In automobile markets where consumers attach social recognition to car ownership, how does the introduction of a lower-cost alternative influence the market outcomes of traditional internal combustion engine vehicles (ICEVs)? Leveraging high-frequency sales data covering China's entire automobile market from 2018 to 2022, we examine heterogeneous market responses to the emergence of electric vehicles (EVs) across different price segments. Overall, the rise of EVs is associated with lower ICEV sales but higher total automobile sales. More importantly, while EV penetration is negatively correlated with ICEV sales in the lowand mid-end segments, it is positively correlated with ICEV sales in the high-end segment. Further evidence suggests that the rise of EVs amplifies the symbolic value of high-end ICEVs, boosting sales of ICEV models with strong social recognition.