Here is another one who’s not scared by China’s suddenly sedate growth rates: Daimler. Or “Benz” as they call them in China. With 43,990 units sold in China in the first quarter, up 86 percent from a year earlier, Ulrich Walker, chairman and chief executive for Daimler Northeast Asia, told Reuters that he is planning for a growth rate of at least 20 percent in 2011, and that’s a “conservative” target.

As reported yesterday, the overall Chinese market is up 8 percent for the first quarter and 5.36 percent for March, which caused some to announce the end of the Chinese bull-run. Premium car makers from Audi to BMW see no slowdown. Even Cadillac registered a 43.7 percent gain in March.

The overall slowdown is mainly a result of the sub 1.6 liter segment taking a rest. Driven by a favorable tax treatment, this segment was red-hot last year. With the tax back to normal, this segment needs to digest last year’s gluttony. Also, gasoline, housing, and especially food have seen steep price increases lately, cutting into the budgets of the less fortunate. The better heeled continue to splurge for cars.

In 2010, 147,670 Mercedes-Benz cars were sold in China, up 115 percent. Volkswagen AG’s Audi sold 227,928 units while BMW sold 168,998 units.