(Yicai) Sept. 22 -- The new electric vehicle brand developed by SAIC-Audi, the Chinese joint venture between German luxury carmaker Audi and the JV between its parent firm Volkswagen Group and SAIC Motor, is targeting younger drivers.

Audi's main brand with the classic four-ring logo and AUDI, SAIC-Audi’s new EV brand with a logo of the company's name in capital letters, have different positioning and target different audiences, with the latter focusing on young customers, said Fermín Soneira, chief executive officer of SAIC-Audi, in a recent interview with media, including Yicai.

SAIC-Audi announced last November the launch of AUDI, the first sub-brand in Audi's 115-year history. AUDI's first model, the all-electric E5 Sportsback, officially launched on Sept. 16, priced from CNY235,900 (USD33,160). SAIC-Audi received over 10,000 orders for the E5 Sportsback in the first 30 minutes of presales.

AUDI retains the traditional craftsmanship and quality of German products while integrating modern technologies, such as artificial intelligence, assisted driving, and electrification, Soneira noted. Audi firmly believes there is an opportunity to provide Chinese consumers with product performance that other brands on the market do not yet offer, he added.

"In the new energy era, luxury brands have indeed encountered challenges in China's development, but SAIC-Audi has found a suitable electrification transition path for luxury brands," Tao Hailong, general manager of SAIC Volkswagen, said in the interview.

The E5 Sportsback is of great strategic significance for SAIC-Audi, serving as a crucial starting point for the company's electrification transformation, Tao noted, adding that the E5 Sportsback has to succeed because failure is not an option.

In Tao's view, traditional luxury brands can only seize opportunities by humbling themselves and finding solutions tailored to the Chinese market, meaning that all luxury brands need to maintain an open mindset, recognize changes, and pragmatically seek solutions.

Addressing speculation that the E5 Sportback is a rebranded version of IM Motors, SAIC's premium EV brand, Soneira said that it is no secret that SAIC-Audi develops technologies based on SAIC's platforms. "We co-created the Advanced Digitized Platform together," he noted

Audi has many precedents in sharing platforms, including the premium platform electric shared with Porsche, which was used to develop and produce the electric Macan and Audi's Q6 e-tron, according to Soneira.

Consumers do not perceive the electric Macan the same as the Q6 e-tron. The collaboration between AUDI and SAIC is similar. Even though they use the same platform, the final models are different due to different configurations and calibrations.

According to SAIC-Audi's plan, AUDI will launch two more EV products in the next two years, with one of them being in the final preparation stage.

Editors: Tang Shihua, Futura Costaglione