BMW expects to sell 100,000 cars in China this year

Source: Gasgoo
[08:59 March 25 2010]
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BMW X5

BMW AG, the world's biggest maker of luxury cars, expects its sales in the Chinese market to rise by a "strong double-digit" percentage and exceed 100,000 vehicles this year, media reported recently, citing the company's top executive.

Riding on its sales growth in China and other emerging markets, BMW plans to deliver more than 1.3 million vehicles worldwide this year and sell more than 2 million cars and SUVs by 2020. The carmaker is forecasting a "sharp" gain in profit in 2010 as a revamped 5-Series sedan wins buyers in BMW's big markets, including China.

"We want to see visible progress in 2010 toward achieving our profitability targets for 2012," Chief Executive Norbert Reithofer told reporters at the company's Munich headquarters. "We intend to remain the most successful premium car maker. … That's our clear objective."

BMW sold 90,536 cars in China last year, up 38 percent, making the country its third biggest market. In China's luxury car segment, BMW competes with Audi and Mercedes-Benz brands. In 2009, Volkswagen's Audi sold 158,941 cars in China, up 32.9 percent, and Daimler AG's Mercedes-Benz sold 68,500 units, up 77 percent.

BMW expects its China sales this year to grow by more than 10 percent to break through the 100,000-unit mark. The company is investing 600 million euros to expand capacity at its local venture with Brilliance China to 300,000 vehicles from current 41,000 units.

The new factory of BMW Brilliance will produce the BMW X1 SUV and other models, including the BMW 1 Series and stretched BMW 3 Series. BMW will also introduce a longer version of the 5-Series exclusively for China later his year.