China’s premium automobile market will increase by half over the next decade, Rupert Stadler, the CEO of luxury automaker Audi stated on Wednesday, pointing out growing individual wealth and the development of growing private enterprises as crucial drivers.
Stadler stated the marketplace would grow to around 3 million vehicles annually in a decade’s time, driven by broader development in the country, increasing wealth and the “entrepreneurial” advancement of personal companies.
” We will anticipate substantial development,” he stated at the Shanghai Motor Show. “It doesn’t matter if it is available in two years or three years. However at least from a 10-year perspective we see growth.”
Audi, the high-end division of Volkswagen, was an early entrant to China and is still the best-selling premium car brand in the industry, although it is losing ground to newer designs from Daimler’s Mercedes-Benz.
Hubertus Troska, head of China operations for Mercedes-Benz, stated independently at the Shanghai Motor Show that he expects China’s premium market will reach the 3 million mark under five years.
German brand presently represent about 70 percent of luxury vehicle sales in China, but that share could decrease as more brands enter the luxury automobile and sport utility vehicle (SUV) sectors.
Audi stated in January it would offer more electric cars in China and deepen ties with regional partner China FAW Group to counter competitors Mercedes-Benz and BMW.
