In the first 8 months of this year, overall car sales in China dropped by 11 percent to 16.1 million units compared to last year.
According to Toliver Ma, an auto sector analyst at brokerage Guotai Junan International, China’s consumption upgrade increased the demands for premium cars.
BMW’s joint venture partner, Brilliance China Automotive revealed that China-made BMW cars increased its sale by 25.9 percent to 264,194 units.
Volvo cars too have seen a domestic sales increase by 12.3% for this year’s first 7 months — higher than Volvo’s global sales growth of 10 percent.
“Fewer people want to buy a cheap car these days, especially those in business, as they represent your pocket, face, and credibility … quality cars are also safer and more spacious.” Wu Junchen, a Shanghai-based businessman.
Hurun Global Rich List 2018 recently published a report detailing that 210 billionaires emerged from China, Hong Kong, Macau and Taiwan in the past year, while the United States only added 19 to its list.