Indonesia will increase the luxury tax on luxury cars to 125 percent from 75 percent starting this month, aiming to narrow its trade deficit by slowing imports and curbing spending by the wealthy, however the actual effects may be limited because it applies to only a slim fraction of the overall auto market.
China is set to surpass the United States to become Volvo Car Group's biggest market in 2014 with sales of at least 80,000 cars in the world's largest auto market. Its car sales target for 2014 is around a third higher than the 61,146 cars sold in 2013, while sales in the US in 2014 are expected to increase only in line with the broader market, it said in a statement on Sunday.
Shriram Automall India Ltd will roll out 20 automall facilities across the country this fiscal, its Chief Executive Officer Sameer Malhotra has said. Through an automall facility, this company, a 100 percent subsidiary of Shriram Transport Finance, provides a platform for buyers and sellers to transact in used vehicles—commercial vehicles, cars, tractors and also two-wheelers.
Lincoln, the premium car brand of Ford, is coming to China, the US carmaker said in Beijing on Thursday.
Rise in China auto sales slows further in March
China's growth in auto sales decelerated further in March and local brands lost market share in the face of intense foreign competition, an industry group said yesterday. Sales rose 7.9 percent to 1.7 million vehicles, according to the China Association of Automobile Manufacturers. That was down from February’s 11.3 percent growth.
The recent cut in excise duty did little to lift sales of passenger vehicles in the country, with eight of India’s leading automobile makers together posting a drop in volumes last month (1.6 percent), as well as for the entire financial year (4.4 percent for 2013-14).
Vehicle sales in Thailand will dip 11.7 percent year-on-year to 1.175 million units this year due to the current political turmoil and post-election uncertainties, according to forecast by research firm Frost & Sullivan.
Dushyant Sinha, Associate Director, Automotive Practice, Asia-Pacific at Frost & Sullivan said weak economic growth and slowing demand will most likely contribute to the decline. Moreover, the after effects of the first car buyer program launched by the Thai Government will most likely hit vehicle sales growth.
UBER, the US-based mobile rental service for cars with drivers, has grown faster during its trial operation in Shanghai than in other cities where it is established, company officials said.
China’s passenger car sales reached an all-time monthly high in January, with 1.88 million vehicles sold, industry data showed on Thursday.
German giant Mercedes admits it was “a little surprised” when Indian customers snapped up 125 of its new top-of-the-line S-Class luxury cars costing USD250,000 apiece in just 16 days.
India's auto industry has skidded onto an icy patch and is set for a second straight year of decline, but one segment still accelerating is luxury cars.