Rich Chinese embrace domestic high-end EVs as tech and driving experience eclipse prestige

For Eric Huang, a Guangdong-based healthcare entrepreneur with a Lamborghini Aventador and a Tesla Model S Plaid, Chinese premium electric vehicles (EVs) have become a strong contender. "I hold electric cars to strict safety standards, so I used to stick to Tesla," Huang noted. However, domestic brands have now met his expectations.

He plans to buy a six-seat premium electric minivan from a Chinese brand, budgeted at around 1 million yuan (US$148,000). This choice shows that even as China's ultra-luxury car market slows overall, a growing segment of drivers, who favor domestic brands, are still investing in high-end EVs. The trend is primarily driven by whether domestic brands can meet expectations associated with foreign marques in terms of technology, safety, and driving experience.

According to a report by Beijing-based consultancy Guanyan Tianxia, Chinese luxury-car buyers are becoming younger and more professionally diverse, with technology and driving experience outweighing the prestige of traditional luxury names. New premium EV brands are attracting entrepreneurs who previously owned established ultra-luxury models like Rolls-Royce and Mercedes-Maybach.

The Maextro S800, a luxury sedan jointly developed by Huawei Technologies and JAC, priced between 708,000 yuan and over 1 million yuan, has exceeded 19,000 deliveries by June, claimed Yu Chengdong, chairman of Huawei's consumer business group. BYD's Yangwang U9 Xtreme, a limited-edition electric supercar priced over 20 million yuan, demonstrates that domestic brands are venturing into the ultra-luxury segment.

A 2025 Hurun China report revealed that 35% of wealthy Chinese consumers preferred domestic premium EV brands over traditional imported brands. However, foreign legacy marques are not entirely out of focus, with new electric models attracting wealthy Chinese buyers. Ferrari's first electric model, the Luce, has already seen all 88 cars allocated to the mainland market reserved by Chinese customers since its China roadshow in late June.

The Luce starts at nearly 4 million yuan in China and is expected to be delivered by mid-2027. Its buyers span generations, including entrepreneurs and executives in artificial intelligence, technology, and healthcare. Despite the overall softening of ultra-luxury consumption in China since 2023, luxury car sales in major Chinese cities are facing pressure due to reshaped consumer expectations and falling sales of imported vehicles.