(MENAFN) Amidst the Volkswagen emissions scandal and slowing economic growth in China, almost 90 percent of German carmakers operative in China have depressed their performance targets.
German carmakers with a high market share in China had been fairly immune to market instabilities since the international financial crisis in 2008, but are now being affected, due to the occurrence of the emissions scandal.
Meanwhile, the Chinese economy is regulating to a state of slower and higher quality development that has been called the "new normal", which is ultimately significantly affecting the entire auto industry.
German firms familiar to rapid growth of the Chinese economy need to adjust to the new normal, and in spite of the slowing growth, China is still vital for German businesses to generate profits.
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