China imports 284000 foreign automobiles in Q1

According to a report released by China Automobile Trading recently, growth in the market for automobile imports in China is still relatively strong. A story appearing on qlwb.com.cn today cited the aforementioned report, which stated that imports in the first quarter totaled 284,000 units, growing 22 percent from the previous year. Despite the fact that the growth rate for imports well exceeded that of domestic made vehicles, it was still 20 percent lower than the previous year-on-year growth rate from the first quarter of 2011.

According to CATC's analysis, the fall in the import growth rate is proof of increasing competition in the marketplace. It is also a sign that foreign vehicles are beginning to become overpriced in the eyes of many. The report suggests that foreign manufacturers' maintain an unrealistically optimistic outlook on the Chinese market, and advises them to revise their sales targets and overall marketing strategies in order to sustain development.