China Emerges As Huge Market For Super-Luxury Auto Brands
China Emerges As Huge Market For Super-Luxury Auto Brands
China is considered a developing country--and wealth is one thing that is developing there. While... Read More
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China is considered a developing country--and wealth is one thing that is developing there.
While the per capita GDP is still low by global standards, incomes for a tiny percentage of Chinese are very high. Those ultra-rich Chinese like to show off their wealth, and what better way to do it than with a super-expensive car?
Chinese are “not embarrassed to flaunt their success,” writes Jenny Gu, an analyst in Shanghai with J.D. Power and Associates in the November 2010 issue of China Automotive Monthly. “Modesty is not a prominent Chinese characteristic.”
That has made China one of the most important global markets for super-luxury car manufacturers. They’re bulking up their sales networks and introducing new models at China’s auto shows. All of the super-luxury models are imported, though no local production is planned—yet.
Ferrari sold “close to” 300 of its expensive cars in China in 2010. The world launch of the Italian automaker’s 599 GTO occurred at the Beijing Auto Show last April, the first world premier for Ferrari in China. It will add several dealerships in 2011 to its current count of ten.
Lamborghini figured to sell some 200 cars in China in 2010, up from 80 in 2009. Year-end sales haven’t been announced. It aims to have 20 showrooms across China by the end of this year.
“We hope Lamborghini’s luxury Italian design, precision engineering, and uncompromising driving spirit can help more Chinese achieve their dream of owning a super-sports car,” Lambo president and CEO Stephan Winkelmann told the China Daily.
The Hurun Rich List 2010 includes 1,363 Chinese worth one billion Chinese yuan, US $151 million at current exchange rates. Hurun and the Italian Consulate General in Shanghai co-hosted an event showcasing Italian luxury brands last September. Seems like there is already a healthy appetite for Italian cars.
Of course, non-Italian ultra-luxury brands are also popular. For example, Rolls Royce sold some 500 cars in China in the first 10 months of 2010, up from 100 for all of 2009. It is aiming for sales of 800 units in China in 2011. Rolls has eight dealerships in China and may add up to four more this year.
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