Made-in-China SUV prices drop 2% in August as inventories surge
Prices of domestically produced SUVs in China declined 2 percent year on year in August as automakers introduced new models in this hot -- but increasingly crowded -- market segment.
So far this year, nearly half of the new models launched by domestic and foreign automakers are SUVs, with a heavy emphasis on compact SUVs.
Prices of imported SUVs slumped more sharply than domestically produced vehicles -- down 9 percent from a year earlier, according to the National Development and Reform Commission, China's price regulator.
Last month, prices of microvans -- cheap all-purpose vehicles built by domestic Chinese automakers -- dropped 2 percent. Thanks to rising incomes in rural China, consumers who once bought microvans are switching to MPVs.
By contrast, sedan prices remained strong. Prices of domestically made sedans increased 1 percent last month, while prices of imported sedans rose 4 percent.
Prices of imported SUVs slumped more sharply than domestically produced vehicles -- down 9 percent from a year earlier, according to the National Development and Reform Commission, China's price regulator.
Last month, prices of microvans -- cheap all-purpose vehicles built by domestic Chinese automakers -- dropped 2 percent. Thanks to rising incomes in rural China, consumers who once bought microvans are switching to MPVs.
By contrast, sedan prices remained strong. Prices of domestically made sedans increased 1 percent last month, while prices of imported sedans rose 4 percent.
