The Globe and Mail reports in its Tuesday edition that the Maextro S800, an 18-foot electric sedan built by Huawei and JAC Motors (which sells for $140,000 (U.S.)), has rapidly become China's bestselling luxury car, outpacing Western rivals such as Mercedes-Benz and BMW. A New York Times dispatch to The Globe reports that one out of every three luxury cars sold in China in April was a Maextro. It has come to embody the supercharged rise of Chinese brands across luxury retail steadily squeezing out once-dominant European labels.
The shifting sensibilities have unfolded alongside a rising nationalism and a deepening pride in China's economic ascent in recent decades.
Building on Maextro's success, Huawei is preparing to release an even pricier model next month, starting at $220,000 (U.S.).
As Chinese consumers have turned toward homegrown brands, century-old international luxury powerhouses have struggled. "For decades, Western luxury brands had held the narrative power in the high-end consumer market," said David He, a managing partner at BA Capital, a venture capital firm that invests in retail brands. "Today, Chinese consumers are no longer looking up to Western culture, but are beginning to look back at ourselves."
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