Imported cars posted higher than home-made cars in Q1

Shanghai, May 5 (Gasgoo.com) Industry statistics show that imported cars in China grew 72% year on year (y/y) in the first quarter of this year, with the average growth rate of luxury brands reaching as high as 82%.

The fast increase in imported cars in China in Q1 was influenced by the normal growth factor as well as by the implementation of the management method of VIN code (vehicle identification number), which took effect from March 1 and led to imported automakers swarming for customs declaration before March 1, told Ding Hongxiang, general manager of China Automobile Trading Co., Ltd.

As the consumption pattern upgrades, the consumer concept and consumer behavior have undergone enormous changes, which also led to the increasing demand for imported cars. On the basis of the fast growing market in 2007, imported car manufacturers generally favor the 2008 imported auto market. The rapidly increasing number of orders also creates another factor for the imported car growth.

To sum up the main characteristics of China imported auto market in Q1, Ding Hongxiang presented several features as follows: The auto market growth posted higher than GDP’s growth; the imported cars increased higher than the home-made autos, the SUVs surge faster than the passenger vehicles; and the price of imported autos continues to keep stable. He also said the number of China’s imported cars in Q2 will continue to rise though it will not maintain the same rate as Q1.

Related analysis shows that German vehicles ranked first by 9464 units, while Japanese vehicles followed by 6716 units in the previous two months of this year. The number of imports from Gemany and Japan makes up 65.61% of the total import volume, with its average unit price at $ 40,900.

In addition, from January to February, the imports of 3.0 liter- and- above passenger vehicles totaled 10902 units, which represent 44.21% of the total imports. 1.5L- 2.5 L passenger vehicles rank second by 5105 units, accounting for 34.67% of the total imports. 31112 SUVs were imported, growing 135.30% y/y, a leading growth rate among all import vehicle models.