The number one surname in the world is Wang. And there are a lot of Wangs hanging around VW and Hyundai car lots in China.
And many of them are there for the first time – 84% according to one report. I remember when I was a kid – just give me something that moves! And my dad did – a 1960 VW Bug with no gas gauge – I loved that car – but I’m off track.
Chinese new car buyers appear to be quite demanding – at the rate of 26% more cars this year than last year and to the tune of 3.1 million units overall – making China the number 3 auto market after the US and Japan.
There are now 100 domestic and 10 foreign car makers in China , 25 entry level compacts – Chery QQ and Honda FIT .
It won’t be long before the hogs (not Harley’s – they are already there) but the SUVs start making their way into the market as well. 25 models are expected to debut this year.
Think China is scarfing up too much energy/oil? Wait until the SUVs get there. Yeesh!
Not only that, prices for compact cars have FALLEN 28% since 2000.
I wonder how much they dealers could charge for SUVs so that NOBODY would buy them?
The Chinese roads – and the typical 2 parents and one kid family size don’t appear to be too conducive to a market for the larger car. But, then when you start hauling grandma and grampa around, on both sides of the family, you’re going to need something bigger, right?
The SUVs are going to sell, the comacts are going to sell, the mid-sizes are going to sell…cars are going to sell….and sell…and sell….
What do you think?