BMW‘s first-quarter sales were dragged down by a 17.2per cent drop in China, where foreign premium carmakers have struggled to boost sales amid high competition from cheaper local rivals and a protracted property crisis dampening consumer confidence.
Porsche, Mercedes-Benz and the Volkswagen Group also reported a slump in their China sales, with Donald Trump’s punishing tariffs likely to make consumers even more reluctant to spend.
Battery-electric car sales rose by 32per cent globally and 64per cent in Europe, as demand for EVs in the region picks up in response to new models rolled out ahead of tightening EU carbon emissions targets.
The exception is Tesla, whose market share has shrunk despite the boom in EV demand as controversy over CEO Elon Musk’s political leanings and an ageing lineup has prompted customers to turn to other brands.
