Business
        

Cars

Bentley eyes growing ranks of ultra-rich

Updated: 2011-05-23 10:47

By Gong Zhengzheng (China Daily)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

Bentley eyes growing ranks of ultra-rich
(From left) Peter Mak, chairman of Bentley China, Alasdair Stewart, board member of Bentley for sales and marketing, Wolfgang Drheimer, chairman and chief executive of Bentley, and Geoff Dowding, Bentley's regional director for Asia and the Middle East, at its worldwide dealer conference in Beijing last week. [Photo / Provided to China Daily]

BEIJING - Inspired by blistering growth in sales over last year, British high-luxury carmaker Bentley Motors Ltd now anticipates China will become its biggest market worldwide.

Wolfgang Durheimer, Bentley's chairman and chief executive, said last week that the company sold 396 cars in China in the first quarter, surging by two-thirds from a year ago.

The figure made China Bentley's second-biggest market, accounting for a quarter of the company's global sales, Durheimer said.

Bentley's China sales almost doubled last year over 2009 to nearly 1,000 units, as it then became the carmaker's third-biggest market.

Related readings:
Bentley eyes growing ranks of ultra-rich Billionaire buys boost Bentley
Bentley eyes growing ranks of ultra-rich Bentley sees signs of revival in luxury car class
Bentley eyes growing ranks of ultra-rich Bentley dazzles China
Bentley eyes growing ranks of ultra-rich Foreign luxury cars sales boom in China

"We expect a significant growth in China in 2011 and China will be our biggest market in the foreseeable future," said Geoff Dowding, Bentley's regional director for Asia and the Middle East.

Alasdair Stewart, a Bentley board member for sales and marketing, said the company has significant plans to further build the brand and expand distribution in China.

He said the company will add dealerships this year in Wenzhou of Zhejiang, Zhengzhou in Henan, Erdos in Inner Mongolia, Xi'an in Shaanxi and Taiyuan in Shanxi.

Bentley now has 13 dealerships across the nation. Durheimer said Bentley will increase investment in research and development to meet the needs of Chinese customers.

The company will also test some models in the country, he said.

"We will continue to offer new models that appeal to our Chinese customers - the importance of this market means we can begin to tailor our cars to regional demands," he said.

Bentley held its worldwide dealer conference last week in Beijing.

"This is the first time we have held such an important global event in China," Durheimer said.

Super luxury cars have huge prospects in China due to the mounting number of ultra-rich in the world's second-largest economy.

According to the Hurun Wealth Report 2011, some 960,000 Chinese on the mainland had personal wealth of 10 million yuan or more by the end of 2010. The figure was up 9 percent from the previous year.

China also had 60,000 people with personal assets of at least 100 million yuan, up 9.7 percent.

E-paper

Tapping into the future

Foreign companies are investing in China's water industry as many predict a growing profit margin.

Preview of the coming issue
Headhunters ride on growth
Commercial property rides wave

European Edition

Specials

Cuisine central

London's Chinatown is helping diners appreciate full palate of Chinese food

Tying the knot

Danish couple's high-end macrame export business takes off in the mountains of Yunnan.

Truly a super woman

Li Yuchun first came to prominence in 2005 as the Super Girl winner, and since then has become an international star.

Memory lanes
Great expectations
A diplomat of character