The move is in line with Chinese government's requirement on energy conservation and emission reduction for the automobile industry.

Matthias Mueller, chairman of German luxury vehicle and sports carmaker Porsche AG, also said recently that its sales are likely to be flat this year, after rising 28 percent year-on-year in 2012.

Andrew Thomson, head of automotive, Asia Pacific & China, at KPMG, said: "The new government's commitment to addressing corruption and increasing transparency in respect of, for example, government agency and SOE spending, may lead to some challenges for the ultra-premium vehicle segment in China this year.

"The feedback we are receiving from clients and the market are telling us that ostentatious displays of wealth will become less prevalent."

"People may be less likely to want to draw attention to themselves by buying ultra-premium vehicles, and the relevant automakers may need to adjust their development plans accordingly."