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P25 Layout 1 BUSINESS MONDAY, APRIL 21, 2014 In the driving seat China’s yuppies are new market force SHANGHAI/BEIJING: Global automakers are scrambling to meet the demands of China’s young urban professionals, who want a car that makes them stand out, yet don’t always have the money to splurge on a top-end model. After nearly two decades of frenzied growth driven mainly by the very wealthy, China’s auto market is maturing, yet remains ferociously competitive with manufacturers having to react quickly to shifting consumer trends. Today’s emerging buyer has more modest financial means, yet aspires to own a car that’s “different”. People like Zhou Wenxi, a BEIJING: Visitors look at a Ferrari car on display at the China International Exhibition Center BEIJING: A Rolls Royce Ghost extended wheelbase car on display at the China 32-year-old Shanghai cram-school owner, during the “Auto China 2014” Beijing International Automotive Exhibition in Beijing yesterday. International Exhibition Center during the “Auto China 2014.” — AFP photos and Guo Yetao, 23, a software salesman from Hangzhou, are fuelling two trends: hot demand for smaller crossover sport utility vehicles like Ford Motor Co’s EcoSport; and China’s biggest car show opens more interest in affordable, entry-level luxury cars like the Audi A3. There is a potential “seismic shift” in the influence these young urban professionals will have on China’s auto today amid growth concerns market, says Yale Zhang, head of Automotive Foresight, a Shanghai-based consultant. “There are different tiers of young urban pro- fessionals. Some are rich and a bit older, oth- More than 1,100 vehicles on display ers are more normal,” he said. “But they tend to be similar in two traits: they want to be dif- BEIJING: Leading automakers gathered in gestion. China’s overall plan “to move to a ferent, and don’t necessarily have an endless Beijing yesterday for China’s biggest car show, consumer-based economy” was a key factor amount of money to throw around.” expressing confidence in the world’s largest “that reduces risk”, he said. “We are also work- Guo, the Hangzhou salesman, recently car market even though lackluster economic ing with all of the cities and the government took out a loan to buy an EcoSport crossover growth and environmental restrictions have because just to add more cars in the cities is for 115,800 yuan ($18,700), while Liu Yao, a generated uncertainty. Spectators and jour- not going to be the answer,” he added. Ford 22-year-old office worker in Huaibei in Anhui nalists crowded around displays at the Beijing has opened three plants in China since 2012, province, borrowed from his parents to buy a International Automotive Exhibition, which with four more under construction, Mulally Haval M4 mini-crossover from Great Wall features more than 1,100 vehicles and opens said, adding: “This is part of our biggest global Motor Co Ltd for 60,000 yuan. to the public today, while female models drew manufacturing expansion in 50 years”. Karsten Among the less well-off young urbanites, the attention of photographers. Engel, president and CEO of BMW’s operations the EcoSport, at 94,800 yuan, has been a vol- General Motors, Toyota, Volkswagen and in China, said yesterday the German automak- ume seller for Ford since its launch early last Hyundai are among the global manufacturers er was introducing 10 new models to China year. Sales last year were 59,680, and reached on the list of attendees, along with SAIC and this year, and carrying out more manufactur- 17,392 in January-March of this year. At this Dongfeng, China’s number one and two ing and research and development inside the week’s Beijing auto show, car makers includ- domestic automakers. “This is obviously an country. “All these efforts are based on our ing PSA Peugeot Citroen, Hyundai Motor Co incredibly important market for General confidence in the long-term development of and local firm Haima Automobile Group will Motors,” its president Dan Ammann told our success here,” he said. unveil new mini-SUV models. Chevrolet reporters, saying China since 2010 had been German auto giant Daimler said last month the US automaker’s largest market which now it had signed a deal worth one billion euros launched its Trax, a tiny crossover, in China Models pose for photos in the exhibition hall of Geely at the China International accounted for a third of total volume. ($1.4 billion) with Chinese partner Beijing earlier this month. Exhibition Center during the “Auto China 2014.” — AFP According to IHS, there were just five sub- GM’s China president Matt Tsien said that Automotive Industry Corporation to expand compact SUV models on sale in China in “we’re very optimistic with regard to the over- analysts warn could cut into purchases. The in