Collapse of German car giants: VW, BMW and Mercedes lose competition to Chinese cars
German automakers Volkswagen, BMW and Mercedes are losing market positions due to the rapid growth of Chinese brands. Companies were unable to adapt to new technological trends in the automotive industry in a timely manner, which forced even Chinese consumers to switch to local cars.
Volkswagen, BMW and Mercedes, the three largest German automakers, are facing serious problems in the market, which Bloomberg writes about. Companies have not had time to adapt to new technological trends, including electric vehicles and innovative solutions, which has led to a significant decrease in their competitiveness. Chinese consumers, previously devoted to European standards, are increasingly switching to domestically produced cars, which strengthens the position of Chinese brands and puts German companies in the role of catching up.
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