Younger Buyers Showing Less Interest In Owning Cars Than Older Generations
Automakers have gathered in Detroit this week for the US industry’s big show of the year, after a 2017 where sales topped 17m vehicles domestically for the third year in a row — marking the best three-year stretch in the motor industry’s history.
But there are warnings of tougher times on the road ahead as younger buyers are showing less interest in owning cars than older generations. Ride-sharing and self-driving cars are forcing big rethinks of strategy and future designs among manufacturers. Volkswagen, for example, is working hard to prepare for a future of “million-mile” cars, where durability and longevity will be essential for self-driving vehicles, as they become part of transportation fleets that are in near-constant use. (NYT, FT)