It’s not the consumer.
Creditors trying to repossess trucks over the weekend. Thousands of drivers on the road, some stranded. Employees left in the dark. Shares plunge 93% this morning from nearly nothing to practically nothing.
Orders for heavy trucks re-plunged, after false bounce off the bottom.
The Chinese conglomerate had gone on a debt-fueled global acquisition binge, including in the US, and owned 18 airlines before it all came unglued.
Efforts to frontrun tariffs was part of it. But now, there’s more to it.
The people voted to scrap the project that was one-third finished, $4 billion over budget, mired in allegations of corruption, and built on an unstable lake-bed. But it has a life of its own.
“I do believe that in North America it is a cyclical downturn”: Cummins COO.
Burning cash is easy; It’s quite flammable and just goes up in smoke.
One of the world’s critical choke points for maritime traffic.
The hangover after the tariff-front-run boom last year.