Poor Performance of German Automakers
The German automakers, including BMW, Mercedes-Benz, and Audi, have reported significant declines in profits and sales in Q3 2023. These declines are primarily attributed to weak sales in China and intense competition in the electric vehicle market. BMW, once considered a positive example, has seen a significant drop in profits and sales. Mercedes-Benz has also experienced a decline in revenue and net income. Audi, which had aimed to catch up with Tesla in EV sales, has fallen behind in both EV and overall sales.