German auto industry faces worst crisis in history as Chinese brands surpass 10% market share in Europe

The flagship of the European economy — the German automotive industry — is experiencing the biggest crisis in its history. Volkswagen plans to cut up to 100,000 jobs by the end of the decade (one in six employees). Mercedes-Benz has already cancelled summer bonuses and launched mass 'voluntary' layoffs. BMW is preparing to cut another 10,000 jobs. Against this backdrop, Chinese brands have for the first time exceeded 10% of the European market share. While Brussels and Berlin were focused on sanctions, China simply came and took the market share.