Cadillac Expects Growth in China to Hit 60% By End of 2017
In case you hadn’t noticed, Cadillac is just absolutely tearing it up in China at the moment. October saw yet another month of significant growth for Cadillac with an increase of 36.1%—the 20th straight month of year-over-year growth for the brand in China. As it stands, this puts Cadillac up 58.2% from its record pace in 2016 with deliveries totaling 141,643 vehicles.
According to Cadillac China Vice President Andreas Schaaf, who spoke with Reuters last week, the brand is expecting that momentum to continue on into the final two months of the year and carry Cadillac to total year growth of 60% or better.
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He noted that one of the keys to Cadillac’s success thus far and the success that lies ahead comes from its ability to appeal to younger, affluent buyers. Schaaf told Reuters that the average age of Cadillac buyers in China is 33, which is quite a bit below the US and European average of 50 years.
“A lot of younger people in China are looking for something different to stand out of the crowd. We have a very young target audience. That is a significant difference to the other countries in the world,” said Schaaf.
Cadillac opened its first local manufacturing facility in China in early 2016, which builds the CT6, CT6 Plug-In Hybrid, and XT5 in addition to the Buick GL8 MPV. The Cadillac CT6 Plug-In sold in the United States is sourced from this Shanghai plant, making Cadillac one of the few auto brands to import from China.
In order to further capitalize on growing demand that has pushed China past the United States to claim the top spot among Cadillac’s volume markets, plans are in place to increase the number of Cadillac retail storefronts over the next five years from 180 to 300.
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News Source: Reuters