Luxury electric vehicle (EV) brands from China are poised to enter the same elite tier as established European marques by leveraging their disruptive technologies, according to Chinese EV maker Zeekr.
“There is a gap between the demand for electric luxury cars and the supply, where Chinese carmakers have an edge,” said Zeekr vice-president Mars Chen. “I believe there will be one to two Chinese brands among the global top five [luxury vehicles].”
With German giants Mercedes-Benz, BMW and Audi lagging in electrification, he said Chinese manufacturers had been offered a chance to catch up.
The three German marques recorded global year-on-year sales declines of up to 6 per cent in the first quarter of this year.
They once commanded as much as 90 per cent of the luxury car market in China, but are now losing ground. Cui Dongshu, secretary general of the China Passenger Car Association, said domestic brands accounted for over 50 per cent of the cars sold for 400,000 yuan (US$59,000) or more last month.
The five bestselling large SUVs in China last year were made by Chinese brands Li Auto, Seres and Xiaomi, according to the association.