Aston Martin, the British super luxury car brand, announced a five-year trade and investment plan for the Chinese market.
Dr. Andy Palmer, Aston Martin’s president and CEO and a business delegate in Theresa May’s visit to China. He announced a ￡620 million (5.44 billion yuan) investment plan during his recent China trip. It is the largest investment plan announced by Aston Martin since it entered the Chinese market in 2011.
According to the plan, Aston Martin will deliver a new Vantage to China in 2018. And it will launch its first electric car and first SUV in 2019. The plan also includes a dealer investment and development project in the Chinese market, which total more than ￡20 million (176 million yuan). In April 2018, Aston Martin will open a new concept exhibition hall in Beijing. By the end of 2018, it will open 10 dealer exhibition halls in China in Wuhan, Tianjin, Nanjing and Ji’nan. At that time, Aston Martin’s distributor network in China will include more than 20 cities. Besides its headquarters in Shanghai, Aston Martin will also set up a second office in Beijing in the coming months, to expand its influence in the Chinese market.
China has become the world’s largest auto market, and China is the largest market for luxury and ultra-luxury cars in the world. For Aston Martin, China is its most promising market.
In 2017, Aston Martin sold 5,117 vehicles worldwide, up 58 percent from the past year, which is the highest in past nine years. Sales in the Chinese market grew 89 percent.
For the super luxury brand, the most important factor driving its Chinese market expansion is the continuous and rapid development of Chinese luxury car market and young purchasers. In foreign countries, the owners of the super luxury car are usually about 40 years old, but in the Chinese market, the owners tend to be younger. The average age of Lamborghini owners in China is only 23 years old. As a result, super luxury car brands are also accelerating the introduction of entry level models to seize the market.
In 2016, Aston Martin introduced its DB11 super sports car in China. Last year, the production line of the DB11 was further expanded. When first entering China in 2008, the sales volume of Aston Martins was only 500 vehicles. China has become its fourth largest market in world. With the announcement of the new investment plan, the Chinese market is expected to contribute more in terms of sales volume.