The UK boss of one of the UK's fastest-growing car brands has spoken to GB News about what sets it apart from legacy manufacturers as it looks to dominate the market.
Chinese brand Omoda&Jaecoo has only recently launched in the UK, but has already made a strong impression on motorists looking to get their hands on the impressive technology for an affordable price.
Both Omoda and Jaecoo are sub-brands of Chinese manufacturing giant Chery, which also controls the Chinese division of Jaguar Land Rover.
So far this year, Jaecoo has sold 3,235 models for 0.56 per cent of the total market share, while Omoda has registered 3,194 new models for a 0.55 per cent split, according to the Society of Motor Manufacturers and Traders.
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The Omoda E5 SUV is the brand's flagship electric car
OMODA&JAECOO
For a combined total of 6,429 models sold in the first three months of the year, Omoda&Jaecoo is already outselling a number of legacy manufacturers, including Citroen, Fiat, Porsche and Seat.
In its launch year, Omoda&Jaecoo registered 3,383 new vehicles, with 78 per cent of these being the petrol Omoda 5, while 22 per cent of customers opted for the all-electric Omoda E5.
Speaking exclusively to GB News at Everything Electric London, Oli Lowe, UK Head of Product at Omoda&Jaecoo, said drivers were attracted to the brand because of the affordability compared to legacy manufacturers.
He said: "A major factor behind our impressive sales is affordability. We are working hard to ensure we have the right residual values in place and are taking the right business actions to support them.
Omoda&Jaecoo already have a larger market share than several other established manufacturers
OMODA&JAECOO
"When customers finance a vehicle, their monthly cost is determined by the initial price and the vehicle’s future value - it's all about finding the right balance.
"If we can get the upfront pricing correct and maintain strong residual values, we can keep the car affordable for customers."
The brand's flagship electric vehicle, the Omoda E5, has an impressive battery range of 257 miles and comes equipped with all of the latest in-car technology a driver could need.
It can fast charge from 30 per cent to 80 per cent in just 28 minutes, has a top speed of 107mph and will set drivers back just £33,065.
At a time when many electric vehicles cost upwards of £40,000, the E5 looks to set itself apart from the rest of the field as the Omoda&Jaecoo sets itself apart from established legacy manufacturers.
Lowe continued, saying that Omoda&Jaecoo looks to take advantage of a "real opportunity" in the market to offer a car which is affordable and has an impressive residual value.
He said: "Having launched after the car value disruption has settled, we've been able to price our vehicles closer to the actual transaction prices customers are willing to pay.
"While residual values can be particularly challenging in the EV sector, we're taking strong, proactive steps across our entire model range."
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Omoda is looking to extend its presence in the UK market
OMODA&JAECOO
Lowe highlighted how the brand was planning to launch a dedicated used car website, which aims to strengthen its long-term position in the market.
The brand aims to introduce new models to the UK market before the end of the year and build on its impressive first quarter of sales.
