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Luxury cars market loses momentum in China

(People's Daily Online)    08:30, July 01, 2015
A model poses with a Lamborghini Huracan LP610-4 that is making its Asia premiere during the on-going Beijing International Automotive Exhibition (Auto China). [Photo by He Yini / chinadaily.com.cn]

In the last ten years, sales of luxury cars have witnessed an average annual increase of more than 30 percent. Even during the financial crisis in 2008, the sales of high-end vehicles maintained momentum. However, the luxury car brands, such as Audi and BMW, are struggling to recreate their glory days.

China has become the main destination for luxury car sales. Brands like BMW, Mercedes-Benz and Audi use their profits in China to offset their structural sales pressure in Europe.

Yet their sales are starting to drop in China.

According to the statistics of China Passenger Car Association (CPCA), the sales growth of passenger cars has slowed down, affecting the global luxury car market. Sales volume of Audi in May stands at 48,174, 1.6 percent lower year-on-year, marking the first drop since February of 2013. Moreover, BMW sold 34,870 cars, dipping by 5.5 percent year-on-year, representing the first decrease in the last decade. Meanwhile, the sales volume of Jaguar Land Rover plummeted from 10,880 in May of 2014 to 7,389 in the same month of this year, decreasing by 32.1 percent in a single year.

Although the decrease in sales of luxury cars may make some companies uncomfortable, if we look closely we will find that this phenomenon symbolizes that the Chinese car market is trying to integrate itself into the international market. The Chinese domestic automobile is becoming more rational, according to Zheng Yu, an analyst of automobile industry. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yao Chun,Zhang Qian)

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