Major German carmakers hit by steep China sales plunge as competition heats up

Major German carmakers, including Volkswagen, Mercedes-Benz, BMW, and Porsche, experienced steep quarterly sales declines in China, with drops ranging from 30% to 41% compared to the same period last year. The declines were attributed to weakened domestic demand, intensified competition from Chinese automakers like BYD, and a challenging economic environment in China.