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British car brand Bentley is targeting luxury SUV buyers in mainland China, with its first model aimed carrying a hefty price tag of 3.98 million yuan (HK$4.86 million).
It hopes to generate a new source of sales with the step as the marque expects a challenging year ahead.
“This year is a tough year [for the luxury car segment], and next year will not be worse than this year, but it will be flat,” said Ricky Tay, managing director for greater China at Bentley.
Wealthy mainlanders were growing more cautious in buying luxury goods as economic growth slowed, and Tay said Bentley’s sales for the year would be lower than 12 months ago but still within expectations.
The luxury segment we are in has dropped 20 to 25 per cent this year
Ricky Tay,   Bentley.

Bentley’s sales on the mainland last year rose by 22 per cent over 2013, with 2,670 cars delivered.
The potential of the SUV market was huge, Tay said, as the newly rich shared the preference of old money wealth for family life.  
The marque unveiled its latest model at a marketing event in Chengdu in Sichuan province last week.
The Bentayga will be priced at 3.98 million yuan for the standard model and 4.8 million yuan for a limited-edition, first run series. The SUV is a first in the British brand’s 96 years.
“We are entering a new segment, and we are creating a new segment – it’s a segment that doesn’t exit because there are no luxury SUVs,” Tay said.
The mainland’s SUV market outperformed the overall car market, seeing 60 per cent growth this year, although most SUV vehicles were priced below 100,000 yuan, he said.
Bentley will soon have competition – Lamborghini and Rolls-Royce have also announced plans to launch luxury SUV models.

Tay welcomed rivals, saying it showed the market had potential.  
The feedback Bentley has received from mainland customers was better than expected, with some placing orders and paying deposits without knowing the exact price and look of the model, Tay said.
Production for the first batch worldwide would limited to 4,000 vehicles, but the number heading to China had not yet been determined. The first units would arrive in April but some customers might have to wait until next year to receive shipment, Tay said.

Bentayga’s first owner will be Queen Elizabeth, while bragging rights on the mainland has not been decided. A certain number of vehicles would be assigned to key opinion leaders, he said. 



Sweet ride doesn’t come cheap: Bentley tempts China’s wealthy drivers with 4m yuan SUV

Ricky Tay shows off the Bentayga, the luxury marque's first foray into the SUV market, in Chengdu, southern China. Photo: SCMP Pictures   

Lamborghini's concept for the SUV market, the Urus. Photo: SCMP Pictures 

An assembly line of SUV vehicles in a Geely plant in Chengdu. The mainland's SUV market outperformed the overall car market, seeing 60 per cent growth this year, Bentley's Ricky Tay says.

China's car market faces bumpy ride but long-term growth positive, says Credit Suisse

Car sales in China are forecast to grow in the fourth quarter, when some consumers choose to buy their first car at the end of the year. Photo: Reuters

China’s hi-tech entrepreneurs ‘will boost luxury car market’

Customers examining Bentley models at a previous Shanghai auto show. The firm's traditional customers in China have come from sectors such as mining and real estate. Photo: AFP

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China

Money & Wealth

Response has been enthusiastic on the mainland, with some customers putting down deposits even before the appearance was finalised, company says


Sweet ride doesn’t come cheap: Bentley tempts China’s wealthy drivers with 4m yuan SUV

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Response has been enthusiastic on the mainland, with some customers putting down deposits even before the appearance was finalised, company says

Response has been enthusiastic on the mainland, with some customers putting down deposits even before the appearance was finalised, company says