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Chinese electric vehicle (EV) makers are speeding up their pivot to the premium segment, where they hope to secure higher profit margins and dodge the cutthroat market’s most vicious price competition.
New models launched by carmakers including Nio and Seres also mount a challenge to Tesla’s bestselling Model Y in the world’s largest EV market.
“Intensified efforts to gain ascendancy in the premium segment show the carmakers’ confidence in their technologies,” said Chen Jinzhu, CEO of consultancy Shanghai Mingliang Auto Service, adding that among cars priced above 300,000 yuan (US$44,254), the battle was often “on the technological front, rather than pricing”.
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Shanghai-based Nio priced its ES9 SUV, which has a range of 580km, at 498,000 yuan on Wednesday. The company bills the new model as the market’s largest pure-electric SUV. The car was designed for family use but could also be an alternative to a multi-purpose vehicle for commercial buyers, Nio said.
Also on Wednesday, Seres unveiled its refreshed M9 SUV under the Aito EV brand, which starts at 479,800 yuan. Its pure electric variant has a driving range of 750km.
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Other carmakers including Zeekr, a premium EV subsidiary of Geely Auto, and Xpeng, well known for its self-driving technology, have also recently unveiled spacious, longer-range SUVs.
Nearly all the new models offer six-seater editions, similar to Tesla’s Shanghai-made Model Y L, which starts at 339,000 yuan.
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