Why are Mercedes, BMW, Audi & Porsche losing ground in China?

Mercedes-Benz, BMW, Porsche and Audi are witnessing declining sales and profitability in China as local brands such as Xiaomi and BYD gain ground. German luxury carmakers are struggling with pricing and rapid EV advancements. JPMorgan analyst Jose Asumendi said many German models are simply priced out of China, while their combustion-engine-heavy lineups face declining demand among consumers.