You don’t have to just take my word for it; EV buyers and shoppers around the globe understand just how strong of a value Chinese automakers offer. Globally, as the car market becomes increasingly electric, longstanding car brands from South Korea, Europe, Japan and North America are finding themselves on the side of a tough battle as Chinese EV brands make inroads both inside and outside of China. German brands, in particular, are having a really rough go lately. China was once considered a golden goose for these brands, but now they’re facing huge losses in profit and market share, and it’s not clear if they can compete.
According to Bloomberg, BMW, Mercedes-Benz, Porsche and Audi—along with other adjacent luxury European car brands—are facing huge slumps for Q3. BMW posted a dramatic 30% drop in sales and Porsche was down 19%, its worst quarter in a decade. VW as a whole (which includes Audi) admitted it was down 15%. Mercedes-Benz fared a bit better, with only a 13% drop for Q3.
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