Mercedes鈥 US$2.7b plan to lift sales
Print Edition
Daimler AG’s Mercedes-Benz will launch around 20 new or upgraded car models in China over the next two years, part of a broader turnaround effort aimed at reversing the brand’s recent struggles in the world’s biggest auto market.
Unveiling details of the strategy in Beijing yesterday, Daimler’s new China chief Hubertus Troska said the company will spend 2 billion euros (US$2.67 billion) over the next two years as it seeks to boost sales of Mercedes-Benz cars in China by a third to more than 300,000 cars a year by 2015.
The plan, a key part of Mercedes’ broader “2020 initiative,” includes lifting manufacturing capacity and its sales network in a country where car density is relatively low.
If the sales target were achieved it would make China the brand’s biggest market globally. Last year, Mercedes-Benz sold slightly more than 200,000 cars in China, currently its No. 3 market behind Germany and the US.
Mercedes-Benz has struggled in China since the start of 2012, when overall demand for luxury cars began weakening amid an economic slowdown in the world’s second-largest economy that affected luxury car brands in general.
Mercedes fared worse than most because of a dearth of new or redesigned models and what industry insiders and key operators of Mercedes-Benz dealers described as a short-sighted volume grab that hit the brand’s profitability.
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