Episode summary
‘Temu Range Rover’ Highlights China’s Ascent in UK Car Market | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 12 min · Hosts: Carol Massar, Tim Stenovec · Guests: Keith Naughton, Jacob Reid
Summary
Chinese carmakers are gaining ground in the UK and Europe by pairing lower prices with features that used to be associated with premium Western brands. The discussion centers on the Jaecoo 7, nicknamed the “Temu Range Rover,” which has been outselling the Range Rover Evoque in the UK after entering the market only a little over a year ago. The guests say its appeal comes from a roughly £30,000 starting price, a seven-year warranty, and add-ons like heated seats and a panoramic sunroof.
The guests argue that the UK has become an easier target for Chinese automakers than the US because it has not imposed the same tariffs, and because British consumers are under pressure from the cost of living. They say Chinese brands now account for about 20% of the UK market and more than 10% of the EU market, reflecting a rapid shift in market share.
The broader concern is what happens next for Detroit and the global auto industry. The guests say US automakers face an “existential crisis” if Chinese companies enter the American market at scale, unless they improve cost, speed, and competitiveness. They also note that the Chinese have already built strong positions in Mexico, South America, and Canada, and that the industry may eventually be forced into partnerships or technology-sharing arrangements.
Key takeaways
- The guests say the Jaecoo 7 is beating the Range Rover Evoque in the UK by offering premium-feeling features at roughly a third lower price.
- The guests say Chinese automakers now hold about 20% of the UK market and more than 10% of the EU market.
- The guest from Detroit says Ford’s Jim Farley sees Chinese competition as an “existential crisis” for US automakers.
- The guests say the UK is more open to Chinese cars than the US because it has not added extra tariffs and consumers want cheaper cars.
- The guest from Detroit says US automakers must lower costs, improve speed to market, and become more competitive if they want to survive.
Notable quotes
“it was the UK's top-selling car in March”
“it has about a 7-year warranty, as you say, and and that's a very deliberate attempt by Chinese company to say, "Hey, we're new in this in this country”
“Yeah, it's about 20% approaching 20% in the UK. I think it's past 10% in the EU”
“Jim Farley, Ford CEO, refers to it as an existential crisis”
“if you were to allow them into the US today, the view is it would wipe out the US auto industry”
How the episode opens
Bloomberg Audio Studios. Podcasts, radio, news. — You're listening to Bloomberg Business Week with Carol Massar and Tim Stenovec on Bloomberg Radio. — It's a bird, it's a plane, it's a so-called Temu Range Rover. — Temu? — Yeah, Temu Range Rover. It's called the Jaecoo 7. You may never have heard of it if you're listening or watching us in the United States, but it was the UK's top-selling car in March.
It's amazing. Uh a bit more than a year after entering the UK market, the import is outselling Land Rover's comparable Range Rover Evoque on its home turf, earning the nickname Temu Range Rover, a nod to the online discounter, and it's less expensive.
It is. And and we should note it's not sold on Temu. — No. — Yeah, yet. Yes. Not yet. — Not yet. Jacob Reed is Bloomberg News global business reporter. He joins us from London. Keith Naughton is Bloomberg News auto reporter. He joins us from Detroit. Jacob, I I want to start with you. I want you to tell us what this Jaecoo 7 is.
Yeah, well, look, I can't take credit for the nickname, but it's this SUV that launched in the country not that long ago, and as you say, it's already the best-selling car. Lots of people are likening it to that Range Rover, the shape, the design, the features. And in fact, it's maybe no surprise because those two companies are partners in China.
But as you say, it's for the price. Unlike the US, unlike the EU, the UK hasn't added additional tariffs on. And and people love all the Yeah, the snazzy features it comes with, the heated seats, the panoramic sunroof.
It's it's really capture capturing buyers in the UK.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- china car exports to uk
- uk auto market share
- european car market competition
- japanese/uk? car model sales dynamics
- car warranties and pricing
Companies and tickers mentioned
- Jaecoo
- Land Rover
- Chery Automobile Co.
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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