Sales of luxury cars are booming in China and the world's top luxury
automakers see China as an increasingly important market.
Chrysler Group Chief Executive Officer and President Tom
LaSorda speaks beside an original Chrylser 300 during a presentation at
the Beijing International Automotive Exhibition November 18, 2006. The
head of the Chrysler unit of DaimlerChrysler said on Saturday the company
will target cost cuts of US$1,000 per vehicle by increased outsourcing
beyond North America and other savings. [Reuters]
At the ongoing Beijing Auto
Show, organizers set aside 4,000 square meter of space for luxury cars, where
top brands, including Bentley, Mercedes-Benz, Rolls-Royce and Spyker, are
showcasing their new models.
On the second day of the show, a Rolls-Royce Phantom on display was bought
for 6.6 million yuan (825,000 U.S. dollars) and a Bentley Arnage Mulliner sold
for 6.48 million yuan, the Beijing Morning Post reported Tuesday.
Last year Bentley sold 64 cars on Chinese mainland market, 30 of which were
Bentley Arnage models, with the minimum price 3.88 million yuan.
show that Land Rover, Jaguar and BMW also experienced surging sales in China in
2005. Jaguar said that sales in China rose by 220 percent in 2005 over the
previous year. Land Rover sold 1,415 vehicles in the Chinese market, up 107
percent year on year.
Meanwhile, China has become the fastest growing market for BMW, which sold
23,595 cars in the country, up 52.4 percent.
China imports more than 100,000 cars every year, most of which are cost more
than 40,000 U.S. dollars, according to customs figures.
Imports reached 147,000 cars, valued at 4.84 billion U.S. dollars, for the
first eight months this year, up 56.1 percent and71.8 percent respectively from
the same period of 2005. The rise in unit price shows that luxury cars are now a
key import sector.
Analysts say every year top brands, like Rolls-Royce and Bentley, sell 20
percent of their output in Asia, with China being the most buoyant market.
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