China Jan-Aug auto imports up 45.2%, half as SUVs

Shanghai, October 17 (Gasgoo.com) The latest data by China’s General Administration of Customs showed that China imported 282,000 vehicles (including chassis) from January to August this year, with the value totaling $10.59 billion. The imported complete vehicles increased 45.2% over last year during this period, with the total value up by 62.1%.

Growth is still as the best word to describe the imported vehicle market of the first eight months of this year, said an analyst from China Trading Center for Automobile Import (CTCAI). He said that the imported vehicle market posted rapid growth in the first quarter while it slowed in the second quarter, and again gained high growth in July and August. The imported vehicle market is expected to keep growing though the growth will be slow in the coming three months.

Data showed that China SUV imports from January to August surged 75.4% year on year to 147,000 units, half of the total imported vehicles. The imported sedans only increased 17% over the same period of last year.

An analyst of CTCAI said that Chinese consumers intending to buy an imported car generally have a car produced domestically, and after a period of wealth accumulation, many of them tend to have higher demand for better vehicles. So, imported vehicles will be their first choice. And, Chinese consumers generally favor a spacious and powerful car, making the imported SUV more and more popular in China.