Domestic Chinese Cars Gain Sales Turf Over Foreign Rivals As Slower Economy ... - International Business Times
Chinese consumers are buying more domestic brand vehicles this year amid slower economic growth and the recent introduction of low-cost SUVs like the Great Wall Motors’ Haval H6 and Chery Automobile’s Tiggo . Chinese consumers bought 2. 98... “The sales of Chinese brand SUV and MPV [multi-purpose vehicles, or minivans] both enjoyed growth in sales volume and market share,” said a CAAM statement. Most notably, Chinese brand car sales have plummeted by double digits this year, but overall growth was lifted by a 104 percent rise in SUV deliveries. Volkswagen and Honda also have reduced prices amid a slowing Chinese economy that offers domestic automakers a chance to woo locals to buy local brands. Chinese car companies “have a renewed strategic opportunity to excel,” John Zeng, managing director at LMC Automotive, said in a note last month after first-quarter Chinese auto sales were announced. The government expects gross domestic product growth to slow to 7 percent this year, down from 7. 4 percent last year, which was the lowest growth rate since 1990. Rising affluence among China’s urban middle class has been a boon to foreign... Source: www.ibtimes.com
