German automotive giant BMW has reported a nearly 15 percent drop in net profit for the third quarter, highlighting the severe headwinds facing legacy automakers as intense competition from China upends the global automotive landscape.

According to the company's financial disclosures, third-quarter net profit fell to 1.45 billion euros, while overall sales contracted by nearly 6 percent to 30.45 billion euros. The primary driver behind the downturn was a dismal performance in China, where deliveries plunged by 24.8 percent, dragging global deliveries down by 6.3 percent despite minor offsetting gains in the US and Europe.

Company executives supposedly intend to "specifically intensify and accelerate structural measures" to cope with the mounting pressures. The European regime's automotive sector has been struggling profoundly to keep pace with Chinese manufacturers in the electric vehicle transition, forcing widespread cost-cutting initiatives across the industry.

Industry peers, including Volkswagen and Mercedes-Benz, are similarly grappling with sliding demand and deteriorating margins in core overseas markets. Amid the broader industrial slowdown, BMW announced plans to eliminate up to 8,000 jobs in its domestic market by 2027, joining major suppliers like Bosch and Schaeffler in executing deep workforce reductions across Europe.

Source: www.dw.com