‘Fun’ facts: By the end of 2012, there were 1.351 billion people in China. Their total gross domestic product was 8.227 trillion USD (average growth of 7.8%) with a goal to exceed 10 trillion USD in 2014. Not to dive too deeply into world politics and economics, but great googly moogly that’s a insane, especially when considering the US’s average of 2.2%. As we know, with with economic growth comes expanded middle and lower-upper classes, and more spending power.
So why is this important? Some recent findings by Chinese publication, Gasgoo, shows their own growth numbers, through the eyes of the Lexus brand:
“Lexus has experienced sales decline in the first half year of 2013, but finally makes 14% growth to 72 thousand sales by successfully hybrid automobile marketing. Hybrid car sales are more than expectation at the beginning of 2013, which takes 27% of total sales.”
The tale of the tape indicates there’s a large demand in the Chinese market for hybrid technologies. And while Lexus has historically playing second fiddle to its German luxury cousins, they’ve been able to leverage their expertise in hybrid technology to increase their attractiveness in a ridiculously fast growing market.
This year, Lexus will roll out a new GS300h onto Chinese shores – its 6th hybrid car in the country.