At the Beijing Auto Show organizers assigned 4,000 square meters of space for luxury cars, where top brands are displaying their new models.
Competition among luxury car brands in China is becoming more and more intense, with the latest indication of exciting times being the launching of Porsche AG’s new showroom in Shanghai last week. Even though the European luxury brands spread over different price ranges, they all have the climbing number of affluent Chinese customers in their sights.
On the second day of the show, a Rolls-Royce Phantom on display was bought for 6.6 million yuan (US$838,681) and a Bentley Arnage Mulliner sold for 6.48 million yuan.Statistics reveal that Land Rover, Jaguar and BMW also went through surging sales in China.
Analysts say that every year leading brands sell 20% of their output in Asia, with mainland China being the most lucrative market.
Some luxury-auto makers, including DaimlerChrysler, BMW, Audi and Volvo, have formed assembly lines in the country to benefit from lower production costs.
Sale of luxury sports cars in China is booming, and the country is anticipated to be Ferrari’s fifth- or sixth-largest market in three to five years. It is estimated that only 5% of Chinese can currently afford private cars, but that translates into 65 million people considering the huge population.
Vehicle sales are predicted to arrive at 7 million, including 4 million sedans and 320,000 luxury vehicles. The markets for luxury cars in China and luxury sports cars in China promise to be among the hottest.
