China Revealed a Luxury Car That SHAKES the Entire Car Industry\

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China's luxury car market is estimated at approximately US$160.23 billion and is expected to reach US$175.78 billion in the next five years, with an annual growth rate of approximately 3.25%.
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Strong geolocation trends and technological advancements, particularly in China, have led to increased demand for expensive cars in the region, attracting new players to the market and leading to greater innovation. Many luxury brands say China is their biggest market.
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China Revealed a Luxury Car That Shakes the Entire Car Industry
As the economy slowly recovers from the impact of the COVID-19 pandemic, demand for premium cars is increasing. The continued growth of ultra-high net worth individuals and high net worth individuals in China is a key driver in the expansion of this segment. Therefore, the demand for luxury car sales in markets such as China has changed.
For example, FAW Hongqi announced that it will introduce the new LS7 full-size SUV in August 2022. The price of the 6-seat version is 1.3658 yuan, and the price of the 4-seat version is 1.4658 million yuan. Available in two configurations.
Over the past few years, China's premium car market has grown at a staggering 36% per year; This exceeded the 26% annual growth rate of China's overall passenger car market. According to data from the China Automobile Dealers Association, China's luxury car sales exceeded 2 million units in the first 11 months of 2021, an annual increase of more than 5%. This was also the third consecutive year of growth for luxury goods amid a slowdown in China's overall automotive industry. German luxury car manufacturers Mercedes-Benz, BMW and Audi are also focusing on selling electric cars in China. For example, July 2022: Audi introduced the Q4 e-tron, the company's first luxury all-electric SUV in China. It is available in four variants, including 4WD and RWD, and is built on the MEB platform and E3 electrical architecture. Prices range from 299,900 yuan to 377,100 yuan.

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