Tony Yip, managing director of automotive software manufacturer QAD in Hong Kong stated, "If the economy grows at a 10 percent annual rate, there will be 130 million potential car buyers in the next few years." He added, "If it only grows 5 percent annually, there will be 65 million. Can you imagine the room for growth?"
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| Chang'an Automotive introduced two new concept cars at Auto China 2004 in Beijing, showing the automaker is boldly branching out beyond its existing Suzuki-derived model range. The first, a sporty looking coupe, is dubbed the Yangtze River Sturgeon (sounds fast doesn't it). (Photo: Chang'an Automotive) |
And as previously mentioned it sounds as if buyers will be looking at all different segments of the market. Unexpected is how quickly luxury cars are selling, outpacing all other categories. And not just BMWs and Mercedes-Benz models either, with automakers such as DaimlerChrysler showing off two Maybach ultra-luxury limos at the show, as well as the McLaren Mercedes SLR roadster, hopes are high top-tier buyers will reignite stagnant super-sedan and supercar sales.
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| Chang'an Automotive's second new concept introduced at Auto China 2004 is the Chinese Dragon, a name that suits the roadster's sporting nature. It is powered by a 3.2-liter V8, showing that China's automakers have some exciting prospects that could easily make waves outside of the domestic market. (Photo: Chang'an Automotive) |
Supercars in mind, the world's preeminent exotic marque Ferrari opened up a flagship store in Shanghai recently, with other halo marques expected to follow suit.
Less expensive but more important in the Chinese market, Cadillac will be showing its wares for the first time today, and Toyota's Lexus brand has plans for a network of dealerships.
So where are all these millionaires coming from? Take a look at the clothes you're wearing, the runners on your feet, or the watch on your wrist. More often than not either the entire article is produced in China or at the very least some of the components. China's more open market has allowed the entrepreneurial minded Chinese business person to prosper, creating one of the world's largest wealthy classes.