The automotive market is expected to normalize this year. On theone hand, we expect car registrations to slow down following astrong rebound in 2023. On the other hand, car manufacturers facereduced pricing power and contracting margins amid intensifiedcompetition and an uncertain environment. We expect newauto sales to grow by +1.9% this year due to subdued consumerspending – especially in China and Europe – and sub-par globaleconomic growth. EVs remain in a relative sweet spot despit
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