Image: Motor Ward
New reports are indicating that market conditions in China are cooling down and China’s economy grew at the slowest pace in more than two years in the final quarter of 2011. In addition, Lamborghini sales in China are expected to increase around 20% in 2012, a far cry from the 70% growth seen in 2011.
The Chinese economy has grown exponentially over the past few years, however it appears that a significant cool down is in process. In addition to a slow growth in the fourth quarter of 2011, China’s trade ministry says the current outlook is “grim.” Fewer wealthy citizens are emerging from China and those who do have money are being more cautious with their wealth.
Christian Mastro, the general manager of Lamborghini for the Asia Pacific region, said, “If you look at the Chinese economy right now, there may be some uncertainty to make people wait a little.” He also notes that the number of people in China able to purchase a Lamborghini is somewhat limited right now, and if the economy continues to slow the way it has been in the region, that number is likely to dwindle even more. According to Lamborghini, they sold 342 cars in China in 2011, approximately 70% more than 2010’s 206 cars sold. The outlook for 2012 is not very promising, however, with growth expected to be just 20% over last year with 400 cars projected to sell.
To adjust to the tougher times, Lamborghini is increasing their marketing budget by about 20%, organizing more “track day” events, and expanding its Chinese dealer network.
Source: Motor Authority