Published 28 May 2012
Auto retail major Zhongsheng has acquired majority stake in Germany-based Carlsson Autotechnik to meet growing demand from wealthy Chinese car owners for custom bodies and modified engines.
Zhongsheng chairman Huang Yi was quoted by The Economic Times as saying that the acquisition of Carlsson is aimed at an increasing population of owners in Beijing, Shanghai and other major cities across the nation.
The Beijing-based company is formulating aggressive plans for vehicle-personalization specialist Carlsson. The two firms plan to establish a small chain of Mercedes-Carlsson retailers in China to sell super luxury Carlsson-customized Mercedes cars.
In addition, both the firms plan to set up manufacturing facilities within China to produce Carlsson customization accessories and kits for brands that Zhongsheng represents.
After this acquisition, Carlsson will now able to take advantage of Zhongsheng's network of dealers stretching from Heilongjiang province to Guangdong.
As of now, Zhongsheng operates 140 stores and markets cars for an array of foreign brands including Lexus, Mercedes, Nissan, Porsche, Toyota and Volvo.
In 2011, the Beijing-based auto retail group has sold CNY300m ($47m) worth of accessories through its network and recorded revenue from new automobile sales of CNY38.24bn ($6.02bn), representing an increase of 74.3% from the previous year.
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