Chinese carmakers are already beating their Western rivals when it comes to winning over the country’s middle-class drivers. Now they are coming for rich customers looking to add a little extra to their cars.
Xiaomi last month started a service that will allow buyers to customise their 529,900 yuan (US$74,000) SU7 Ultra racer electric sedans with select trim and paint jobs – adding at least 100,000 yuan to the sticker price.
A major smartphone designer that is making quick inroads with its electric vehicles (EV), Xiaomi is competing for consumers who may otherwise opt for an individualised Porsche or another premium European brand. The German luxury carmaker is also pushing to expand sales of bespoke 911 sports cars in China as it gets squeezed on EVs by local brands.
Porsche and its Western peers long enjoyed strong growth in China, with renowned precision engineering of combustion-engine vehicles. But in recent years, Xiaomi, BYD, Nio and other local manufacturers have flipped the script with cutting-edge software and battery technology. Having cornered the market for affordable EVs, they are now targeting wealthier consumers.
While Xiaomi’s SU7 Ultra sells for less than the 918,000 yuan Porsche Taycan, the Chinese model bears an uncanny resemblance to the German company’s flagship electric model. SU7 Ultra buyers who want to customise their vehicles are required to commit at least 100,000 yuan to their personalised touches, which include 24-carat gold bonnet badges and forged wheel hubs in four colours. The service also extends to the 329,900 yuan YU7 Max, an SUV that has been compared with Ferrari’s Purosangue.
