Major German Car Brands Report Profit Declines

Major German car brands reported nearly record-breaking profit declines: In the third quarter, Audi's results fell by 91%, BMW by 85.5%, and Mercedes and Volkswagen by 63-65%. All cite similar reasons: a challenging macroeconomic situation, decreased demand for their cars in China, and costly business restructuring processes in Europe. BMW also particularly suffered due to a recall campaign for 1.5 million cars.