11/29/2010

Rolls-Royce Seeks China Sales Surge on Demand for $990,000 Cars

Nov. 30 (Bloomberg) -- Rolls-Royce Motor Cars Ltd., Bayerische Motoren Werke AG’s ultra-luxury nameplate, plans to sell 800 cars in China in 2011 as it aims to raise sales eightfold in two years in the world’s largest auto market.

The automaker delivered almost 500 cars in China in the first 10 months of 2010, compared with about 100 for the whole of last year, Paul Harris, the company’s Asia Pacific regional director, said in an interview on Nov. 26. Rolls-Royce includes Hong Kong in its China sales.

The luxury marque, which competes with Volkswagen AG’s Bentley and Daimler AG’s Maybach, is selling more of its Phantom and Ghost sedans in China as rising incomes in the world’s fastest growing major economy boost sales of ultra-luxury cars. China has 875,000 millionaires, 6.1 percent more than last year, according to a report in April by the Shanghai-based Hurun Research Institute.

“The Chinese market in general is showing only one direction,” Harris said. “That’s exceptional growth, and it’s going to be ongoing for quite a while.”

A Rolls-Royce Phantom starts at 6.6 million yuan ($990,000) and buyers pay 4.1 million yuan for a Ghost in China where consumers pay higher taxes on imported luxury models. In the U.S., the Phantom starts at $380,000.

Read more at BusinessWeek

Nov 29, 2010 1:08:13 PM | Current Affairs, Transportation

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