The global auto industry is going through a shakeout rarely seen outside recessions, writes greg_ip
At this week’s biennial Tokyo Motor Show, Toyota Motor Corp.’s booth didn’t feature any cars its customers can buy. Instead, the company showcased a mobile service that gives you a health checkup, with the slogan: “The star of the Toyota booth isn’t a car—the stars are people.”
There’s a bigger force behind the shift in focus: The global auto market is shrinking. World-wide sales fell in 2018, are expected to drop again this year, and Moody’s Investors Service projects another decline in 2020.
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