Mergers in the auto industry are nothing new. And he said beyond the question of technological change is the increased competition from Chinese automakers, who had previously been limited to the Chinese market. The Chinese auto industry was barely a blip on the international radar 20 years ago, as Western automakers were dominant in China, the world’s largest auto market. So Chinese automakers are already shaking up the European market and are expected to eventually capture significant market share in North America. Wells does see the potential for more consolidation, particularly among Chinese automakers.

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