Sales of SUVs and MPVs in China enjoyed significant growth in August, despite car buying restrictions in major cities.
MPV sales blazed ahead in August, advancing 160% year-on-year to around 105,600 units. SUVs also fared well, showing a 46% increase in unit to 240,000 units. Total light vehicle sales for the period increased 11% to 1,353,200 units during the same period.
While SUV and MPV sales continue to enjoy speedy growth, the sedan market, still considerably bigger, saw only a 4% increase in total sales to 899,100 units during the month. Microvan sales also fared poorly, declining by 28% to 108,400 units.
Industry sales continue to meet and exceed analysts' expectations as household income grows steadily and restrictive purchasing laws in major cities cities are outweighed by increasingly affluent second and third tier cities.
Lubes producers investing in high perfomance products and 4WD transmission fluids will no-doubt profit from the nation's growing thirst for sports utility vehicles.