Photo: Flickr via CLF
Daimler AG, the German car manufacturer, is investing billions of dollars in China and the United States in an attempt to claim a perch atop the hierarchy of the luxury car market, Christoph Rauwald and Nico Schmidt report for the The Wall Street Journal. (A subscription is required to read the original article.)The hope is that by 2020 Daimler’s Mercedes-Benz cars division–which includes Mercedes-Benz, Smart, and Maybach–will outpace BMW and Audi, the company’s main competitors, by 2020, Rauwald and Schmidt report.
The company has invested $2.63 billion in China and more than $2.4 billion in the U.S. with plans for increased production in both countries.
The United States is the largest luxury car market in the world, and it is predicted that in 2012, the Chinese luxury car market will grow to over 1 million cars.
Last year, BMW AG was the world’s best-selling carmaker; Audi, in second place, outcompeted Mercedes-Benz, which sold 1.36 million cars,
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