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Chinese domestic car sales to grass on foreign rivals as slowing economy Pushes consumers to cheaper SUVs.
Great Wall Haval M4, a popular Chinese SUV, has benefited from a significant increase in demand for domestic SUV in China picture Great Wall Motors.
Chinese consumers are buying more domestic brand vehicles this year amid slower economic growth and the recent introduction of low-cost SUV like the Great Wall Haval H6 Motors and Chery Tiggo Automotive Chinese consumers bought 2 98 million vehicles the home team in the first four months of the year, nearly 20 percent jump from the same period last year, according to data released Wednesday by the China Association of automobile manufacturers.
Sales of multi-purpose vehicles SUV and MPV Chinese brand, or minivans both enjoyed growth in sales volume and market share, said a statement CAAM particular, car sales Chinese brand fell in double figures this year, but overall growth was lifted by an increase of 104 percent in the SUV deliveries.
The increase in demand for sport utility vehicles made in China forced its foreign rivals to cut prices Earlier this week, a joint venture of GM with SAIC Motor Group, the largest automobile manufacturer in China, announced a series aggressive price cuts of up to 54,000 yuan around 8700-40 models amid declining Chevrolet and Buick Volkswagen and Honda sales also cut prices amid a slowing Chinese economy that provides domestic manufacturers a chance to seduce residents to buy local brands.
Chinese automakers have renewed a strategic opportunity to excel, John Zeng, General Manager at LMC Automotive, said in a note last month after the first quarter the Chinese auto sales were announced in the first three months of the year, eight of the top 10 best-selling SUV are the Chinese brand vehicles are sold at about 16,000, well below foreign counterparts.
The slowdown in China's economy is definitely helping consumers to consider new domestic SUV cheap The government forecasts growth of gross domestic product to slow to 7 percent this year, down 7 4 percent the last year, which was the growth rate lowest since 1990.
increasing affluence among China's urban middle class has been a boon for foreign automakers like Volkswagen and General Motors, in part because Chinese cars suffered from a bad reputation for China Security has tried for decades to improve its industry and to push for better quality if a complex network of joint ventures with major global automakers and acquisitions.
Chinese domestic car sales to grass on foreign rivals as slowing economy Pushes consumers, domestic Chinese cars, the gain.