German carmakers are suffering some of their worst declines ever in China as Q2 sales plunge 30%-41%

German carmakers including Volkswagen, Mercedes-Benz, BMW, and Porsche experienced 30%-41% declines in China sales during Q2 2023 due to weakened domestic demand and intensified competition from Chinese automakers like BYD. Falling sales in China have reduced their overall profits and highlighted challenges from economic slowdowns and fierce price wars in the region.