Bank of America | We think that the next decade in Autos will be all about electrification (global CO2 targets), slower car sales growth, mobility services and a greater focus on cost reforms (material costs, capacity rationalization & personnel costs). Following two years of declining global car sales, we think 2020 could see flat growth. However, we do not believe that this will be enough to offset cost pressures in an industry burdened by high fixed costs (labour) and rising regulatory charges (CO2).