BMW aiming for 25% of global sales in Asia

BMW aiming for 25% of global sales in Asia

Agence France-Presse, Seoul

BMW is aiming to increase its Asian sales to 25 percent of its global sales, the German carmaker announced here Tuesday as it launched its top of the market model in the region's most difficult market.

BMW sales were returning to levels achieved before the 1997- 1998 Asian financial crisis and the region would be the engine for world auto growth over the next decade, said BMW Group senior vice president for sales and marketing Lueder Paysen.

He said Asia currently accounts for less than 10 percent of the company's worldwide sales which were estimated at about 905,000 BMW and Mini cars in 2001.

"Over the next 10-15 years we want to increase that to 25 percent," Paysen told a press conference.

He said that despite the Asian crisis, BMW had kept its share of the luxury car market at around 20 percent.

"In the next 10 years to come the growth will really come in Asia. We really have to prepare ourselves."

BMW is just launching its latest seven series model in South Korea at a basic price of about 150 million won (US$115,000).

Paysen said BMW's policy of establishing its own company in South Korea was paying off despite the country's reputation of being a closed market.

He predicted sales of the company's top of the range model would almost double to more than 1,000 in 2002 from about 640 in 2001.

BMW is the top imported car in South Korea, where foreign cars account for less than one percent of total sales. Foreign companies complain about non-tariff barriers and semi-official attempts to discourage the public from buying non-Korean cars.