China has imposed an extra 10 percent tax on ultra high-end cars costing over 1.3 million yuan ($190,000).
As the Beijing Auto Show opens to the public April 24, the industry faces both more sobering news and exuberant breakthroughs.
Ferrari announced last week it had signed a memorandum of understanding with two Chinese firms to build a theme park in China.
The 2015 edition of Hainan Rendez-Vous will take place between December 3-6 at the Clear Water Bay Marina on Hainan island, China.
Chinese consumers concerned about counterfeit cognac will soon be able to verify the authenticity of a bottle of Remy Martin via their cellphone.
The Giorgio Armani Group is set to launch a stylish new real estate project in China.