|
Most leading western
carmakers in China began the second half of this year with a great deal more
optimism, as a notably brighter looking set of car sales data from China’s
second quarter dismissed earlier fears of a sharp slowing in Chinese domestic
new car demand.
A markedly cooler than earlier expected start to this year, with first quarter
sales growing by just 3.2 per cent, gave way to an altogether sunnier second
quarter when China’s cheque-ready shoppers headed back into previously sparsely
populated car showrooms, boosting second quarter sales by 11.5 per cent.
11.5%
Chinese second quarter passenger cars
sales growth excluding built up imports
This gave rise to now widely
shared industry predictions that this year’s second half will be markedly better
than earlier feared.
Halfway through the current year, consensus expectations are for slow
single-digit car sales growth during the rest of this year.
AID
forecasters believe that this year's car sales total in
mainland China, excluding all light commercials and fully built-up car imports,
is currently tracking around 12.1 million cars, which translates into a
year-on-year growth rate of around 5 per cent for the whole of this year.
This means a gradually slowing rate of advance during this year’s second half,
driven primarily by higher than average demand for cars in the Golf class and
above.
Demand for built-up imports, that’s chiefly pricey Executive- and Luxury-class
cars as well as premium-badge SUVs and Crossovers, is comfortably expected to
outpace China’s otherwise slowing overall car market during this year’s second
half.
Cloudier skies ahead, but Volkswagen Group sails on serenely
Unlike China’s leading intrinsic carmakers, whose grip on the market has
weakened notably since the start of this year, market leading Volkswagen Group
has continued to sail on serenely.
Whether because of its latest product avalanche in China, or the lure of more
mouthwatering incentives, reality is that the group has continued to outperform
China’s markedly less bullish overall new car market.
In both June and the six months to date Volkswagen Group continued to steal
market share from some of its main rivals, testament to its markedly sharper
competitive edge...more
Volkswagen Group has continued to sail on serenely in China
|
