Germany's luxury carmaker Bayerische Motoren Werke AG unveiled plans to produce three of its latest 5 Series models in China to increase its product portfolio in the world's third-biggest auto market.

The company said in a statement that it plans to make the long-wheelbase BMW 530Li, BMW 525Li and BMW 523Li in the Shenyang plant operated by BMW Brilliance Automotive Ltd, BMW's venture with Brilliance Automobile Group.

The company will roll out the new models at the Beijing International Auto show, which runs from Nov. 18 to 27.

The portfolio expansion will allow BMW to offer five Chinese-made models with more than eight configurations as it competes with Volkswagen's Audi and Mercedes-Benz in China's premier car segment.

BMW Brilliance is also producing new BMW 320is and BMW 325is in China in addition to the new BMW 5 Series, boasting total production capacity of 30,000 units annually.

China's economic growth, which has averaged 10 percent a year, has created an estimated 300,000 millionaires across the country, driving up high market demand for luxury cars despite record oil prices.

Munich, Germany-based BMW expects its sales in China will grow about 50 percent this year following a 54.2 percent jump to 24,000 sedans last year.

The company, which entered the Chinese market later than Audi, the luxury nameplate under Volkswagen AG's wing, has accelerated expansion by enhancing production and sourcing in China to grab more market share.

Audi held a 48 percent share of the luxury car market in China last year, following BMW's 15 percent and 4 percent for DaimlerChrysler's Mercedes-Benz.

Audi reported that China sales rose 97 percent year on year in the first six months to 38,459 units, while BMW's sales jumped 78.4 percent to 16,833 units during the same period.

BMW plans to triple its auto parts sourced in China from 870 million Yuan (108.75 million U.S. dollars) last year to 3 billion Yuan (379 million dollars) by 2007 for domestic production.

Source:佚名