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Automakers Vie for Market Share in China
Featuring more than 1,100 flashy, new vehicles, the Beijing Auto1 Show is now among the largest in the world. Car News web magazine editor Tycho de Feyter says it's an important showcase of China's economic clout2.
"The Chinese auto industry really wants to show off. They want to show what they have. They want to show their new developments. They want to show their new cars. So this is really important," Feyter said.
With annual sales projected to top $30 million by 2020, automakers are increasingly turning to China to drive global revenues. General Motors is opening up 600 new dealerships. And Ford3 Motors Asia Chief John Hinrichs says construction of two new manufacturing plants will double Ford's production capacity there.
"China is a big part of our growth plan. It is the largest market in the world and a great potential opportunity for Ford to grow our business even further as part of our plan to sell 8 million vehicles annually4 in 2015 around the world," Hinrichs said.
With a recent Beijing directive to have 5 million hybrid5 and electric vehicles on the road by 2020, many see China as a lucrative6 market for green technology.
Among them, Nissan Motors chief executive Carlos Ghosn.
"As leaders of the zero emission7 and EV [electric] cars in the world, we have to bring our technology and bring our products. The Chinese want us to put it under a Chinese name. We selected Venusia, so you're going to see a lot electric cars with Nissan technology coming under the Venusia name," Ghosn said.
Not to be outdone, Europe's largest automaker, Volkswagen, is investing $400 million to build new manufacturing plants in China. And Daimler CEO Dieter Zetsche says Mercedes Benz is expanding its lineup to target Chinese buyers.
"First of all there is no stronger brand than the Mercedes brand with the three pointed8 star. Secondly9, we're in the middle of our product offensive, that we'll add 10 new vehicles in our portfolio10, plus replacing the ones which exist," Zetsche said.
Despite a slowdown in overall sales from previous years, industry experts say the growing ranks of Chinese millionaires continue to fuel double-digit increases in the sales of sport utility vehicles (SUV's) and luxury automobiles11.
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1 auto | |
n.(=automobile)(口语)汽车 | |
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2 clout | |
n.用手猛击;权力,影响力 | |
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3 Ford | |
n.浅滩,水浅可涉处;v.涉水,涉过 | |
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4 annually | |
adv.一年一次,每年 | |
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5 hybrid | |
n.(动,植)杂种,混合物 | |
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6 lucrative | |
adj.赚钱的,可获利的 | |
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7 emission | |
n.发出物,散发物;发出,散发 | |
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8 pointed | |
adj.尖的,直截了当的 | |
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9 secondly | |
adv.第二,其次 | |
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10 portfolio | |
n.公事包;文件夹;大臣及部长职位 | |
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11 automobiles | |
n.汽车( automobile的名词复数 ) | |
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