Have an effect on China's auto market - most people buy cars with cash. Add a second trend: the growth of auto market in China this year has fallen sharply since last year, and third, that the Chinese are becoming more selective about luxury cars. The end result? A sharp slowdown in sales of Mercedes-Benz in China.
Today, while the China Association of Automobile Manufacturers cut its growth forecast for the overall car market less than 5 percent this year, Mercedes-Benz proudly announced 38 percent growth in the first three quarters of this year at the latest. What the company did not mention is that last year's sales during the same period grew to more than triple that rate. It's hard to feel sorry for a company whose sales are growing 38 percent year over year - especially when other automakers are experiencing single-digit growth. And one of the reasons for the slowdown is undoubtedly more statistical than real: the very high base of comparison.
But the news is worth mentioning, however, so you could tell us about the China car market, says Automotive IHS Namrita Chow in Shanghai. "The struggle for market share in China to see the face of competition from Mercedes to a wider range of luxury car manufacturers," she says, adding that "wealthy Chinese consumers are also more brand conscious different luxury and are becoming bolder in their purchases.”
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