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British car brand Jaguar will launch its New XJ model in Shanghai on Friday, in a drive to expand its presence and exploit the premium car market increasingly driven by the growing wealthy class in China.
The New XJ, the counterpart of the BMW 745 and Mercedes-Benz 430, is Jaguar's seventh generation and the latest model. The price for an imported 4.2-liter New XJ is estimated to be 1.7 million yuan (US$204,819).
Shanghai Bricar International Trading Co Ltd said that they sold about 200 Jaguar cars in two years.
The New XJ is longer and bigger than the previous version but weighs 200 kilograms lighter.
Local Jaguar dealers said that they will also launch a promotion campaign to offer buyers services, including tickets for Shanghai's F1 Grand Prix in September.
With the automotive industry booming in China in recent years, major global carmakers are greatly attracted by the potential market, especially the increasing wealthy class, like private businessmen who think luxury brands can better represent their social and economic status, observers said.
Many luxury carmakers have expanded their presence in China by establishing sales centers and launching their latest models in the country's major cities.
Last year, Rolls-Royce established a center in Shanghai and launched its new Phantom model.
Bentley also expanded its presence last year in Chengdu, Sichuan Province, to explore the western region after it entered China in 2002. It already has centers in Shanghai, Beijing, Guangzhou and Shenzhen.
(Shanghai Daily February 16, 2004)
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