Why are German auto stocks (VW, BMW, Mercedes) treated like value traps despite high net income and single-digit P/E ratios?

If you look at the fundamentals on paper, German automakers look ridiculously cheap, so why share price is dropping?
- **Volkswagen** (VOW3): Trading around ~5-6x P/E
- **BMW (BMW)**: Trading around ~5-6x P/E
- **Mercedes-Benz (MBG)**: Trading around ~7-8x P/E