The European automobile market has hit a roadblock. Once a symbol of post-war prosperity and innovation, the sector now finds itself in a state of stagnation. New light vehicle registrations are stubbornly 4 million units below pre-pandemic levels, and the anticipated recovery seems elusive.

From a macro perspective, there are three important prices in the world: The oil price, the US 10-year rates, and the US dollar. All three of these prices are dependent on the policy decisions of the new US administration to be set in early 2025.

There are decades where nothing happens and weeks where decades happen. This quote by Lenin seems appropriate for what happened last week. The Trump team won by a landslide and has taken the House, the Senate, and the Presidency.