Stellantis and Aston Martin have become the latest European carmakers to issue profit warnings as the industry is hammered by competition from cheaper Chinese rivals.
In recent weeks, Germany’s Volkswagen, Mercedes-Benz and BMW have all cut their annual guidance, increasing concerns about a downturn in the industry on the back of slowing growth in electric vehicle sales and weaker demand.
Sales of foreign cars have fallen sharply in China because of stiff competition from local rivals, while Chinese carmakers offering low-cost EVs are making inroads in international markets. The US and Europe have responded with higher tariffs.
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