HONG KONG (AP) – Major German carmakers saw sharp quarterly sales declines in China as domestic demand weakened and competition heated up in the world´s biggest auto market.
At Volkswagen, Mercedes-Benz, BMW and Porsche, China sales for the April-June quarter plummeted between 30% and 41% compared with the same period a year ago, according to company data released over the past week.
China’s prolonged property sector downturn and an economic slowdown have hurt consumer sentiment, with more people shunning big-ticket purchases. Strong competition in its domestic car market and a yearslong fierce price war have also hit many European carmakers…
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