Carat Security Group to build first plant in China
May 30, 2013 Category Automotive, Automotive Metals & Minerals
Carat Security Group, the Belgian company which specializes in providing armored limousines worldwide, plans to open its first manufacturing facility in China. Carat Security, which produces vehicles under the Carat Duchatelet and Centigon brands, has a 40-year history in the business. It has supplied vehicles to royal families in the Middle East, to African leaders, and to top Western government officials, said Benoit Ceulemans, its Vice President. He said China is becoming its most promising market. “Different from the Middle East and Africa, we are looking for individuals, private businessmen and company owners,” said Ceulemans. He added that although the after-tax price of its cars sold in the Chinese market can be as much as CNY8 million, sales are brisk. As well as Lexus cars, the company specializes in producing tailor-made Mercedes Benz S-Classes, Bentleys, and Range Rover vehicles. Every year the company refits about 70 luxury cars, with work including extending their length, and adding armor. The alterations can double the cost of the original. The company’s goal is to sell about half of its production to China in 2014. Carat had sales of about €100 million last year, and employs 800 people worldwide in seven vehicle manufacturing facilities, including in Belgium and Brazil, and is now considering one in China. According to the U.S. research company McKinsey & Co, demand for luxury automobiles in China is expected to reach 3 million cars by 2020, up from the 1.25 million sold in 2012. Ceulemans said the company attended the Shanghai International Automobile Industry Exhibition two years ago, where it sold the two cars it had brought to the exhibit. Carat has a partnership with a local importer, Dalian Carat International Trade Co, the China Daily reports.
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