Imports plunge 22% in first 5 months as luxury demand slows
China's passenger vehicle imports plunged 22 percent year on year to 434,423 through May as the country's slowing economy hurt demand for luxury cars and light trucks.
During the period, SUV imports dropped 20 percent to 278,022 vehicles while sedan imports slumped 27 percent to 136,354 vehicles, the China Automobile Dealers Association reported. Imports of multipurpose vehicles declined 9 percent to 20,047 vehicles.
Most light-vehicle imports are premium models that sell in relatively low volumes. Foreign automakers assemble high-volume models in China to avoid the country's steep tariffs.
Due to slowing sales, import dealerships averaged a 143-day supply in May, significantly above the normal range of 24 to 36 days.
To help boost demand, import dealership discounts averaged a record high 12 percent in May, the association said.
Most light-vehicle imports are premium models that sell in relatively low volumes. Foreign automakers assemble high-volume models in China to avoid the country's steep tariffs.
Due to slowing sales, import dealerships averaged a 143-day supply in May, significantly above the normal range of 24 to 36 days.
To help boost demand, import dealership discounts averaged a record high 12 percent in May, the association said.
