Slowing demand in China led to steep falls in quarterly profit for Toyota, Honda and BMW, dragging even the strongest carmakers into a broader downturn hitting the sector.
Until now, Japan’s Toyota and Honda had outperformed their European and US rivals due to strong hybrid and petrol sales in North America.
But for the latest quarter, both groups suffered a sales decline in China due to increased competition with local brands, while Toyota and BMW were also hit by recalls.
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