Nissan's Infiniti luxury brand is aiming to quadruple its market share by 2016 and take Audi's share of China's luxury car market.
The Infiniti G37 Image: Nissan |
Nissan's CEO Carlos Ghosn plans to quadruple Infiniti's market share from 2% to 8% in China and make up for Nissan's late entry onto the luxury car market. Currently, market leader Audi claims a massive 34% of the luxury segment, while Lexus trails in second with just 8%.
Ghosn aims to achieve his targets by doubling the number of dealerships by the end of the year, adding five new product lines and airing TV primetime commercials to audiences of up to 500 million people. The car giant is also considering relocating production to China in order to avoid 25% import tariffs.
Despite entering the Chinese market ten years after rival Audi began local production, Allen Lu, managing director of Infiniti China, believes they will be able to make up for lost time and cites doubled year-on-year sales figures as a sign of good progress. Ghosn is reportedly pleased with the “good momentum” so far, and is confident in the luxury brand's ability to succeed in a country which is home to 1.1 million millionaires.
The “real challenge”, according to Bill Russo, a senior adviser at consulting company Booz & Co. in Beijing, will be getting Infiniti's name on the map for luxury car buyers in China. Infiniti has stepped up its marketing efforts in China by participating in 50 local auto shows, signing up F1 champion Sebastian Vettel in a sponsorship deal and doubling the number of Infiniti dealers to 50 this year. Lu remains optimistic in the lack of brand loyalty in China making people more open to new brands.