The Economic Times News

High-end car sales sink in China as its economy slows, taking a toll on European automakers

Chinese buyers are shifting from expensive foreign cars to cheaper domestic brands. Economic slowdown and government subsidies for electric vehicles are driving this change. Chinese automakers are innovating and offering competitive prices. This trend is impacting sales for European luxury brands like Porsche and Mercedes-Benz. The market for premium cars is experiencing a downturn.