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.
In China, where higher prices mean prestige, luxury US electric carmaker Tesla is taking a bold step to win over clients and cachet by curbing the markup to just half of what some of its rivals can command. Though it risks relegating its brand to a lower tier, Tesla's marketing strategy could prove a model for other imported brands, which have come under fire from China state media and regulators for allegedly ripping off shoppers with inflated prices.
Vehicle marketplace Carmudi, which has presence in Asia, Africa and Latin America, is expanding in Southeast Asia, specifically the Philippines and Indonesia.
The company said the automotive sectors in these countries are thriving. The Association of Indonesian Automotive Manufacturers (Gaikindo) estimates Indonesia's car sales to increase by 10 percent this year, possibly hitting a record high sales of 1.3 million vehicles. In the Philippines, the Oxford Business Group reported car sales increasing 43.6 percent from August 2012 to August 2013.
Majority of auto shoppers (81 percent) now use smartphones to do research when purchasing a vehicle, while a quarter (25 percent) conduct research using a smartphone only, prior to visiting a dealership, an independent study commissioned by Cars.com reveals.
Seventy-two percent of mobile auto shoppers were also found to be more likely to visit an additional dealership than shoppers who did not use a smartphone. Of shoppers who visited more than one dealership, more than half (52 percent) did so because of information gathered on their mobile device.
Positive economic conditions and continuous investment flow will lead vehicle sales in Malaysia to grow by 4.2 percent year-on-year to reach 675,000 units in 2014, research firm Frost & Sullivan predicts.
Kavan Mukhtyar, Partner & Head of the Automotive & Transportation Practice, Asia Pacific at Frost & Sullivan, said he expects Malaysia's GDP to grow at about 5.4 percent in 2014, fuelled by strong domestic consumption and improvement in exports.