Cellphone maker Xiaomi has EV market buzzing

Boasting sales

New entrants to the electric vehicle sector often compare their products to established brands to grab the attention of car buyers.

When startup Li Auto's large L9 SUV was unveiled in 2022, its founder and CEO Li Xiang said the model was not inferior to a Rolls-Royce's Cullinan. In April, when Li Auto launched the L6, a smaller SUV, Li stated it "beats Porsche's Cayenne in performance and dimensions".

At the Beijing auto show in April, Detlev von Platen, a Porsche board member for sales and marketing, was asked what the German marque thought about the claimed rivalry from Chinese startups.

"Being seen as a benchmark is a confirmation that you are strong, you are desirable, so we are not going to take any protective measures," he said. "The battery-EV market (in China) is more of a volume market. It is not yet there where we are."

Von Platen added that Porsche is respectful of the multitude of new players, which are "very innovative".

But he said that building a recognized premium brand is not done quickly. "One word for defining luxury is 'credibility', which means 'are you authentic about what you are saying?' This is not something you can do in a few months," he said.