China's homegrown luxury brands see the best time to rise as disruptive innovation leaves legacy carmakers facing great uncertainty.
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The rapid growth of electric vehicles has created a great deal of uncertainty across the auto industry, which is a cause for concern for legacy carmakers and an important opportunity for newcomers.
According to an article published today by Jiemian, the slowdown in growth of luxury brands in China, including Mercedes-Benz, BMW and Audi, and the uncertainty they face in the era of new energy vehicles (NEVs), creates the perfect time for the birth of a local Chinese luxury brand.
The following are the main points of the article.
Over the past few decades, Mercedes-Benz, BMW and Audi have undoubtedly deeply influenced the landscape and brand power of the luxury car market in China.
But now, the new forces are bringing epoch-making products and changes with a speed so fast that these German brands have not had time to find an effective response strategy.
The loss of first-mover advantage and timing in the field of electric vehicles is perhaps the greatest pain faced by Mercedes-Benz, BMW and Audi. If they want to hold on to their position, they obviously need stronger overall innovation and breakthroughs, but this has now become impossible.
Now when people choose a luxury car brand, there is no doubt that there are more "made in China" options.
After gaining stable brand recognition and sales momentum, the new local luxury brands are already improving their overall competitiveness.
The year 2022 will be critical for the formation of a new pattern of NEVs in China. Although uncertainty still exists, this should be the year for Chinese luxury brands to shine.
If you wish to learn more, you can copy the original Chinese text into Google Translate.
Original Chinese version: https://www.jiemian.com/article/7093745.html
Google Translate at: https://translate.google.com/
Note: Weilai refers to Nio, Lantu refers to Voyah, and Ideal Auto refers to Li Auto in the automatic translation.
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