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

Lyle Ellerbee

Stephan Wollenstein, CEO of Volkswagen China, provides the new ID.6 Crozz electric motor vehicle through the Shanghai Intercontinental Car Business Exhibition on April 19, 2021.

Hector Retamal | AFP | Getty Photographs

BEIJING — When it will come to their favorite electrical car brand name, Chinese consumers’ leading selection is Warren Buffett-backed BYD, according to a study by Bernstein.

Elon Musk’s Tesla ranks 2nd, and third on the checklist is Germany’s Volkswagen, Bernstein said. The organization cited the latest final results from a standard study of Chinese consumers in the 3rd quarter of the very last number of several years. This year’s survey, launched Thursday, lined about 1,600 respondents.

Most of these surveyed lived in China’s larger sized cities, with an common age of 32 and regular cash flow of about 19,000 yuan ($2,969), the study business.

Nearly 50 % the respondents mentioned they will contemplate purchasing an electrical motor vehicle for their next vehicle invest in, the report mentioned, noting consumer tastes for lower operating charges, a improved driving experience and environmental friendliness.

Intent to buy an electrical car from a Chinese commence-up like Nio or Xpeng doubled this year to about 9.5% of those people surveyed, up from all-around 5% for the previous few several years.

Go through much more about electrical cars from CNBC Professional

Chinese get started-ups ranked first in the “upper mass & quality” segment of the electric powered vehicle current market, which covers vehicles costing at minimum 150,000 yuan ($23,437). The upcoming most-favored in that segment was Tesla, followed by high quality German manufacturers like BMW and Audi, the survey found.

But throughout cars and trucks of all categories, top quality German brand names rated 1st, adopted by Japanese models Toyota, Honda, and Nissan, and Chinese manufacturers which includes BYD and Geely, the report claimed. Electric vehicle start out-ups ranked sixth in this class.

China is the world’s premier vehicle market and quite a few European car firms are earning the place the starting position in their thrust into electric powered vehicles.

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