HONG KONG (AP) — Chinese demand for foreign luxury cars is waning as customers opt for more affordable Chinese brand models. Those are often sold at big discounts catering to their taste for fancy electronics and comfort. That is bad news for European carmakers like Porsche, Aston Martin, Mercedes-Benz and BMW that have long dominated the upper reaches of the world’s largest auto market. Car dealerships in China are offering bigger discounts on used premium cars and domestic automakers are dropping prices. Experts cite a slowing economy and growing reluctance to display wealth as reasons for the slowing demand. Chinese manufacturers are gaining ground with innovation and more competitive pricing, impacting European brands.
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