The automaker shows off its innovative automated parking technology during the event.[Photo provided to China Daily]

He stressed that BMW's efforts to localize its research and development efforts to China is important because of the nation's new focus on innovation.

"Innovations start with visions - the ability to foresee the future, to pinpoint the changes in consumer demands, technological trends and overall market environment," he said.

Market shifts

The world's automotive industry is moving toward electrification and digitalization, he added.

"The customers expect our vehicles to be cleaner, safer, more comfortable and more intelligent to provide them with full access to the digital world around them."

He said sustainability and connectivity is becoming the main driving force, particularly for premium brands.

"BMW is very proud of the leading role we play in innovation, thanks to our long-implemented strategies of BMW EfficientDynamics and BMW ConnectedDrive."

As the Chinese market matures, the new generations are emerging as the main consumers of premium brands who will demand BMW products to be more innovating and appealing.

"But, it won't be enough for a leading brand just to offer state-of-the-art products. It must understand the social changes, the evolution of values and the emotional demands of the consumers," he noted.

"It is our principle that our brand must keep pace with the momentum of the Chinese society and be linked to the most pertinent values of the country. For this, we have consistently reviewed our brand value proposition on "joy" in the past two years, doing extensive cultural and consumer studies, to be able to share with you today our new brand strategy."