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US auto sales dropped below 16 million, and Cathie Wood believes ride sharing and affordability mean auto sales have peaked secularly, the same way she believes oil has. Are you buying your next car, or has that stopped being a given? Tell us in the comments. ⬇️

CHINA AUTO SALES DROP 24% AS EXPORTS SURGE 78% China’s auto retail sales fell 24% to 1.54M vehicles last month, with YTD sales down more than 20%. At the same time, exports jumped 78% to 888K vehicles and now account for 38% of total sales, up from roughly 20% a year ago. That export shift is becoming increasingly important as China’s domestic price war squeezes profitability. Auto-industry margins fell to just 3.6% in the first seven months of the year, versus 6.5% across China’s broader downstream industrial sector. BYD raised its 2026 overseas-sales target to as much as 2M vehicles and exported more than 184K new-energy vehicles in August. Tesla $TSLA shipped roughly 86K EVs from its Shanghai factory, with about 36K going overseas.

China’s total domestic auto sales haven’t changed much over the past decade. What changed was a massive shift from ICE to EVs & hybrids since 2020. But this year we’re seeing sharp drops in both, bringing down total car sales significantly. NEV sales got hit with the phasing out of tax incentives. A similar phase-out of tax incentives plus tightening emission standards caused ICE sales to drop back in 2018 and 2019. And of course there’s the sluggish economy dragging on both today.