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Porsche’s Wealthy Buyers in China Choose Cheaper Models
Newly minted Chinese millionaires have long heralded their status by buying big, expensive cars such as Porsche’s Cayenne SUV. The penchant of rich mainlanders for flaunting their wealth is a big reason that China is set to dethrone the U.S. as the luxe automaker’s biggest market this year. But after a government crackdown on graft and conspicuous consumption, growth in luxury-car sales is slowing, and Chinese buyers are settling for less opulent models. That could spell an end to the gold rush for brands such as Porsche, BMW, and Audi, which have relied on China for about 50 percent of their global profits, ... (full story)