"The days of European carmakers dominating China's luxury vehicle market are over, as evidenced by a nearly one-third decline in BMW's sales and a 10% drop for Mercedes-Benz in the first nine months of the year, amid rising competition from cheaper Chinese electric vehicle manufacturers who offer high-tech premium options. This trend reflects a broader shift in consumer preferences and economic conditions influencing luxury automotive purchases."
"Porsche has seen a 29% slide in sales, particularly impacted by stalling demand for its luxury electric Taycan, down 47% globally this year. This trend underscores a challenging landscape for European brands, with automakers like Rolls-Royce and Aston Martin also reporting significant drops in their sales figures within China, illustrating the fierce competition they face from domestic brands that cater effectively to the growing consumer base for premium vehicles."
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