SHANGHAI (Bloomberg) -- China's car market could reach annual sales of 20 million to 30 million vehicles over the next five to 10 years, Daimler CEO Dieter Zetsche said at the Shanghai auto show.
Growth in the country's luxury auto market will outpace the overall market, Zetsche also said at the show today.
Daimler's Mercedes-Benz plans to double its China sales to 300,000 vehicles by 2015, Klaus Maier, CEO of Mercedes-Benz business in China, said at the show.
Mercedes plans to sell electric-powered Smart car in China "pretty soon," he added.
The rising numbers of wealthy Chinese are helping high-end automakers boost sales.
Mercedes sales surged 86 percent in the first quarter to 43,991 vehicles. BMW increased vehicle sales in China 71 percent to 58,506 during the same period. Volkswagen AG's Audi, the biggest premium brand in China, delivered 64,122 cars, an increase of 25 percent.