China's Luxury EV Market Faces Slowdown

After initially gaining traction in the high-end market once dominated by BMW and Mercedes-Benz, China’s electric vehicle (EV) makers are now facing a slowdown in premium model sales, analysts predict. On Thursday, Shenzhen Denza New Energy Automotive, a joint venture between BYD and Mercedes-Benz, unveiled the 2025 version of its D9, a luxury multipurpose vehicle (MPV) in Shenzhen. The new D9, featuring BYD’s advanced BAS 3.

0+ driving assistance system, is offered in five plug-in hybrid variants and three fully electric options. Prices range from 339,800 yuan (US$46,555) to 469,800 yuan. Since its launch in 2022, Denza has sold over 300,000 units of the D9. However, data from leading automotive website Autohome reveals a decline in monthly D9 sales during July, August, and September compared to last year. BYD’s third-quarter earnings report further confirmed that Denza’s overall sales fell by 14% from the previous quarter.“This market segment is not easy to expand, and coupled with the overall slowdown in the EV market, sales of high-end EV models have faced considerable challenges this year,” Zhang explained. The premium EV segment, which includes vehicles priced above 200,000 yuan (US$27,000), has been fiercely competitive, with domestic automakers like Li Auto, Xpeng, and Nio striving to upgrade their brand images. Zeekr, a premium EV unit of Geely, and BYD, the world’s largest plug-in hybrid and battery EV manufacturer, are also key players. Huawei Technologies entered the fray this year, partnering with Anhui Jianghuai Automobile Group to develop the ultra-luxury Maextro brand aimed at rivaling Rolls-Royce. The brand’s first model, the Maextro S800 sedan, was unveiled last month, priced between 1 million and 1.5 million yuan.Despite these efforts, the premium EV market remains small with limited growth potentia

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