China’s electric vehicles (EVs) have become the envy of the global auto industry, rising to the top of the luxury car segment after a new model jointly developed by Huawei Technologies Co. outsold the Porsche Panamera and BMW 7 Series in the world’s largest car market.
The Maextro S800, a luxury sedan priced from 708,000 yuan ($100,555) to 1 million yuan, delivered 2,145 units in mainland China last month, outselling the Panamera and 7 Series combined, according to data provider ECC Intelligence.
The S800, jointly developed by telecommunications equipment maker Huawei and state-owned Jianghuai Group, is currently the best-selling car in the mainland’s price segment above 700,000 yuan.
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ECC data shows that the company has topped the list for three consecutive months since September, with monthly deliveries reaching 1,900 vehicles. Deliveries remained steady in October.
In November, Panamera sales were 1,200 units and 7 Series sales were 928 units.
“The brand’s upbeat performance may boost Chinese automakers’ confidence in producing more expensive electric vehicles to challenge international brands such as Mercedes-Benz and BMW,” said Tian Maowei, sales manager of Shanghai Yiyou Auto Service Company. “Ultra-luxury models made in China will still need to prove their quality and sustainability in the coming years to attract more wealthy customers.”
Before the arrival of the Maextro S800, China’s luxury car market was dominated by international brands. Photo: Getty Images alt=Before the arrival of the Maextro S800, China’s luxury car market was dominated by international brands. Photo: Getty Images>
The S800 made its debut in late May, offering pure electric and extended-range versions for mainland customers. China’s luxury car market was previously dominated by international brands that mainly produced petroleum-powered vehicles.
From BYD to Leapmotor, Chinese electric carmakers are beating foreign brands in the mass market, with consumers seeking smart models priced under 150,000 yuan.
Over the past three years, well-known brands from Volkswagen to General Motors have lost market share to Chinese rivals due to slow progress in developing electric vehicles. According to statistics from the China Passenger Car Association, currently, about 60% of new cars sold to mainland customers are battery-powered or plug-in hybrid models.
