Source | YuanMeiHui

At the Guangdong-Hong Kong-Macao Auto Show, held from May 31 to June 8 this year, the Zenith S800, which has been "half-hidden" for nearly half a year, will finally make its official debut. This large sedan, a collaboration between Huawei and Jianghuai, currently has a pre-sale price range of 1-1.5 million yuan.

The key to Zenith S800's million-yuan price tag lies in its aura that is "very Rolls-Royce." At the recent Shanghai Auto Show, YuanMeiHui took a close look at the Zenith S800. From its dignified and imposing side profile to the starry lighting embellishments on the headlights, door handles, and taillights, it exudes an unmistakable "Rolls-Royce" vibe.

Zenith S800 | Photo by YuanMeiHui

In the journey of Chinese brand car manufacturing, there have been earlier attempts to "align" with Land Rover and BMW, and more recently, a trend to "pay tribute" to Porsche. However, Zenith S800 is the first to boldly "approach" Rolls-Royce.

More crucially, after Zenith S800, more competitors will follow suit.

01

Domestic 'Rolls-Royces' Frequently Make Their Debut

Just downstairs from Hall 5.2 where Zenith S800 was exhibited at the 2025 Shanghai Auto Show, Zeekr also showcased a new car that is "very Rolls-Royce" - the Zeekr 9X. Unlike the Zenith S800, the Zeekr 9X is an SUV.

Zeekr 9X | Photo by YuanMeiHui

In terms of exterior design, the Zeekr 9X has no qualms about incorporating elements that easily evoke associations with Rolls-Royce. For instance, the most eye-catching feature of the Zeekr 9X's front end is its "largest in the world" one-piece grille for SUVs, and the official website explicitly states that the design is inspired by ancient palaces. One of the hallmarks of Rolls-Royce models is its Parthenon-style grille.

Its first public appearance at the Shanghai Auto Show solidified the nickname of "Hangzhou Bay Cullinan" for the Zeekr 9X. Hangzhou Bay is the headquarters of Zeekr, and Cullinan is the first SUV from Rolls-Royce.

Although Zeekr did not announce any price information for the Zeekr 9X at the Shanghai Auto Show, it can be inferred that the "Hangzhou Bay Cullinan" will break through the price ceiling of the Zeekr brand and even the Geely group. YuanMeiHui learned from sources that the Zeekr 9X will most likely be divided into regular and Glorious editions, similar to the Zeekr 009, and the price of the Zeekr 9X Glorious edition will be in the millions.

At the Shanghai Auto Show, it wasn't just Hangzhou Bay that caused a stir with the "Cullinan." Wuhu also made its mark.

In Hall 4.1, which was almost entirely "taken over" by Chery, an automaker based in Anhui Wuhu, there was a particularly high-end booth with an unfamiliar name - Jietu Zongheng. "Developing like an off-road vehicle taking shortcuts" was how Yin Tongyue, Chairman of Chery Holding Group, described Jietu Zongheng at the booth launch event.

As a new product line of Chery's sub-brand Jietu, Jietu Zongheng is also aiming for the million-level market. The Zongheng G900, placed at the center of the booth, does not disappoint in terms of appearance, living up to the media-bestowed name of "Wuhu Cullinan." It is reported that the Zongheng G900 has a length of 5.4 meters, and its oversized dimensions combined with horizontal and vertical body lines create a visual impact that is no less impressive than the genuine Cullinan.

Zongheng G900 | Photo by YuanMeiHui

Additionally, YuanMeiHui learned from booth staff that the Zongheng G900 is an amphibious off-road SUV with stronger wading capabilities than BYD's U8. As for the price, there is no official information yet, but judging from the positioning and capabilities of the Zongheng G900, it will undoubtedly be in the millions.

02

An Escape Route for Internal Competition in Electric Vehicles?

The emergence of domestic 'Rolls-Royces' like bamboo shoots after a spring rain may lead many to believe that automakers are merely 'flexing their muscles' and seeking applause more than sales. However, in reality, these 'Rolls-Royces' are matters of corporate survival.

Among the aforementioned brands of Jianghuai, Zeekr, and Chery that will launch million-level new energy vehicles, only Chery has relatively optimistic profitability. According to the prospectus recently disclosed by Chery Automobile, the Anhui-based automaker reported profits of 6.266 billion yuan, 11.953 billion yuan, and 11.222 billion yuan for 2022, 2023, and the first nine months of 2024, respectively.

However, data shows that in 2022, 2023, and the first nine months of 2024, revenue from sales of new energy vehicles accounted for only 13.2%, 4.9%, and 16% of Chery Automobile's total revenue, respectively. In other words, when it comes to the new energy vehicle segment, Chery is not as formidable as one might think.

For Chery, the "Wuhu Cullinan" also serves to bolster its IPO image. As for Jianghuai and Zeekr, building 'Rolls-Royces' can be described as a desperate move.

Zongheng G900 | Photo by YuanMeiHui

Take Jianghuai Automobile as an example. After reporting a profit plunge of 1278% and a net loss of 1.784 billion yuan in its 2024 financial report, the company still has not emerged from the trough in the first quarter of this year, with a Q1 financial report showing a loss of 223 million yuan during the reporting period. Jianghuai Automobile attributed the first-quarter loss to a decline in sales volume, especially the performance of its joint ventures and associates.

The automotive joint ventures and associates within the Jianghuai system mainly refer to Volkswagen Anhui, a joint venture between Jianghuai and Volkswagen. Currently, Volkswagen Anhui has only one model on sale - the ID.06, which, despite an official price reduction of over 20%, has a price that has dropped below 150,000 yuan, but its monthly sales volume has long hovered in the three-digit or even two-digit range.

Data shows that Volkswagen Anhui caused a loss of 1.35 billion yuan for Jianghuai Automobile in 2024.

On the other hand, although Zeekr's sales volume can occupy a place in the market, its profitability is also worrying amid the fierce price war. Financial reports show that Zeekr delivered over 222,000 new vehicles in 2024, nearly doubling compared to 2023, with a year-on-year increase of 87.15%.

Despite nearly doubling its new vehicle sales, Zeekr's revenue increased by less than 50%, reaching 75.913 billion yuan, and the company is still in a loss state, with the loss gap narrowing by about 2.5 billion yuan. The above data indicates that although Zeekr is selling more cars, it is still struggling to make money.

It is worth mentioning that due to the lackluster performance of new vehicle sales and capital market performance over a long period, Geely Automobile announced on May 7 its intention to acquire all issued and outstanding Zeekr shares and American depositary shares to privatize Zeekr. "If the privatization proposal is implemented and completed, Zeekr will become a wholly-owned subsidiary of the company, achieve privatization, and delist from the NYSE," Geely Automobile said.

In fact, not only Jianghuai and Zeekr but also leading new energy vehicle makers such as Li Auto and XPeng have experienced varying degrees of "increased revenue but not increased profits" in their financial reports in the past six months. Various signs indicate that the mass market for new energy vehicles priced below 300,000 yuan or even 500,000 yuan has become a red ocean, with automakers competing fiercely to see who can last the longest.

Against this backdrop, if automakers can secure a share of the high-profit million-level new energy vehicle market, their pressure to generate cash flow will be greatly alleviated.

However, to compete for a share in this niche market, Chinese brands will face stiff competition from established luxury vehicles such as the Mercedes-Benz S-Class and Land Rover Range Rover. If they still rely solely on "refrigerators, TVs, and large sofas," the chances of success for domestic 'Rolls-Royces' are not high.

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