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Chinese Market Targeted By Luxury Carmaker Maybach


11/22/2020


Chinese Market Targeted By Luxury Carmaker Maybach
Propped up by strong demand for China, plans of doubling up the sale of its luxury Maybach vehicles are being drawn up by carmaker Daimler.
 
A record number of 12,000 luxury Maybachs was sold last year by Daimler, which also owns the luxury car brand Mercedes-Benz. Maybachs’ most popular market is China where it was mostly used as limousines.
 
The starting price of the latest model of the cars is at $173,000 but cab rise to more than $250,000 which is because of addition of optional extras such as silver champagne flutes. Other gadgets such as massaging calf rests and automated rear doors are also often added on by consumers.
 
Designed on a Mercedes-Benz S-Class, the new Maybach model is so designed that it fits well for chauffeured trips and the company pits the model to rival the likes of Bentley Flying Spur and the Rolls-Royce Ghost.
 
As a part of its business strategy to improve profits, a stronger focus on large luxury vehicles like the S-Class will be accorded by the company, Daimler says.
 
According to the company’s chief executive Ola Kaellenius, in the Chinese market, the growth rate of sale of Maybach was in double figures while strong sales was also reported from Russia, South Korea and the United States.
 
Strong sales in China were also reported by the other luxury carmakers. There was growth of almost 10 per cent during the third quarter because of the pent-up demand, primarily from Asia, BMW, the parent company of Rolls-Royce said earlier this month. Its new Ghost model which is expected to be priced at about £250,000 was unveiled in September by Rolls-Royce.
 
Markets in Asia, Europe and the US were now "more or less back to normal", said the carmaker's chief Torsten Müller-Ötvös in an interview to the media.
 
Manufacturing of a range of fully electric Maybach models is also being planned by Daimler and the company expects to see strong demand for the vehicle in China.
 
Having set ambitious plans to be carbon neutral by 2060, the switch to electric vehicles (EV) in emerging markets is being led by China.
 
According to a new report from the financial think tank Carbon Tracker, governments around the world will be able to save $250bn a year in oil imports is there is a shift to EVs with a 70 per cent drop in expected growth in global oil demand.
 
The target in China, the largest luxury car market of the world, is to ensure that at least one fourth of all car sales be that of new energy vehicle (NEV) by 2025.
 
Plans for development of electric vehicles are also being revised by other carmakers.
 
The latest in this effort is General Motors (GM) which has recently revealed its new targets. The company announced recently that it plans to bring to market 30 all-electric models globally by 2025 as well as increasing investment in development and production of these vehicles by more than one third. While in March, the company had said it would invest $20bn, the United States based car maker now has set a target of investing $27bn in electric vehicles by 2025.
 
(Source:www.bbc.com)