The Wanjie M5 EV is now on the market with just two versions available: the Standard version (rear-wheel drive) priced at 288,600 RMB and the Performance version (four-wheel drive) priced at 319,800 RMB.
So, who is the target audience for the Wanjie M5 EV?
This question was actually discussed in our editorial department yesterday, and we even roughly guessed that this car would be priced between 280,000-320,000 RMB.
Another way to phrase this question is: why did the M5 EV pricing fall within the 280,000-300,000 RMB range?
Lack of competition
First of all, we need to make one thing clear. Despite the high sales volume of Wanjie’s two extended range models, the overall new energy vehicle market is still a very obvious incremental market, with insufficient competition, especially in the 250,000-350,000 RMB range.
Obviously, at the launch event, Mete 50 was positioned against the iPhone 13, while the M5 EV was positioned against the Model Y.
In terms of the smart cabin, materials, ambience and range, aspects that would most appeal to customers, the M5 EV is more attractive than the Model Y. At the same time, the M5 EV is priced lower than the Model Y, making it more value for money.
If we look at pure electric SUVs at this price range, there are only ID.4, ID.6, BYD Tang EV, and Ford Mustang, which, in terms of the cabin, can hardly compete with the M5 EV.
The prices of these models range from 280,000 RMB to around 320,000 RMB or higher, leaving the M5 EV entering into this space without any opponents.
User analysis
Earlier, Huawei quickly gained market recognition through the Wanjie M5, followed by the even larger M7.
The arrival of the Wanjie M5 EV is not just a simple complement to the M5 extended range version, but it will also shoulder the responsibility of bringing the Wanjie pure electric category into the market earlier than expected.
So, who is the M5 EV targeting? The answer is almost there:
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Firstly, those who are attracted by the Huawei brand. The Wanjie car is the first EV promoted by Huawei, which will attract a lot of attention.
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Secondly, those who do not have a great need for long-distance travel and mainly use their vehicles for commuting, which means they can totally abandon the range extender.
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Changes to the front face of the M5 EV, as well as the addition of new colors (I personally think pink is very pretty), and even the color temperature adjustment of the makeup mirror have hit a considerable portion of female car owners.
Final Words
As of August, the delivery of WENJIE has exceeded 10,000 units, and this is based on the premise that the sales of M7 has not yet been fully expanded. Now, the M5 EV has also officially gone on sale, and everyone can guess how long it will take for the M5 EV to exceed 10,000 units.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.