How European automakers aim to keep winning in China despite market's slowdown

Breaking from his carefully scripted talking points, BMW CEO Norbert Reithofer fixed the man in his sights before responding to his question with as candid a warning yet given by a German automaker on China’s car market. Was the chief executive of the world’s largest premium manufacturer actually implying the industry’s engine of growth might be running out of gas, a reporter wanted to know. “You heard me right,” answered Reithofer, pausing to let the words sink in. “We were really spoiled the last few years by the growth rates … but we saw in 2014 that they were increasingly on the decline and above all, it was no longer possible to achieve the kind of contribution margins we had three or four years ago.”