the first quarter of 2014. Beijing has indicat- production at their joint venture based in 2010. By 2020, there will be almost two all progress in the market” even though the eastern city of Hangzhou, a popular tourist ed a willingness to accept weaker growth as it Beijing. CEO Dieter Zetsche told reporters on dozen, driving up sales of this segment to world’s second-largest economy was entering destination, last month became the sixth tries to move the economy away from invest- Sunday he expected premium car sales to rise more than 880,000 from 345,650 last year. a phase of “more modest growth”. At Ford major Chinese city to implement such a ment and toward domestic consumption. faster than auto sales in general, adding that Motor’s display president and CEO Alan restriction, with some estimates placing the caps on vehicles “typically increase the share Affordable luxury Mulally rode onto the stage in a bright red limit at 80,000 car plates a year. ‘Fantastic’ market of the premium market”. Further underscor- Other young professionals, maybe small Ford Mustang, the latest incarnation of the China’s car sales surged 13.9 percent to Despite the concerns, industry players and ing China’s significance in the car market, business owners or higher-earners, are set- iconic brand which is celebrating its 50th year. 21.98 million vehicles last year. But that analysts say the China market’s importance to French auto giant Peugeot Citroen agreed ear- ting their sights higher. Zhou, the cram- “How cool is that?” he said after getting out, growth hit a speed bump in March, slowing to global manufacturers cannot be overstated. “I lier this year to hand over part-control to school owner, paid about 280,000 yuan his red tie matching the paint job. a 6.6 percent year-on-year rise after reaching a think the market for cars is going to continue Dongfeng and the French state. South Korea’s ($45,000) for a red Audi A3 compact sedan. The expo comes as more cities are restrict- record 17.8 percent high in January. China’s to be fantastic,” Ford’s Mulally told reporters, largest automaker Hyundai Motor also “Audis aren’t flashy, and the A3 is entry-level, ing the number of cars on the road in a bid to economy has also turned in its weakest per- adding that the promise of increased domes- announced in March it was planning a fourth so the price isn’t outrageous,” she said. battle pollution and congestion-moves that formance in 18 months, growing 7.4 percent tic spending outweighed concerns about con- plant in the country. — AFP Manufacturers will show off several more affordable, entry-level luxury cars at the Beijing show. A crucial shift for them will be to produce more of these models in China, which would cut the price as they would not be subject to hefty import duty and other taxes. Volume sales in this premium compact car sector have trebled to more than 52,000 in the past four years, according to IHS data, so remain, for now, a tiny niche in China’s total passenger car market of close to 16.8 million. Some global luxury brands, such as Nissan Motor Co Ltd’s Infiniti, Honda Motor Co Ltd’s Acura and General Motors Co’s Cadillac, have been late to enter China, and now see its potential as a market for premium cars. Infiniti is looking to improve price compet- itiveness with what global president Johan de Nysschen calls a “very aggressive ...and rapid localization” strategy - making locally as many as 80 percent of the 100,000 cars BEIJING: A photographer takes a picture of a Porsche Cayman GTS car on display at the China International Exhibition Center new venue during the “Auto China 2014” Beijing Infiniti aims to sell in China in the medium International Automotive Exhibition in Beijing yesterday. ( Right) Lamborghini cars on display. — AFP photos term. The brand also aims to capture fast- emerging, young buyers with affordable entry-level luxury cars. Domestic woes fail to put brakes “You’ve got a big (wave) of people coming in now. They have disposable income; they are very much attuned to the premium brands,” de Nysschen told Reuters on on China’s love for luxury cars Saturday. “For us, and for other car compa- nies, this presents a big opportunity because BEIJING: China’s desire for luxury cars remains sales in China in 2013 year-on-year,” he said. it’s a market force.” Nissan has no compact car undimmed by an economic slowdown and politi- However, Wu said the “more affordable” luxury cars in its product line-up today, but Infiniti plans cal austerity drive as the country’s growing band of have outpaced the growth rate of the auto indus- to bring the Q30 compact crossover - on dis- wealthy motorists set their sights on high-end try as a whole, with three German companies at play in Beijing as a concept vehicle - to China wheels.
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