Chinese Ultra-Luxury EV Market Sees Growth Among Younger, Diverse Buyers

His next purchase, he said, would be a six-seat premium electric minivan equivalent from a Chinese brand, with a budget of about 1 million yuan (US$148,000). Huang’s choice shows that even while China’s ultra-luxury car market has slowed overall, a growing segment of drivers, with a penchant for domestic brands, are still opening their wallets for top-end EVs. A report by Beijing-based consultancy Guanyan Tianxia on China’s luxury car market and investment from 2025 to 2032 said Chinese luxury-car buyers were becoming younger and more professionally diverse, with technology and driving experience increasingly outweighing the prestige of traditional luxury names.