Bloated dealer inventory remains the white elephant in the room for the U.S. market and will have a near-term impact on both sales volume and production. Assuming the industry does act to bring inventory in line with declining demand, it will be a question of how much light-vehicle sales are goosed through retail incentives that will determine whether deliveries in 2017 end above or below 17 million units. That also will have a bearing on how far sales and production fall in 2018. Even ...

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