Luxury car imports race higher
As the result of higher personal wealth and spending power combined with reduced import tariffs on cars that were introduced in mid-2006, Chinese car imports are soaring, with the demand for luxury vehicles in particular growing significantly.
According to the China Trading Centre for Automobile Imports (CTCAI), the final figures for 2007 are set to reach 300,000 for 2007, a massive 30% higher than the numbers for 2006, having already reached 277,093 units by the end of November.
Maybe more interesting is the fact that the luxury segment is enjoying the highest rate of growth, and accounts for 69.4% of total imports. This is good news for manufacturers in Japan and Germany in particular which accounted for 48% and 42% of all imports, respectively.
