Porsche and BMW report significant sales drops in China, facing tough competition from local EV makers like BYD

This slump is hitting Porsche hard, even affecting their global sales, which dropped by 3%. It’s not just them, though. Other big names like Volkswagen and Toyota are feeling the pinch too. Volkswagen saw an 8.3% drop in sales, while Toyota and Honda aren’t faring much better.
What’s really shaking things up is the rise of local electric vehicle makers like BYD. They’re offering some pretty cool and affordable options, making it tough for foreign brands to compete. BYD’s got models like the $10,000 Seagull and the $30,000 SU7 from Xiaomi, and they’re even moving into the luxury market.
Porsche and BMW used to be the go-to brands in China, but now they’re scrambling to adjust their strategies. GM is feeling the heat too, taking a $5 billion hit and closing factories. Meanwhile, Volkswagen is teaming up with Xpeng to set up fast-charging stations across China.
It’s a wild ride for these automakers, and it’ll be interesting to see how they adapt to this changing landscape.