QOTD: BMW's Got Plenty Of Room To Grow In China
July 11th, 2013 9:11 AM
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A report in Automotive News Europe (courtesy of Bloomberg) highlights just how much growth potential there is for BMW in China. Karsten Engel, BMW’s top man in China told the outlet
“Strong growth in future will come from the smaller cities, and the strong growth will also come especially from the western region…There are 100 cities with more than a million inhabitants in China with no premium car dealers at all, so this shows the huge potential we’re having in this country,” he said in an interview in Beijing.
Put another way: in 1994, BMW sold 800 cars annually in China. Now, they sell about 900 per day.
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Hanzi look good in chrome. At least I think that's chrome.
It's the same thing Cadillac has been saying, about how markets like Shanghai are maturing and so they're targeting second-tier and third-tier interior/western cities for growth. In Cadillac's case, that gives them a chance to introduce the brand to new audiences who maybe aren't yet in a place where all the cool kids are driving Audis. Gonna be fun to watch.
Hongqi is cranking out their limos for the Chinese party leaders and top government officials again. There's always the chance they'll make a smaller sedan for lower ranks and public sale.
Huge population & Growing economy. Those two alone would indicate there is potential for any company, let alone BMW. As an aside, the growing economy is dependent on who you ask.