Luxury British carmaker Aston Martin is expanding in China, the world's biggest car market, on the back of positive growth figures, the company's CEO said Wednesday.
"We've seen this explosion of growth in China," CEO Andy Palmer told CNBC's Nancy Hungerford at the Beijing Auto Show, discussing the expansion of Aston Martin dealerships in the country.
The company entered the Chinese market about a decade ago, but only in the last three years composed a dedicated China team. While being the largest auto market in the world, the country of nearly 1.4 billion wasn't traditionally focused on luxury cars, Palmer explained.
"We'll be up to 20 dealers within the next year or so, driving the biggest level of growth we see in the company," he said, citing the company's 89 percent growth in the country. "So China is very important for us."
China is set to become the largest luxury car market worldwide within a few years — in 2017 it accounted for nearly 90 percent of sales growth for leading luxury automakers, according to calculations by The Nikkei. China also made up 27 percent of sales overall, a 3 percent increase on 2016. The Tokyo-based publication found that luxury car sales in the Asian nation grew 17 percent from 2016 to 2017, while sales in the rest of the world only rose 1 percent. The highest sellers included BMW, Mercedes-Benz, Audi, Lexus and Jaguar.