Audi chief confident China auto sales would recover fast

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Audi’s chief executive officer Rupert Stadler seems confident China’s recent automotive sales volume slowdown is only temporary and thinks deliveries would grow again sooner than later. China, the world’s largest auto market and the second global economy, has seen a recent slowdown in automotive sales growth, in part due to the worries about economic prosperity and also due to the recent stock market crash. Now the government has taken action and introduced stimulus to makes sure the vital sector continues to spin, reducing the purchase tax on roughly 64 percent of the country’s new vehicle acquisitions. Stadler, who referred mainly to the luxury auto market, said he forecasted demand in the country could surge from around nine percent per year today to 12 or even 15 percent in the near future, though without giving any specific detail on when it would actually happen. “We think after period of consolidation we will see permanent growth in China,” the executive commented. “I’m more optimistic than others. There are enough affluent people who want to buy premium products,” he added, with Audi being the No.1 luxury brand in China. The country, the premium brand’s single biggest market, has delivered years of massive growth but so far this year the deliveries have been negative compared to the volumes seen last year for four straight months – with January through August sales at minus 0.8 percent to a total of 361,316 units. Stadler added the key to maintain leadership in China is to deliver product refreshes way faster than just a decade ago, upgrading constantly certain gadgets and features to keep the products fresh. Via Automotive News Europe