German high-end carmaker Mercedes-Benz on Thursday lowered its guidance for the 2024 financial year, citing a deterioration of its business in China.

Chinese automaker BYD Co. has moved to fully control a joint venture it had in China with Mercedes-Benz Group AG, as an increasing number of foreign carmakers dial back their exposure to the world’s biggest auto market.

German auto giant Mercedes-Benz is recalling more than half a million cars in China due to a technical defect. The Chinese market regulation authority said on Friday that the company has presented a recall plan which is due to take effect from November 27.