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Chinese Brands Surpass Europeans in China's Premium Car Market
European automakers are losing their long-held dominance in China's premium car sector as younger consumers prefer domestic brands. Chinese manufacturers have gained a technological edge, with innovations like rapid-charging batteries. Analysts indicate European brands may struggle to catch up.
Apr 22, 6:58 AM·1m read1 source
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European carmakers are losing their premium brand status in China, as younger consumers opt for cars from domestic brands. Chinese champions have surpassed European automakers in the premium sector of the Chinese car market. European automakers had long controlled the premium sector of the world's biggest car market in China.
Semafor reported that this shift further erodes Western firms’ prospects in a cutthroat global market. Chinese manufacturers have a technological advantage that European brands cannot catch up to, analysts say. CATL’s new car battery can go from 10% to 98% charge in six minutes.
Semafor reported that Chinese carmakers are increasingly dominant around the world, but the premium sector in China had remained a stronghold for Europeans until now. Audi’s CEO told Bloomberg that the German brand has underestimated the complexity of the shift to the software-defined vehicle. This acknowledgment highlights how far back European brands have fallen in terms of technology.
