Rich Chinese embrace domestic high-end EVs as tech and driving experience eclipse prestige
For Eric Huang, a Guangdong-based healthcare entrepreneur who owns a Lamborghini Aventador and a Tesla Model S Plaid, the appeal of Chinese premium electric vehicles (EVs) has grown as their technology has caught up with his expectations. “I hold electric cars to strict safety standards, so I used to stick to Tesla,” Huang said. But he added that domestic brands had now met his standards. His…
Eric Huang, a Guangdong-based healthcare entrepreneur, has switched his allegiance from Tesla to domestic Chinese electric vehicle (EV) brands. Huang previously owned a Lamborghini Aventador and a Tesla Model S Plaid, but now believes Chinese premium EVs have met his high standards for safety, technology, and driving experience. He plans to purchase a six-seat premium electric minivan from a Chinese brand at a budget of approximately 1 million yuan (US$148,000).
This shift in consumer preference highlights that while China's ultra-luxury car market is slowing down overall, a segment of drivers is increasingly drawn to domestic premium EVs. Factors such as technology, safety, and driving experience now outweigh the prestige associated with foreign marques. A report by Beijing-based consultancy Guanyan Tianxia predicts that younger, more professionally diverse luxury-car buyers will continue to favor technology and driving experience over traditional luxury names.
Domestic premium EV brands are gaining traction in China's luxury car market. The Maextro S800, a joint venture between Huawei Technologies and JAC, has delivered over 19,000 units as of June, priced between 708,000 yuan and just over 1 million yuan. BYD's Yangwang U9 Xtreme, another limited-edition electric supercar, is priced at more than 20 million yuan, indicating that domestic brands are expanding their reach into the ultra-luxury tier.
Despite the growing popularity of domestic premium EVs, foreign legacy marques such as Ferrari are still making significant inroads in the Chinese market. Ferrari's first electric model, the Luce, has received overwhelming interest from Chinese customers, with all 88 allocated cars reserved. The Luce, starting at nearly 4 million yuan in China, is expected to be delivered by mid-2027, attracting entrepreneurs and executives from various industries.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
