| General Motors rolls out new luxury Cadillac in China |
BEIJING, Nov 11 (AP) -- General Motors Corp. on Friday launched a new luxury Cadillac in China, highlighting the country's growing market for high-end automobiles.
The world's largest automaker rolled out four models of the Cadillac Seville Luxury Sedan, or SLS, in Shanghai, with prices ranging from 500,000 yuan (US$63,580; €49,690) to 750,000 yuan (US$95,340; €74,510).
The Cadillac SLS is the sixth generation of the classic Cadillac Seville, which was launched three decades ago, a GM China statement said.
General Motors said Chinese demand for high-end cars was expected to strengthen in the coming years.
The first eight months of 2006 saw 24.5 percent growth in the luxury car segment in China year-on-year, and annual demand for high-end passenger sedans is expected to reach 300,000 units by 2010, the statement said.
Other luxury car makers including Britain's Bentley, a unit of Volkswagen AG, have seen sales surge in China as racing economic growth creates a wealthy elite.
Rolls-Royce said in a report Thursday China has become the automaker's No. 3 market after the United States and Britain, due to its growing class of entrepreneurs, and that it was adding 200 employees to meet demand from China for its US$380,000 Phantom.
General Motors, beset by sluggish sales and crippling legacy costs, needs China -- the world's third biggest car market behind Japan and the U.S. -- to provide growth it won't find in the U.S. and other Western markets as it engineers its comeback.
While it's closing plants and trimming production in North America, GM is pouring more money into China -- with plans to spend US$3 billion in 2004-2007. It already has five vehicle factories and one engine plant and an auto financing venture, and is quickly expanding dealerships.
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