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China’s Spending Slump Is Crushing Global Carmaker Profits
- Manufacturers cite rising competition in biggest auto market
- Higher expenses on factories, new EVs also weighing on returns
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BMW AG and Volkswagen AG capped a painful earnings period for global automakers that are contending with waning electric-car sales and weak demand in China.
Both manufacturers on Thursday reported declining second-quarter earnings after their sales fell in the world’s biggest auto market, where a deepening home sales crisis is weighing on spending.