Toyota reported a sharp decline in profit, tumbling to 573.7 billion yen from nearly 1.28 trillion yen last year, attributing losses to intense price competition and declining sales in China.
With a nearly 80% drop in profit before tax for the third quarter, BMW is suffering due to a recalled 1.5 million vehicles and overwhelming pressure from local competitors.
China's EV market is dominated by local companies like BYD, which are rapidly capturing market share from foreign manufacturers, pushing them into harder market conditions and diminishing sales.
Both Toyota and BMW have faced significant setbacks in China; rising competition from local firms is reshaping the automotive landscape and creating tougher sales conditions.
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