China Brands: Taking Over World’s SUV Market

China is indeed taking over the SUV market after years of patronizing foreign brands in terms of vehicles. They are doing the best deal ever, by selling their brands at a very cheap price.

They are competing with Toyota’s RAV4 and Honda’s CR-V by being the 8 out of 10 bestselling sport utility vehicles in the first quarter of the year.

The sales of Chinese-branded SUV doubled in the first quarter which is overtaking the foreign nameplates running around the country and was able to make 56% of all the deliveries, according to China Association of Automobile Manufacturers. Honda will release a full-sized SUV that will surely get the attention out from BYD Co.’s new Song and Yuan SUV’s and this will happen at the Shanghai auto show next week.

“A significant number of Chinese consumers are looking for a more affordable alternative to premium-priced foreign SUVs,” said Bill Russo, a Shanghai-based managing director at consultant Gao Feng Advisory. “Foreign automakers now need to price more aggressively as the market matures and becomes more hyper-competitive.”

Read more here: http://www.bloomberg.com/news/articles/2015-04-16/how-china-brands-took-over-the-world-s-hottest-suv-market

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