BMW's Quarterly Sales Hit by China Market Slump
BERLIN (Reuters) -BMW's first-quarter sales were dragged down by a 17.2% drop in China, where foreign premium carmakers have struggled to boost sales amid high competition from cheaper local rivals and a protracted property crisis dampening consumer confidence.
Porsche, Mercedes-Benz and the Volkswagen Group also reported a slump in their China sales, with Donald Trump's punishing tariffs likely to make consumers even more reluctant to spend.
Battery-electric car sales rose by 32% globally and 64% in Europe, as demand for EVs in the region picks up in response to new models rolled out ahead of tightening EU carbon emissions targets.
The exception is Tesla, whose market share has shrunk despite the boom in EV demand as controversy over CEO Elon Musk's political leanings and an ageing lineup has prompted customers to turn to other brands.
(Reporting by Victoria Waldersee in Berlin, Tristan Veyet and Marleen Kaesebier in Gdansk, editing by Miranda Murray and Thomas Seythal)
