British supercar manufacturer McLaren opens its showroom doors in China on Monday as it races to catch up with global rivals in the world’s second-largest luxury car market.
McLaren Automotive, which builds the £1m P1 supercar, is entering the country as part of an aggressive drive to ramp up its Asian presence to 13 dealerships this year and hopes the region will account for a third of its global sales in future.
Mainland China has become a key market for luxury marques such as Ferrari, Lamborghini, and Bentley. In spite of a recent slowdown in economic growth, the country is expected to overtake the United States as the biggest premium car market by the end of the decade.
“China is one of the most exciting and dynamic markets in the world where we will make every effort to be well received,” said Ron Dennis, McLaren chairman. “Our entry into China . . . represents a significant milestone in the development of the company.”
The woking-based manufacturer, which last year sold 1,400 cars and exported 80 percent of its production, is targeting 10 percent of future sales to come from China.
McLaren’s growth is part of a resurgence in the UK car industry, written off at the turn of the millennium but now roaring back as a global leader in high-end manufacturing.
With European car demand hit by the continent’s economic gloom, China and other emerging markets such as Russia and India have become crucial battlegrounds for high-end car brands targeting the emerging world’s newly minted rich.
This article originally appeared on getchee, a Jing Daily content partner.
Additional links from getchee:
- Video – How can retailers and mall operators in China survive changing markets?
- Should retailers worry about blogshops?
- 4 Athletic Apparel Industry Trends in China