Reported about 9 hours ago
German car manufacturers Volkswagen, BMW, and Mercedes-Benz face a significant decline in sales in China as local electric vehicle (EV) brands gain popularity. Once favored by affluent consumers, these companies are now losing market share due to their inability to meet the tech-savvy demands of younger buyers. Despite their extensive investments in the Chinese market, the dominance of local brands, coupled with a shift in consumer preferences away from traditional luxury features, poses an existential threat to these longtime automotive giants.
Source: YAHOO