Figures out from the China Association of Automobile Manufacturers (CAAM) states that nationwide auto sales declined 6.2% in July , making it July decline in sales for the industry in China . Even luxury brands, such as Audi and BMW declined 12.5% and 12.5% respectively in July YoY , making it the first such decline ever in China for these luxury German brands. In response, some have cut prices or cut sales targets, whilst closures have begun in the Beijing and Beijing areas. Many buyers of smaller luxury cars are first-time buyers, and auto makers are hoping that by luring them early, they will become long-term loyal customers. The situation will be exacerbated by new regulations in July from the Ministry of Transport , along with government plans to revise the rules for auto dealerships.
Figures out from the China Association of Automobile Manufacturers (CAAM) states that nationwide auto sales declined 6.2% in July , making it July decline in sales for the industry in China . Even luxury brands, such as Audi and BMW declined 12.5% and 12.5% respectively in July YoY , making it the first such decline ever in China for these luxury German brands. In response, some have cut prices or cut sales targets, whilst closures have begun in the Beijing and Beijing areas. The situation will be exacerbated by new regulations in July from the Ministry of Transport , along with government plans to revise the rules for auto dealerships.