BMW, Volkswagen, Nissan are aiming for a share of China’s growing luxury car market

BMW, Volkswagen, Nissan are aiming for a share of China’s growing luxury car market

With an increasing number of car owners in China evidently showing a preference for upgrading to foreign car brands, global automakers like BMW, Volkswagen, and Nissan are looking to grab a share of the growing luxury car market in the country.

In their recent announcement, BMW, Volkswagen, and Nissan have revealed that they have plans underway to penetrate the luxury car market in China, thanks largely to the projected market potential. In a recent forecast, McKinsey & Co. has projected that the luxury car market in China will likely surpass the US luxury automobile segment by the year 2016.

BMW is apparently banking on its high-end electric vehicle series to penetrate the Chinese luxury market. Towards that end, the automaker started shipping its $73,000-priced BMW i3 to Chinese consumers in April this year.

Volkswagen plans to target the Chinese luxury car segment with its luxury sedan in 2015 under its company brand, Volkswagen. The automaker already has a presence in the China's auto market with its other brands including Audi, Bentley, Porsche and Lamborghini.

Meanwhile, Japanese automaker Nissan's plans to grab a share of the growing Chinese luxury automobile market are apparent from the company's collaboration with Chinese company, Dongfeng, for the production of Infiniti luxury cars, and increase the production to 100,000 units by 2018.

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