Third quarter boost for luxury car sales
China's luxury car sector is expected to perform well in the third quarter, according to a China Automobile Dealers Association report.
In the second quarter of this year, luxury car dealers sold a total of 880,000 vehicles, up 9.5 percent compared with same period last year and a jump of 67 percent compared with the first quarter.
Retail sales of luxury cars in June totalled 310,000 units, an increase of 1.8 percent year on year and up 6.3 percent compared with May. China's luxury car segment was affected by COVID-19 in February but has now posted growth for four consecutive months.
The premium car market remained in positive momentum with life steadily returning to normal and consumer confidence increasing.
Li Yanwei, an association analyst, said the growth of luxury car market had been boosted by government policies and an auto show in June which had stimulated consumption.
Li added that sales of luxury cars throughout the year are expected to turn positive and maintain single-digit growth.
Zhang Xiaofeng, an independent market analyst, said luxury car brands would be launching new models at the Beijing auto show in September.