The ‘glory days’ for global automakers in China are over ...Middle East

Analysis by Hanna Ziady, CNN London (CNN) — Foreign automakers have dominated China’s car market for decades, selling millions of vehicles and raking in enormous profits. That golden era is now coming to an abrupt end. The rapid rise of China’s homegrown electric vehicle (EV) makers, such as BYD and Xpeng (XPEV), is upending the largest passenger car market on the planet and leaving the world’s biggest carmakers on the losing end. The latest sign of the steep challenges facing traditional automakers came Monday, when Volkswagen warned it could close plants in Germany for the first time in its history, in an effort to cut costs. The German car giant has seen its deliveries in China,

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Last updated : 04 September 2024 clock 01:08 AM

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The ‘glory days’ for global automakers in China are over ...Middle East

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