Luxury cars set for Q3 sales boost
Print Edition
China’s luxury car sector is expected to perform well in the third quarter this year, according to a China Automobile Dealers Association report.
In the second quarter, luxury car dealers sold a total of 880,000 vehicles, up 9.5 percent from the same period last year and a jump of 67 percent compared with the first quarter.
Retail sales of luxury cars in June totalled 310,000 units, an increase of 1.8 percent year on year and up 6.3 percent compared with May. China’s luxury car segment was affected by COVID-19 in February but has now posted growth for four consecutive months.
The premium car market has maintained momentum as life steadily returns to normal.
Li Yanwei, an association analyst, said the growth of luxury car market had been boosted by government policies and an auto show in June which had stimulated consumption.
Li added that full-year sales of luxury cars are expected to turn positive and maintain single-digit growth.
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