Volkswagen said at the start of the year that it would be going up in market share and instead it has gone down. They appear to have lost the U.S. consumer in terms of design and functionality.
If Western Europe were the only market for these carmakers, it would be a headwind, definitely. Companies will have to take an offensive and defensive approach - coming up with new models and attracting more up-market customers.
The underlying Mercedes margin excluding one-off items and provision releases was significantly weaker than expected. That was an area where the market was prepared for upside surprise.
Peugeot had a bad year but their sales volumes improved. GM and Ford are operating at about their break-even market share.