China is the largest auto market in the world. With a population of well over one billion people and a growing economy, the luxury auto industry is also becoming increasingly important in the country.
Companies like BMW and Audi, however, are questioning their growth within the market. Although new products introduced in the country continues to remain high, BMW alone will introduce ten new products this year, new car sales are slowing. Depending on the method of measurement, sales have either grown slightly or declined during the beginning of this year compared with last year.
Many dealerships on the ground in China attribute this decline in growth to the overall economic deceleration the economy is seeing. Luxury auto companies continue to expect high growth and sales in the market, but expectations might have to be adjusted to current economic conditions.