Video: Audi Contends With 'Fierce' Luxury Competition In China

    Luxury carmaker Audi aims for industry dominance in China by rolling out 17 new models worldwide.
    Jing Daily
    Jing DailyAuthor
      Published   in Fashion

    In China’s highly competitive luxury auto market, Audi is going to be in for an “old-fashioned slug-it-out fight,” according to international correspondent Hans Nichols in a Bloomberg video interview today. In the high-stakes competition with Mercedes and BMW for the attention of wealthy Chinese consumers, the company is unveiling a new game plan. Audi intends to introduce 17 new or revamped models worldwide in 2014, targeting over 500,000 sales this year, and $22 billion will be spent in the next five years on development.

    This came as Audi reported revenue growth of 2.3 percent to $69.1 billion in 2013, despite challenges with the Chinese yuan, where swings in the currency are causing a big impact on revenue for all major luxury carmakers. As Nichols quotes from a Bloomberg interview about five months ago with Audi chairman Rupert Stadler, “The best hedge against currency fluctuation is going local."

    As Nichols puts it, “It is a fierce, intense competition to see who can be number one in the luxury maker [industry].”

    (Image on homepage courtesy of Shutterstock)

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