China, the driving force for luxury cars

April 21st, 2011 - 12:37 pm ICT by IANS  

Shanghai, April 21 (IANS) With a rising number of Chinese youth wishing an individual and opulent lifestyle, the country today holds a huge potential for the development of China’s ultra-luxury car sector, say industry experts.

China is close to have one million millionaires having a personal wealth of 10 million yuan or more, says the Hurun Wealth Report 2011 released earlier this month. The figure was up 9.7 percent over the last year.

China is presently the global driving force for premium luxury cars as consumer enthusiasm is fuelling sales, opine some industry experts.

On the very first day of the Shanghai auto show Tuesday, Luxury carmakers witnessed revved-up interest as their vehicles recieved a heartening response.

According to British car manufacturer Aston Martin, all of its five One-77 cars for the China market were ordered even before the auto show opened to public.

The One-77 model, a limited edition with just 77 cars on offer around the world, is the most expensive car worth 47 million yuan ($7.19 million) at the show.

The two exhibited Maybach “Shanghai 2011″ Special Edition cars, designed to commemorate the show, were also ordered on the first day itself, China Daily quoted Wang Jian, personal liaison manager of sales marketing with Daimler’s Maybach brand, as saying.

Price of the Maybach 62 S “Shanghai 2011″ Special Edition, more expensive than the other version, is 13.88 million yuan.

“Chinese consumers love to show off their wealth by having unique luxury products or getting them one step ahead of the others,” said Zhong Shi, a Beijing-based auto analyst, adding the prosperity driving China’s luxury car market was set to continue.

“China is one of the top markets for premium car brands, on the same level as the US,” Zhong said.

“More importantly, China has greater potential. It will maintain double-digit year-on-year growth for a long time.”

Stephan Winkelmann, president and chief executive officer of Italian super sports carmaker Lamborghini says China will be Lamborghini’s biggest market this year, after its sales nearly tripled year-on-year in 2010.

“Sales easily beat our expectations. Just two years ago we sold 72 cars in China, our 10th biggest market at the time,” Winkelmann said.

Italian sports car brand Ferrari anticipates China to overtake other countries and become its second-biggest market from its current fifth position, and sees huge potential.

In 2010, Ferrari delivered around 300 of its cars to consumers on the Chinese mainland, a record number for the company and an increase of nearly 50 percent compared with 2009.

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