Experts told BI that all three companies face slumping EV sales and brutal competition in China.
BMW and Mercedes-Benz have issued profit warnings in recent weeks amid slumping EV sales in Europe and brutal competition in China, while Volkswagen is also facing a reckoning.
German carmakers are losing out to Chinese EV makers such as BYD.
She added that Mercedes, BMW, and Volkswagen offer comparatively few hybrid and extended-range vehicles — categories that have proven extremely popular in China.
Slow sales in EuropeAt the same time, Germany's automakers are also dealing with a slowdown in EV sales in Europe.
Persons:
—, Arno Antlitz, Mercedes, Hendrik Schmidt, Daniel Pier, Getty Images Helena Wisbert, Wisbert, Matthias Schmidt, Tesla, JENS SCHLUETER, that's
Organizations:
BMW, Mercedes, Benz, Service, Volkswagen, Wednesday VW, VW, dpa, China Passenger Car Association, Getty Images, Ostfalia University, Getty, European Union, Volkswagen Group, UBS
Locations:
Germany, China, Europe, North America, South America, China —, AFP