February 3, 2023


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Chinese consumers pick favorite electric cars from China, US, Germany

Stephan Wollenstein, CEO of Volkswagen China, provides the new ID.6 Crozz electric powered vehicle in the course of the Shanghai Intercontinental Car Marketplace Exhibition on April 19, 2021.

Hector Retamal | AFP | Getty Pictures

BEIJING — When it comes to their favorite electrical car brand, Chinese consumers’ best decision is Warren Buffett-backed BYD, according to a survey by Bernstein.

Elon Musk’s Tesla ranks 2nd, and 3rd on the checklist is Germany’s Volkswagen, Bernstein said. The agency cited the most up-to-date results from a standard study of Chinese buyers in the third quarter of the previous number of years. This year’s survey, produced Thursday, lined about 1,600 respondents.

Most of these surveyed lived in China’s bigger metropolitan areas, with an ordinary age of 32 and regular profits of about 19,000 yuan ($2,969), the research company.

Approximately fifty percent the respondents explained they will think about shopping for an electrical automobile for their future vehicle order, the report said, noting shopper choices for decreased operating costs, a much better driving experience and environmental friendliness.

Intent to obtain an electric powered auto from a Chinese start off-up like Nio or Xpeng doubled this year to about 9.5% of those people surveyed, up from all around 5% for the very last few yrs.

Go through a lot more about electrical cars from CNBC Pro

Chinese begin-ups ranked very first in the “higher mass & premium” segment of the electric automobile market, which covers cars and trucks costing at the very least 150,000 yuan ($23,437). The following most-favored in that segment was Tesla, followed by high quality German brands like BMW and Audi, the survey uncovered.

But across vehicles of all classes, premium German brands rated first, adopted by Japanese manufacturers Toyota, Honda, and Nissan, and Chinese brands which includes BYD and Geely, the report stated. Electric powered vehicle commence-ups ranked sixth in this group.

China is the world’s major auto market place and many European vehicle corporations are making the place the starting level in their force into electric motor vehicles.