Auto exports from China doubled last year to a record 340,000 vehicles, moving the country ahead of Germany to become the world’s third largest automobile manufacturer.

Most of China’s auto exports are destined for emerging markets in the Middle East, Latin America, and Russia.

Global automakers are also benefiting from China’s growing auto sector, with every major manufacturer making significant moves in recent years to take take advantage of growing domestic demand and low-cost manufacturing opportunities.

And, while most global automakers have had to adjust their marketing and pricing strategies to thrive in China’s highly competitive market, one well-known ultra-luxury brand is finding surprising success despite its exorbitant sticker price.

The Rolls-Royce Phantom starts at about $350,000 in the U.S. However, in China, the price jumps to around $800,000 because of stiff luxury taxes and import duties. Nonetheless, sales were up 50 percent in China last year, and the country now ranks as Rolls Royce’s third-largest market after the U.S. and Britain.