— This is the script of CNBC's news report for China's CCTV on October 16, Wednesday.
Welcome to the CNBC Business Daily.
CNBC's Phil Lebeau takes a look at the luxury car market in the US.
[Package on tape by CNBC's Auto and Airline Industry Reporter Phil Lebeau] Here in the US with luxury auto sales outpacing auto sales overall, the fiercest battle among the luxury automakers is with models sold for less than $50,000.
In fact, 46% of all luxury automobiles sold this year in the US have come from price points between $40,000 and $49,000.
So what's driving this? Well, two things.
First of all, aggressive leasing. All of the luxury automakers are offering leases with monthly payments often below $500, sometimes below $400 or $350 a month. That's very attractive to people who are looking for a new car right now.
And they also have more choices - that's the second component here. Whether it's the Cadillac ETS or the Mercedes CLA class, or the re-designed Lexus ES model, those models all start at between $30,000-$40,000, and those models are all having big years here in the United States.
That's the story from over here in the US. Back to you.
Li Sixuan from CNBC's Singapore headquarters.