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Imported cars gaining momentum in China
By Jin Jing |
January 31, 2012, Tuesday
|
Online Edition
Online Edition
IMPORTED car market in China is expected to continue the growing momentum this year but the theme will be restructuring, according to the industry watchdog.
More than 1 million imported vehicles will be sold this year, 20 percent more than in 2011, China Automobile Trading Co Ltd said in a report today. The growth rate is expected to double that of Chinese-made vehicles, it added.
Last year, about 820,000 imported vehicles were sold and total shipment jumped 30 percent to more than 1 million units, CATC said.
"An easing monetary policy will help boost vehicle sales this year and benefit the imported car market, while crowded new car launches will fuel market demand," said Wang Cun, senior manager of CATC.
At least 28 new models and 12 redesigned models are expected to hit the market this year, the company estimated.
In segments, sport utility vehicles will continue to win new customers this year with good design and multi-functions. But as China is curbing fuel consumption, it will be a trend for carmakers to downsize their engines, Wang added.
CATC also estimated the import of luxury vehicles may slow down this year while entry-level luxury cars will outpace the average growth of the car market amid economic uncertainty.
Fierce price competition plus a high inventory will further hurt the profit of car dealers, forcing them go to the second- to third-tier cities, CATC said.
More than 1 million imported vehicles will be sold this year, 20 percent more than in 2011, China Automobile Trading Co Ltd said in a report today. The growth rate is expected to double that of Chinese-made vehicles, it added.
Last year, about 820,000 imported vehicles were sold and total shipment jumped 30 percent to more than 1 million units, CATC said.
"An easing monetary policy will help boost vehicle sales this year and benefit the imported car market, while crowded new car launches will fuel market demand," said Wang Cun, senior manager of CATC.
At least 28 new models and 12 redesigned models are expected to hit the market this year, the company estimated.
In segments, sport utility vehicles will continue to win new customers this year with good design and multi-functions. But as China is curbing fuel consumption, it will be a trend for carmakers to downsize their engines, Wang added.
CATC also estimated the import of luxury vehicles may slow down this year while entry-level luxury cars will outpace the average growth of the car market amid economic uncertainty.
Fierce price competition plus a high inventory will further hurt the profit of car dealers, forcing them go to the second- to third-tier cities, CATC said.
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