Imported luxury vehicle prices soar

Shanghai. August 21 (Gasgoo.com) – The price of imported luxury vehicles in July rose 2.91 percent from a month earlier and it has been on the rise for three months in a row, according to statistics released by National Development and Reform Commission.

The average price of imported Mercedes-Benz has gained RMB 20,000 to RMB 30,000 ($ 2,600 to $ 4,000) and the S600 price grew RMB 100,000 ($ 13,300).

The price of Lexus ES series increased RMB 3,000 ($ 400) whereas LS460 increased RMB 30,000 ($ 4,000).

Meanwhile, Audi Q7, Land Rover and Veracruz are in short supply.

The reason for the price hike is that the supply of luxury vehicle falls short of demand, according to some franchised dealers.

Since the beginning of this year, the imports of luxury vehicle has rose nearly 100 percent, however, even faster growing demand has driven imported luxury vehicles to new highs.

Other factors may have impact on the imported price, such as the appreciation of Chinese currency against U.S. dollars as well as the cost of steel and bronze and import tariff.

With more and more luxury brands coming to China, such as Infiniti, Porsche and Lincoln, the competition in China’s luxury car market will intensify.