China is buying fewer cars. GM and VW are feeling the pain
Hong Kong (CNN Business)Sales in the world’s biggest auto market are falling, causing big problems for top global brands that have come to rely on it for much of their growth.
China has been a source of blockbuster sales for major carmakers for years, as rapid economic growth gave millions of consumers the cash to spend on middle-class status symbols. For the likes of General Motors (GM) and Volkswagen (VLKAF), China brings in more revenue than the United States or Europe.
But those companies are now facing difficulties. The Chinese market has gotten a lot tougher this year as the wider economy has lost momentum and a trade war with the United States has ramped up.
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