High-end car sales sink in China as its economy slows, taking a toll on European automakers

Chinese demand for foreign luxury cars is waning as customers opt for more affordable Chinese brand models, often sold at big discounts, catering to their taste for fancy electronics and comfort. A prolonged property downturn in China has left many consumers with little appetite for big purchases. Meanwhile, the well-to-do are becoming increasingly shy about publicly displaying their wealth, said Paul Gong, UBS head of China Automotive Industry Research.