In an unexpected move, Audi’s upcoming electric vehicle (EV) series, tailored for the Chinese market, will reportedly not bear the brand’s distinctive four-ring logo, insiders have revealed.
What Happened: The luxury brand, a subsidiary of Germany’s Volkswagen AG VWAGY, has reportedly decided to drop its signature logo due to “brand image consideration.” The decision also signifies the brand’s increased reliance on local suppliers and technologies, and the use of automotive architecture co-developed with Chinese partner SAIC.
The new series, known internally as “Purple,” may have a different logo or simply carry the Audi name on the vehicles. A concept car for the series is scheduled to be unveiled in November, along with the series’ “brand story”.
A third source disclosed that nine models are planned by 2030.
Audi has yet to respond to Benzinga’s queries.
See Also: Tesla Has A ‘Clear Path’ To Improving FSD In August And Reducing ‘Interventions,’ Says Elon Musk
Why It Matters: Audi’s decision comes at a time when Chinese automakers are making significant inroads in their domestic market, the world’s largest, with innovative EVs. This has led to a decline in sales for foreign automakers, many of which are heavily reliant on gasoline-engine models, prompting them to forge new alliances.
In May, Audi and SAIC announced a joint venture to develop an EV platform for the Chinese market. This strategic move allows foreign automakers to incorporate the latest EV features and cater to Chinese preferences while still targeting a large customer base. This collaboration would expedite Audi’s transformation into the world’s biggest market.
Audi’s new EV series will feature a CATL battery and an advanced driving assistance system (ADAS) from Chinese tech startup Momenta. The electrical architecture of SAIC’s EV brand IM Motors will be incorporated in the “Purple” series.
Despite new tariffs on Chinese EVs, foreign automakers are struggling to compete in China's booming EV market. A study by AlixPartners reveals that foreign car companies are lagging behind in China's EV market, which accounts for over 40% of new passenger cars sold in the country.
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Image by Valdis Skudre via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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