Mercedes, BMW, Volkswagen, Audi and Porsche are losing China to EV upstarts
· economictimes.indiatimes.com
As competition in the Chinese automotive sector intensifies, German car manufacturers are witnessing a decline in sales and profitability. Homegrown brands like Xiaomi and BYD are making significant inroads with consumers. The challenge for these foreign automakers lies in adjusting their pricing strategies and keeping pace with swift advancements in electric vehicle technology. To reclaim their luxury status and financial health, German firms need to innovate at an accelerated pace.
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Bloomberg Ola Källenius, CEO of Mercedes-Benz Group AG. Photographer: Qilai Shen/Bloomberg
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