BMW 2003 Annual Report Download - page 153
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21
The opportunities currently offered by the Chinese
market are best reflected by the explosive growth
and rapid modernisation of the financial metropolis
of Shanghai.The city with its 15 million inhabitants
abounds with dynamic activity and entrepreneurial
spirit.
In the last five years a middle class has formed,
and has acquired plenty of purchasing power. Its
members want to own and, in particular, drive a
premium car. They value the reliability and quality,
comfort and technical innovations offered by BMW
automobiles.
At the same time, a “Bao ma” – a “noble steed”
or “racing horse” – as the Chinese call their BMW
cars, is also an outward sign of personal achievement
and commitment to the market economy. Young en-
trepreneurs, senior employees and upwardly mobile
skilled workers are potential buyers of BMW cars
in China. Studies show that, as purchasing power
increases, brand awareness is particularly strong in
this segment of society, making the highest growth
likely to occur here. This is why the premium seg-
ment is expected to show above-average growth
over the next few years in China, as well.
BMW cars on the roads of China’s business
centres are a sign of economic success: in 2003,
the BMW Group sold 18,445 cars in the People’s
Republic of China, exceeding the previous year’s
unit sales by 176%. At the same time, China became
the third-largest market for the BMW 7 Series. In
2003, with almost 1,000 units, sales of the top
model alone, the BMW 760Li, were higher in China
than anywhere else in the world.
Thus, the timing for starting a joint venture and
strengthening the BMW Group’s commitment in
China is just right. A fast-growing market, efficient
production in China, a well-established network of
dealerships and an excellent image all constitute op-
timum conditions. The BMW Group has a clear aim:
it intends to be the most successful supplier of pre-
mium cars in China, as elsewhere.