JAGUAR plans to take on China's potentially lucrative luxury car market, appointing Inchcape Pacific as exclusive importer and distributor.
Jaguar chairman and chief executive Nick Scheele told a press conference the car maker would sell about 40 cars in China this year, and target 100 in 1994.
He said the firm would be disappointed if sales failed to reach 400 to 500 cars within the next four to five years.
''China is set to become one of our most important development markets,'' he said. ''As with any development market, we will be growing from modest beginnings, but we see tremendous long-term potential for Jaguar in China.'' Jaguar China, a new division of Inchcape Pacific, plans to invest US$4 million to set up distribution centres in Beijing, Shanghai and Guangzhou.
Jaguar's Sovereign model will sell for US$46,000 to $60,000 with the target market being entrepreneurs, government officials and employees of foreign joint ventures.
Jaguar China will also establish a number of joint-venture dealerships with the first agreements expected in Beijing, Shanghai and Guangzhou in the next few months.
Mr Scheele said Jaguar had considered several firms, including its parent Ford Motor Co, before deciding Inchcape's commitment to and experience in China made it the logical partner.
