|China's economic growth further slowed to its weakest pace in almost 30 years in the year 2019, with gross domestic product ("GDP") rising 6.1% compared to 2018. According to the China Association of Automobile Manufacturers, total Chinese vehicle sales decreased by 8.2% to 25.8 million units in 2019. Of this figure, passenger vehicle sales accounted for 21.4 million units, a drop of 9.6% from the previous year. Nevertheless, premium passenger vehicle sales had gone against the negative overall market development, registering unit sales growth of approximately 8.9% during the year. The commendable growth in premium passenger vehicle sales was primarily driven by new product launches and solid demand for premium autos in China.