China imports 340,000 cars in Jan-Oct, up 39.7%

Shanghai, December 4 (Gasgoo.com) From January to October, China imported more than 340,000 completed vehicles and chassis, up 39.7% year on year, Beijing Youth said. The total import value reached $12.7 billion, a 51.5% increase from a year ealier.

Foreign markets are experiencing a sharp drop in vehicle sales and having overcapacity; in contrast, China is still seeing 10% increase and a big market potential, which stimulates the global companies to turn to China, sources of China Trading Center for Automobile Import (CTCAI) said.

China’s market performance indicates the luxury car sales haven’t badly hit by the financial crisis; instead, they will post long-term, stable and fast development, said Haobo, sales and marketing general manager of Mercedes-Benz China Sales Co.
 
Sales of Mercedes-Benz S series in the first ten months surged by 50% to 12,000 units, which made China the largest market for Mercedes-Benz S series in the world. From next year, Mercedes-Benz will further expand its products lineup in China.
 
Renault will soon import 180 Megane, Scenic and some other models, almost 10% of its total sales in China. Meanwhile, the French carmaker is to reduce 25% of its global production for the fourth quarter and cut 6,000 jobs in Europe.

Since last year, the Saab has also been investigating the China market for its future product development.

Nissan luxury brand Infiniti, deeply hit by financial crisis in its key market of North America, saw sales up 100% in China.