The headline-making slowdown in sales of luxury cars in China has triggered concern among automakers, but given the vast market and expanding middle class, it is too early to predict the boom is at an end.

The growth of China's premium car sales slumped to 4 percent year-on-year in the first three months, compared with 17 percent for the light vehicle segment. The fall is especially eye-catching compared with growth rates in previous years. In 2010, it was nearly 80 percent; in 2011, it was almost 40 percent; and last year, it was still as high as 20 percent.

The slower sales in the first quarter this year are being attributed to the central government's recent move to cut government spending, which includes spending on official vehicles. But as the affluent middle class is expanding rapidly, private consumption could pick up to fill the gap.