China Sees Rocketing Demands for Luxury Cars

SHANGHAI - September 28, 2007:

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The world's luxury car makers are very enthusiastic about the great growth potential in China's auto industry, a report from Xinhua News Agency said today.

This enthusiasm is much in evidence at the Chengdu Motor Show 2007, which runs from September 22 to 28 in the capital of Sichuan Province. Mid-high range and luxury brand vehicles account for 70% of the total vehicles exhibited at the show, some 10 percent higher than last year, according to the report.

The biggest auto show in China's west features an exclusive exhibition hall for luxury cars for the first time this year. Some upscale Infiniti and Lamborghini made their debut in China at the show, together with other luxury brands such as Bentley, Rolls-Royce, Ferrari, Porsche, Land Rover and Jaguar.

Mr. Mark Bishop, Porsche China's Managing Director Mark Bishop, said Porsche sales in China has doubled last year to 2,305 units, and this percentage is expected to grow further given the rapid growth in China's luxury car market.

Citing Zheng Biao, general manager of Bentley China, the report also said Bentley's YTD (year-to-date) sales in China have topped 230 units, surpassing the whole year sales in 2006, and this number is expected to reach 300 by year end.

"The higher than expected demand for luxury cars comes as a direct result of China's stable economic growth, which has been growing at 10 percent annually over the past ten years," Zheng said at a news conference. "The fast expanding economy and rising income will inevitably boost consumer demand for luxury cars.

Zheng added that most Bentley buyers are successful business men from manufacturing, Finance and real estate sectors, aged 40 or so.

Earlier statistics shows that last year sales of imported vehicles with engines greater than 3L surged 59.2 percent to 74,000 units in the Chinese auto market, far ahead of the industry level.

For more information about the burgeoning auto industry in China please visit http://www.gasgoo.com/Autobiz/list/7/China-News.html