For foreign automakers in China, it is time to double down on a turnaround or cut losses after ceding their leadership of the world's biggest auto market to local, upstart brands.
Announcements from some of the world's largest automakers in recent days show they are taking a divergent path: Some German brands and General Motors are betting on new electric vehicles, while Toyota and others have shifted to cost-cutting mode.
For the first time, Chinese brands are market leaders, taking a 53% share in the first half of 2023, data from the China Association of Automobile Manufacturers (CAAM) showed.