Global automakers are rapidly downshifting, two leading industry watchers said Wednesday, as demand falters in the world’s largest car markets -- China and the U.S. Global light vehicle sales fell 7% in May, dragged down by a 16% decline in the Chinese market and stagnation in the U.S. and Europe, research firm LMC Automotive said in a report. “The global automotive industry is enduring a sustained downturn not seen since the Great Recession,” the report said. Sales volumes in the U.S. are being propped up by commercial fleet purchases thanks to the Trump administration’s 2018 tax reform, but a flood of off-lease ... (full story)