Luxury car makers miss targets
15 February 2005
China's luxury car market dipped sharply in 2004, Xinhua reported, with sales of German automakers Audi and Mercedes-Benz both falling well short of company targets. Audi, part of the Volkswagen group, sold 64,018 cars in China in 2004, up by only 0.8% on 2003, when sales grew by more than 70%. It had originally set a target of 80,000 vehicles. Mercedes-Benz meanwhile saw combined sales on the mainland and in Hong Kong rise 5.0% to 11,500 in 2004, short of its target of 13,000-14,000 units, with its top of the range S Class sedan accounting for more than 50% of the company's sales. Last month BMW said its China sales fell in 2004 by 16% to 15,500 after scoring a massive 176% growth in 2003.