How bad are the numbers for VW, BMW and Mercedes?

Combined operating profit down 76% to 1.7 billion euros in Q3 2025, the lowest since 2009, according to EY. China, once 39% of their sales, now 29% and falling 30 to 41% in a single quarter. Volkswagen sits third in China behind BYD and Geely, and its own China boss admits young buyers see it as the brand for their parents.