NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2006/10/05 - Owing to the price war, passenger car sales in China raised much above analysts' expectation during the initial six months of the year 2006..
In spite of brisk sales in the 1st half of 2006, price competition continues to heat up in the passenger car sector in China. To lure customers, carmakers have slashed prices by as much as ten percent. Besides this, newer models are also priced much below expectations.
Recently, Shanghai BeiXiang Co Ltd distributed pamphlets showing a discount, in the range of 10,000 Yuan and 15,000 Yuan, on the range of Hyundai Sonata. However, the selling price of this brand is between 139,800 Yuan and 177,800 Yuan.
Price war in the car market in China became aggressive at the time of the downturn, 2-years ago, when the government had tightened financing services for car purchases. Car sales, however, recovered during the 2nd half of the last year (2005) amidst the economic boom in the country. In China, sales of vehicles rose by around 27 percent annual to 3.54Mn units during the 1st half of the year 2006. Sales of passenger cars surged by almost 37 percent making it to 2.51Mn units.
RNCOS has recently published a report "Passenger Car Market: A Global Review (2006)". According to this report, "There's been a strong growth in the sales of passenger cars in China during the recent years. Rising incomes, easy availability of loans and reduced tariffs accompanied by China's admittance to the WTO (World Trade Organization) have resulted in slashed domestic prices".
"Price war in China's passenger car segment demonstrates that there's a highly competitive landscape in this market, which offers a wide variety for consumers to choose from", said an industry expert at RNCOS.
The Report Includes:
- Performance of major developed and emerging countries in the passenger car Industry
- Opportunities before the automobile players in the passenger cars industry
- Key challenges faced by the passenger car industry worldwide
- Key competitors in Global Passenger car industry.
The Report is Intended for:
- Decision-makers, consultants, analysts and researchers having interest in Global passenger car industry
- Investors keen on investing in this sector.
RNCOS, incorporated in 2002, provides Market Research Reports for your business needs and aims to put an end to your information pursuit. Our expertise in gathering global business information for industry research, corporate training, growth consulting, and business consulting, brings reputed companies and firms to us for business enhancement solutions. We can be your one-stop-shop for Industry research information and niche market analysis.