Foreign carmakers lose more traction in China as luxury stronghold erodes

International luxury car brands from Mercedes-Benz to Land Rover took a further beating in China last month as wealthy consumers continued to shun expensive petrol-powered vehicles. Struggling against competition from China’s rising electric vehicle (EV) powerhouses, international marques would find it more difficult to retain their market share and maintain profitability in the world’s largest automotive market, analysts said. According to data from the China Passenger Car Association (CPCA)...

By Daniel Ren