The two German automakers said on Monday that sales in the world's largest auto market fell by 28% and 13.4% respectively in 2024 compared with the previous year, signaling a troubling trend for the foreign car market in China.
Once dominant in China, foreign automakers are being increasingly squeezed by local competitors, with the likes of BYD and Xiaomi offering high-tech electric options at very affordable prices, significantly impacting sales of established brands.
Porsche's slump in China was so significant that it reduced their global deliveries by 3%, highlighting the importance of the Chinese market to their overall performance.
Many foreign manufacturers like Porsche and BMW, who relied heavily on the Chinese market, are now reconsidering their investments and strategies, reflecting the ongoing competition posed by emerging domestic EV makers.
Collection
[
|
...
]