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Despite the severe contraction in sales in January and February 2020 due to the COVID-19 lockdown, sales of premium and luxury cars began to recover from March, as the pandemic gradually came under control and affluent consumers started spending again. To revive the slumping car sales, national and provincial governments in China began to offer stimulus measures since March, providing subsidies for new car purchases.
In order to offset the effects of the pandemic, manufacturers and dealers began to offer massive discount promotions to boost their sales from March onwards. Leading brands such as Mercedes-Benz, BMW and Audi offered 20-25% price discounts across their entry-level and high-end models, also offering free gifts such as iPhones or coupons for Hermès handbags.
While other leading brands experienced significant contractions in their sales, Tesla posted positive year-on-year sales growth in 2020. The company has continuously reduced its price: in 2019, as the US and China agreed to reduce tariffs on US-made vehicles from 40% to 15%, Tesla reduced its price.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in China with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Cars industry in China, our research will save you time and money while empowering you to make informed, profitable decisions.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.