Reported about 1 month ago
Global automakers, long dominant in China's lucrative car market, are now facing significant challenges due to the rise of local electric vehicle manufacturers like BYD and Xpeng. Companies such as Volkswagen and GM are experiencing declining sales and market share, with foreign automakers' share of sales in China dropping from 53% to 33% in just two years. As profits dwindle and the industry faces a price war fueled by local competition, many brands are restructuring or closing operations in China, signaling the end of an era characterized by high profits and growth.
Source: YAHOO