ID :
212336
Wed, 10/12/2011 - 08:39
Auther :
Shortlink :
https://oananews.org//node/212336
The shortlink copeid
Hyundai Motor eyes luxury-car sales of 1,000 units in China next year
HONG KONG, Oct. 11 (Yonhap) -- South Korea's leading automaker Hyundai Motor Co. said Wednesday it aims to sell 1,000 units of luxury cars in China next year in a move to tap into the growing number of rich Chinese consumers.
Hyundai Motor introduced in China this week the Equus Limousine, a long wheelbase version of its flagship luxury car Equus.
The company, expecting to sell 500 units of the Equus in China this year, said it plans to double next year's sales of the luxury car in the world's largest car market.
The South Korean automaker has been fast catching up with its rivals in the large luxury car market in the United States, overtaking Lexus, the luxury brand of Japan's Toyota Motor Co., in the months of June and July this year.
China is also seeing its luxury car segment growing fast with automakers selling about 500,000 thousand high-end cars in China last year.
Market experts expect the size of the segment could be easily double in the next five years.
Global luxury carmakers are rushing into China in a bid to sell to China's new rich. One out of 1,400 Chinese is estimated to be a millionaire, as China's robust economic growth has boosted the number of rich people in the country.
The number of millionaires in China reached 960,000 as of the end of 2010, up 9.7 percent from a year earlier, according to "Wealth Report 2011" by Shanghai-based publisher Hunan Report Inc.
Hyundai Motor introduced in China this week the Equus Limousine, a long wheelbase version of its flagship luxury car Equus.
The company, expecting to sell 500 units of the Equus in China this year, said it plans to double next year's sales of the luxury car in the world's largest car market.
The South Korean automaker has been fast catching up with its rivals in the large luxury car market in the United States, overtaking Lexus, the luxury brand of Japan's Toyota Motor Co., in the months of June and July this year.
China is also seeing its luxury car segment growing fast with automakers selling about 500,000 thousand high-end cars in China last year.
Market experts expect the size of the segment could be easily double in the next five years.
Global luxury carmakers are rushing into China in a bid to sell to China's new rich. One out of 1,400 Chinese is estimated to be a millionaire, as China's robust economic growth has boosted the number of rich people in the country.
The number of millionaires in China reached 960,000 as of the end of 2010, up 9.7 percent from a year earlier, according to "Wealth Report 2011" by Shanghai-based publisher Hunan Report Inc.
