There was a definite buzz at the Beijing Auto Show, which opened last Friday in Beijing, as international auto executives milled around what is now one of the most important auto shows in the world.
China is rapidly developing an obsession with cars. On the first two days of the show, reserved for the media and industry representatives, hundreds gathered outside the entrance to the show, which was held at the China International Exhibition Centre.
Last year, the mainland overtook the United States to become the world's leading auto market, with sales increasing 45 per cent for the year, fuelled by a mix of tax cuts and rapidly expanding wealth. And hopes are high for this year, with sales leaping 72 per cent in the first quarter.
It's no surprise, then, that major manufacturers arrived with their best and most expensive models, as well as cars designed specifically for local buyers with increasingly deep pockets. Of the 89 new models introduced this year, 14 are from international manufacturers, double that of last year.
The accent this year is on luxury. According to a report released over the weekend by JD Power, an international consulting firm, while spending on luxury vehicles has fallen around the world, the mainland's wealthy are obsessed with high-end vehicles. The dearer the better.
The Lamborghini Murcielago LP 670-4 SuperVeloce is a special China edition, with plans for just 10 vehicles to be produced. The car, which features a grey paint job marked with a striking orange stripe that symbolises an erupting volcano, sells for a walloping 7.68 million yuan (HK$8.73 million). Ferrari launched its 599 GTO at the show - its fastest model - for about US$400,000.