Most carmakers are ending the year with lots of cash and lots of worries. Share buybacks are an antidepressant, not a cure, but they are better than nothing.

It has been a highly profitable year for the traditional car industry. Production recovered following the microchip-related supply constraints of 2021 and 2022. Having previously been starved of inventory, consumers and fleet owners bought new vehicles despite higher interest rates. Globally, sales are on track to rise 10% this year, according to forecasting firm GlobalData.