Porsche is squeezed out of the highly competitive Chinese market, with plummeting sales as Chinese rivals have started catching up in luxury and performance. The German carmaker prepares to shut down its charging infrastructure in China, in another step toward exiting the market.
Western carmakers are not doing very well in China, where the market is dominated by local companies engaged in a cutthroat competition. The Chinese market has once been considered the El Dorado for the European and American car industry, but local carmakers have caught up in technology and features. Chinese customers have been spoiled with luxury features provided at low prices, leaving Western carmakers in a precarious position.
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