2018. The anticipation of a cut in car import tariffs also prevented Chinese consumption, causing Fiat's sales to decline in China, and Fiat lowered its profit forecast for 2018.

China, as the world's largest car sales market, is not optimistic. According to Bloomberg News Agency in early August, China's passenger car sales fell for the second month in a row, slowing economy and tit-for-tat trade frictions between the United States and China made consumers cautious. Sales of generalized passenger vehicles, including cars, SUVs and multi-purpose vehicles (MPVs), fell 5.4 percent to 1.6 million in July from a year earlier, the National Joint Committee on Passenger Car Market Information said on August 8. Sales in the world's largest auto market have shrunk to 2% year-on-year growth since June, down 3.7%.


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