Austerity puts luxury car sales in slow lane
By Li Fangfang | China Daily | Updated: 2013-05-07 08:10
The central government's clampdown on official waste and extravagance has put the brakes on China's luxury vehicle market in the first quarter of the year.
Sales growth for the luxury vehicle sector, dominated by German brands Audi, BMW and Mercedes-Benz, slowed to 4 percent, far below the 13 percent annual growth in the passenger car market, according to the China Association of Automobile Manufacturers.
China's luxury vehicle sector has raced ahead at an average annual growth of 36 percent in the past 10 years, according to a report by consulting firm McKinsey & Co.
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