Over-supply of licenses reduces import car prices
5/4/2004 15:51
With new licenses for imported cars issued last month, prices of
imported sedans have been reduced, eastday.com reported today.
Prices of
Mercedes-Benz S600 sedans were cut from 1.85 million yuan (US$223,000) to 1.75
million and those of BMW760Li were cut from 1.85 million to 1.75
million.
Every year in March, new licenses for imported cars are issued, and
this year, all the licenses will be issued at once instead of twice a
year.
Due to an over supply, licenses for the imported cars dropped from up
to 130,000 last year to 20,000 yuan, said an industry analyst.
However,
people who can afford to buy imported sedans are not sensitive to prices, so the
price cuts of up to 100,000 yuan had little impact on the market, as expected,
the analyst pointed out.
Domestically-produced mid and high-end sedans such
as BMW and Audi models claimed part of the imported car market, he
added.
Wendy Zhang/ Shanghai Daily news
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