LSN : News : Stat: Price war spurs rapid adoption of electric vehicles in China

Join us online on 5 September for our Luxury Futures launch event

Gohar World, US

What will shape the luxury landscape? Our Luxury Futures online event, which will take place on 5 September from 4:30pm to 5:30pm BST, will explore everything new and next in the sector that is set to affect the future consumer in the next 3–5 years.

In this session, led by our in-house luxury experts, you will hear key takeaways from our latest macrotrend followed by a panel discussion with industry innovators also featured in our upcoming report:

: Diana Verde Nieto, co-founder and co-CEO of Positive Luxury

: Alice Bastin, creative director of Wedgwood and Waterford

: Farah Marafie, creative director and founder of AOI

To close the session, we will host a rapid-fire Q&A to help you better understand how to apply our insights to your business.

As a member of LS:N Global, you get free access to all online events. You can RSVP here or sign up via our Community. You can sign up here if you are not yet a member.

Don’t miss out on the launch of our new luxury macrotrend – sign up now.

Foresight Friday: Marta Indeka, senior foresight analyst

Carolina Carballo for The Future Laboratory

Every Friday, The Future Laboratory team offer an end-of-week wrap-up of the topics, issues, ideas and virals we’re all talking about. This week, senior foresight analyst Marta Indeka speaks snacks, skin that looks like a snack and other edible news.

: Between tomato girl, latte make-up, glazed doughnut nails, and even glazed doughnut skin, it looks like beauty is borrowing cues from food. The Cut is imploring beauty gurus to stop calling our faces food

: My feed is flooded with food content, and apparently yours is too. An article in The New York Times argues that cooking videos are everywhere. #Foodtok boasts over 240bn views no big deal, just the equivalent of every human watching 30 food videos! Given TikTok Taste isn’t going anywhere, brace yourself for more cottage cheese content

: From oat milk in compact sheets you blend with water – why not just blend oats? – to vanilla ice cream derived from plastic waste – simply, why? – I sometimes wonder whether we have stretched the concept of Adaptive Appetites just a little too far

: For a soupçon of chic food for thought, tune in to Chanel Connects' latest episode. The megabrand’s in-house podcast invited American chef Jon Gray and British chef Ruthie Rogers to discuss seasonal cooking and the intersection of food and design – a great listen for any epicurean

Quote of the week

‘I want you to want to bite me because it looks so delicious that you can’t resist’

Gen Z it-girl Hailey Bieber disclosing the secret of ‘glazed doughnut’ skin

Stat: Price war spurs rapid adoption of electric vehicles in China

The MINI Concept Aceman, Germany

China – China’s automobile market is witnessing a remarkable surge in electrical vehicle (EV) adoption, fuelled by a fierce price war among manufacturers. According to Bloomberg Intelligence, in July 2023, seven out of the 10 best-selling cars in China were battery or plug-in models. Tesla’s Model Y and BYD’s Dolphin hatchback have particularly flourished, with the former outselling competitors since February. The competitive pricing battle, initiated by Tesla, led to a government-induced pact to ensure fair competition and refrain from unfair pricing.

The intense competition has reshaped the market. Battery and plug-in hybrid vehicles now account for 37% of sales, significantly surpassing expectations. While subsidies have contributed to the figures, the sticker price remains a significant factor for consumers. This rapid EV adoption has even outpaced previous optimistic predictions, with EVs dominating the market in a shorter timeframe than anticipated. We chart the surge of electric vehicles in our Mobility Series.

Strategic opportunity

As production of EVs becomes cheaper, automobile brands need to consider unique elements that will differentiate them in the market. What is your brand identity? Who is your car designed for? Are you effectively communicating with your target audience?