Foreign car companies bet on technology to hang onto once-lucrative China auto market

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BEIJING — Foreign automakers are finally catching up with their Chinese rivals on technology, as they battle a sales slump in the world’s largest car market.

U.S., Korean and German automakers rushed to announce a new lineup of models for China around the Beijing auto show that kicked off Friday.

“We have plans to really build this brand and return [to] where we used to be in terms of volume and [market] share,” Will Stacy, vice president, Cadillac China at General Motors

, told CNBC’s Eunice Yoon.