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Cadillac Says Luxury Models Will Outpace China’s Car Market
General Motors Co.’s Cadillac unit expects China’s demand for luxury cars will continue to outshine the country’s overall automotive market this year, Bloomberg News reports.
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General Motors Co.’s Cadillac unit expects China’s demand for luxury cars will continue to outshine the country’s overall automotive market this year, Bloomberg News reports.
China’s overall passenger car market is expected to expand by about 6% this year. But demand for luxury vehicles could grow as much as 11%, says Andreas Schaaf, a vice president with Cadillac China.
Schaaf tells reporters at the Shanghai auto show that China is likely to surpass Europe as the world’s largest luxury car market by 2020. Cadillac’s first-quarter sales in the country nearly doubled to 34,000 units. Schaff says 40% of Cadillac customers in China are first-time car buyers, and the brand’s average buyer is 32 years old.
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