China's Luxury Car Sales Plummet Amid Shift to EVs
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Luxury car sales in China dropped significantly last month and in the first half of the year, with brands like Mercedes-Benz and Land Rover experiencing declines as wealthy consumers increasingly favor electric vehicles due to rising crude oil prices.
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International luxury car brands in China experienced a significant sales decline in the past month and first half of the year.
International luxury car brands from Mercedes-Benz to Land Rover took a further beating in China last month as wealthy consumers continued to shun expensive petrol-powered vehicles.
According to data from the China Passenger Car Association (CPCA), luxury auto brands reported sales of 162,224 vehicles last month, down 29.5 per cent from the same period in 2024.
“The luxury segment was believed to be international brands’ stronghold, as more low-priced electric cars developed by Chinese companies showed an upper hand in the mass market,” said Zhao Zhen, a sales director at Shanghai dealer Wan Zhuo Auto. “The downward trend is set to continue amid consumers’ waning demand for premium cars and increasing penchant for EVs due to rising crude oil prices.”
CPCA data showed that luxury car deliveries during the first half slumped 17.9 per cent year on year to 967,929 units.
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The downward trend for luxury petrol-powered car sales in China will continue.
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Offene Fragen
- How will individual luxury brands adjust their strategies in China?
- What is the market share growth of Chinese EV brands in the luxury segment?
- What specific models are most affected by this trend?
