US automaker Ford said Tuesday it plans to introduce its luxury Lincoln brand to the Chinese market in the second half of 2014 in efforts to further expand its market.
Ford Motor Company President and CEO Alan Mulally, who is paying a visit to China, said in Beijing Tuesday that introducing Lincoln in China marks the next step in the company's expansion in Asia.
"We recognize the growth potential for Lincoln in China, building on the growing appeal of our new Lincoln products and unique, personalized customer experience in North America," said the CEO.
The company's expansion is built on its expectation that China's luxury car market will surpass the luxury segment in the United States by 2020, with sales expected to reach 2.7 million units. Sales from the top ten luxury brands in China, including Audi, BMW, and Mercedes-Benz, hit almost 1 million units in 2011.
A total of 313,036 Audis were sold in the Chinese market in 2011, up 37 percent, followed by sales of 232,586 BMWs and 198,520 Mercedes-Benz vehicles, up 37 percent and 35 percent, respectively.
Jim Farley, group vice president of global market sales and service at Ford, said the company is eyeing a new generation of luxury clients who value more individualistic and tailored options.
Farley said Lincoln will distinguish itself by providing more individual and personalized cars, as well as a more personal and crafted experience to match.