Rolls-Royce Plans to Sell 800 Cars in China Next Year
Luxury Automaker Sold About 100 Cars Last Year, but Number of Millionaires Is Rising Fast
Rolls-Royce Motor Cars hopes to sell 800 cars in China in 2011 in the world's largest auto market, up from just about 100 last year. If Bayerische Motoren Werke's luxury division meets that target, China will surpass the U.S. as Rolls-Royce's biggest market.
The automaker, which competes with Volkswagen's Bentley and Daimler's Maybach, delivered almost 500 cars in Greater China in the first 10 months of 2010, compared with about 100 for the whole of last year, including sales in Hong Kong.
Rolls-Royce 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 luxury cars. China has 875,000 millionaires, 6.1% more than last year, according to Shanghai-based Hurun Research Institute.
A Rolls-Royce Phantom starts at RMB 6.6 million($990,000) and buyers pay RMB 4.1 million ($614,500) for a Ghost in China due to high taxes on imported luxury cars. In the U.S., by comparison, the Phantom starts at $380,000.
Source: Bloomberg News
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