Companies all across the business world have their eyes – and sales – focused on the emerging market in China. The country's economy has climbed rapidly in recent years and along with it, the income of its residents. China has taken the lead over the U.S. this year in the sales of new vehicles, and automotive manufacturers have taken notice. In particular, Ford and Volkswagen have set their sights on China’s emerging market.
Ford has invested nearly $5 billion for new manufacturing plants in Asia, with five of those plants having been built in China. In 2012, Ford introduced the Focus to the Chinese market and it became the top selling vehicle in the country the same year it was released. The company has plans to introduce at least fifteen new or upgraded models to the China market no later than 2015. The models are popular with Chinese consumers and Ford is taking notice of their wants and needs to deliver the best possible product to satisfy the new market.
Volkswagen’s Audi is synonymous with luxury in China. The automaker introduced this model to the country before the market surge and it became a top choice among the wealthiest consumers. Although Volkswagen faces competition from other luxury car makers such as BMW and Mercedes-Benz, the early arrival of the Audi has allowed the company to make a name for itself in the country and become a leader in the luxury car market.
China is fresh new territory for many automakers. It’s likely that competition will be fierce among the many automotive industry leaders. Only time will tell who will be crowned King of Sales in this exciting new emerging market.