BMWs revenue plunged by 84 percent due to falling demand in China

BMW's total revenue for the quarter fell by 16pr to 2.4 billion, with sales falling in all regions.

The situation is explained by a 13pr drop in vehicle deliveries, including a 30% decline in the Chinese market, which accounts for a third of BMW's total sales.

In addition, some cars had problems with the braking system, which resulted in the company recalling 1.5 million cars.

As The Telegraph notes, the Chinese are abandoning Western brands in favor of cheaper, high-tech cars made locally. The pressure on European and Japanese automakers has increased with the growth of electric vehicle production in China. Local companies have released a wide range of relatively inexpensive all-electric cars, which are also creating competition for car manufacturers in Europe.