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China Car Market: Growth Is Slowing

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China Car Market: Growth Is Slowing
China Car Market: Growth Is Slowing

Video: China Car Market: Growth Is Slowing

Video: China Car Market: Growth Is Slowing
Video: China’s Industrial Profits Grow at Slower Pace 2023, June
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China has developed into a booming market for German manufacturers. Audi will sell more cars there this year than in Germany. But growth is slowing down.

After two years of rapid growth, the Chinese car market is slowing down sharply. "The growth in passenger cars will only be around four percent for the whole year," said the chief economist and vice-general secretary of the Chinese Association for Passenger Cars (CPA), Cui Dongshu, on the Sunday before the International Motor Show in the southern Chinese metropolis of Canton (Guangzhou) News agency dpa.

High growth in China over

In the past two years, the car market has grown unusually fast with 48 percent (2009) and 32 percent (2010). "After the strong growth there had to be a massive decline," said Cui Dongshu. "This is a normal development and will not affect the sustainable development of the Chinese car market," he said with conviction.

The reasons for the decline are the expiry of government incentives to buy small cars, higher financing and petrol costs, and noticeably slower growth in the second largest economy in the second half of the year. Half a million visitors are expected until November 28th at the auto show in Canton, which starts on Monday. About 50 Chinese and foreign automakers show their models.

Premium manufacturer with low losses

The Chinese manufacturers and the smaller models are particularly affected by the decline in the previously high growth rates, while the foreign car manufacturers or the premium segment get away with it rather lightly. "The Chinese manufacturers are obviously in trouble this year," said the economist. “The cheapest models are the most affected. On the other hand, the effects are lowest on the more expensive cars. " Audi, for example, will see more cars in China this year than in its home market of Germany. In China, as Sales Director Peter Schwarzenbauer recently said in an interview with Autogazette, Audi wants to be the strongest premium brand in the long term.

In October, car sales in China fell by 7.48 percent compared to the previous month. Compared to the previous year, the increase was only 1.42 percent. Sales across the entire vehicle market even fell by around one percent compared to the same month last year. (dpa)

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