Foreign luxury automakers continue expansion despite slow growth

Premium car sales growth is expected to slow from its average 30% annual growth rate of the past decade to only 5% growth by 2018, Reuters reported, citing IHS Automotive. But despite an overall economic slowdown and changing consumer preferences following President Xi Jinping’s anti-extravagance campaign begun two years ago, foreign producers of luxury cars continue to expand their presence in China. Daimler AG (DDAIF.OTCMKTS) recently unveiled its Mercedes-Benz G-Code in Beijing, and is debuting its Mercedes-Maybach limousine this week in Guangzhou, while the British company Jaguar opened its first overseas plant last year in Changshu.