In July China imported 95,346 vehicles, up 21.3% from the same period last year.
From January to July a total of 684,000 vehicles were imported, and in July 93,062 passenger cars, up 22.2% and 54,000 SUVs, up 58.1%, representing the major contributor to the growth rate. The most imported brand in July was BMW with 10,000 cars, followed by VW and Lexus, while Mercedes fell on the fifth place in the rankings.
“Looking at retail sales [of imports] from 19 brands, it appears that growth rates on the whole are gradually slowing down, with the growth rate of the overall import vehicle market [over the first seven months of the year] finishing at 21.3 percent,” said Wang Cun, head of CATC’s marketing and sales division.
He also predicts that by the end of the year the imported vehicles’ growth rate will reach 20%. Due to the continuous decrease in sales growth, automakers have already begun introducing new promotional offers for imports. In July these promotions brought a profit of 74,228 yuan ($11,714), with 5,454 yuan ($860.71) more than the previous month.