Global burger chains to car makers hit as recovery falters in China

Quick Summary:

Other consumer companies' sales have been hurt as well, including Starbucks, McDonald's and Procter & Gamble, while soft domestic travel demand prompted a revenue warning from Marriott.

Meanwhile, foreign automakers from Tesla to BMW , Audi and Mercedes, are locked in an intense price war in China after ceding market share to domestic EV makers, led by BYD, who offer high-tech, low-cost models.

In a bid to stem the rot, China outlined stimulus directed at consumers last month to support equipment upgrades and consumer goods trade-ins, but that has not allayed concerns.

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Article Details

Category: BusinessFinance

Markets: IndiaChina

Topics: TAIWAN Corporate growth Ev manufacturing EV market

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-02 @ 10:17:55 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 778 words

Reading Time: 5 minutes read

Sentences: 23 lines

Sentence Length: 34 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 21894365

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Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 262 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

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