European automakers BMW and Volkswagen Group are bracing for a tough second half of the year after reporting dismal Q2 sales figures. A severe slump in China, where both companies have significant operations, has significantly contributed to the decline. The market is becoming increasingly challenging for the German giants, with Chinese electric vehicle (EV) manufacturer BYD and domestic rivals like Geely and Great Wall Motor gaining ground. The ongoing property crisis in China has also dampened consumer demand, adding to the woes of BMW and VW Group, which are struggling to regain momentum in the world's largest auto market.
BMW and VW Group Q2 sales fell as a slump in China worsened. Both automakers face mounting competition from BYD and domestic rivals, plus a property crisis dampening demand.
