Rolls-Royce reaps from Chinese market

Source: CNTV.CN
[08:28 January 12 2011]
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With the gloom of the financial crisis still hanging over Europe, residents there are cutting back on conspicuous spending. That's bad news for luxury companies. But British automaker Rolls-Royce saw its revenue in 2010 increase by more than 170 percent, compared with the previous year. Let's take a closer look at what's driving those impressive sales.

Rolls-Royce's annual report shows the company sold more than 2,700 luxury cars in the past year, up 171 percent, hitting a historical high. The secret lies in the fastest-growing consumer sector in the world... China. The world's largest auto market surpassed the Middle East and Japan in 2010, becoming Rolls-Royce's second largest market.

Torsten Muller, CEO of Rolls-Royce said "Chinese market is a very important for us. China now is our second biggest market for the brand behind the US market. And we saw last year 600 percent growth in China."

Every model of Rolls-Royce is meticulously hand-made, and there's a strict production process. For the company's Phantom model, more than 80 percent of cars sold are customized. All of this is what attracts an increasing number of wealthy Chinese customers, bringing in new business opportunities.

Torsten Muller said "That we definitely see China grow more and more for us in the business maybe once upon time it'll become number one market for us."

The Rolls-Royce chief says China is the hope and engine for Europe's economic recovery. He predicts China will become the world's largest high-end auto market by 2025.