| Buyers go bananas over luxury vehicles
By Lao Gong (China Daily)
Updated: 2004-06-17 11:13
"We plan to build 150 sales networks in China over the next five to 10
years," Schmidt said.
BMW, which started production in China late last year, is now making 3 and 5
series sedans at its joint venture with China Brilliance Auto.
The company said it sold around 7,700 sedans in China during the first five
months of this year, including 5,000 units locally produced.
Cadillac of General Motors (GM) plans to launch three models - CTS, SRX and
XLR - on the Chinese market from now to the beginning of 2005.
CTS and SRX will be assembled at GM's joint venture in Shanghai at the end of
this year, which will be Cadillac's first production venture outside of the
United States.
"China represents a key component of Cadillac's global growth strategy. We
look forward to working with GM China and Shanghai GM (the joint venture) to
ensure that Cadillac becomes the brand of choice among luxury vehicle buyers in
China," said Mark LaNeve, general manager of Cadillac.
Cadillac plans to build 11 sales and service centres this year in big Chinese
cities, such as Beijing, Shanghai, Guangzhou and Shenzhen in South China's
Guangdong Province.
Japan's Toyota Motor Corp announced that it will build six franchised sales
stores for its US-made luxury brand Lexus this year and increase the number to
14 by the middle of next year.
"We believe that China has the potential to become the world's biggest luxury
car market and we expect to be an important part of it," said Akio Toyoda,
Toyota's board member in charge of China operations.
"We have confidence in being a success in China as the Lexus has been the No
1 luxury car seller in the United States since 2000," said Jim Press, chief
operating officer of Toyota's sales company in the United States.
Toyota will also produce the Crown sedan next year at its joint venture in
North China's Tianjin Municipality with FAW.
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