When a market turns against you, how should businesses respond? This is the question being pondered with some urgency across the automotive boardrooms of the world.

The market is China, the world’s largest auto market. It was once the breadbasket of the industry, flush with a hugely profitable pool of newly-wealthy consumers, many of whom were eager to flaunt their status with a shiny Mercedes-Benz or Buick. The entry price for overseas carmakers — a technology-sharing joint venture with a local manufacturer — seemed worth every yuan.

But the tide has turned. The build quality of the Chinese brands have caught up with global nameplates, no doubt aided by the experience of running joint factories. And inside the vehicles, the technology — the key to unlocking the hearts of Chinese consumers — is now superior.