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

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

BEIJING — In terms of their favorite electric automotive model, Chinese consumers’ best choice is Warren Buffett-backed BYD, in keeping with a survey by Bernstein.

Elon Musk’s Tesla ranks second, and third on the checklist is Germany’s Volkswagen, Bernstein mentioned. The agency cited the newest outcomes from an everyday survey of Chinese consumers within the third quarter of the previous couple of years. This yr’s survey, launched Thursday, lined about 1,600 respondents.

Most of these surveyed lived in China’s bigger cities, with a median age of 32 and month-to-month revenue of about 19,000 yuan ($2,969), the analysis agency.

Practically half the respondents mentioned they may contemplate shopping for an electric car for his or her subsequent automotive buy, the report mentioned, noting shopper preferences for decrease working prices, a greater driving expertise and environmental friendliness.

Intent to purchase an electric automotive from a Chinese start-up like Nio or Xpeng doubled this yr to about 9.5% of these surveyed, up from round 5% for the previous couple of years.

Learn extra about electric autos from CNBC Professional

Chinese start-ups ranked first within the “upper mass & premium” phase of the electric automotive market, which covers cars costing no less than 150,000 yuan ($23,437). The subsequent most-favored in that phase was Tesla, adopted by premium German manufacturers like BMW and Audi, the survey discovered.

However throughout cars of all classes, premium German manufacturers ranked first, adopted by Japanese manufacturers Toyota, Honda, and Nissan, and Chinese manufacturers together with BYD and Geely, the report mentioned. Electric automotive start-ups ranked sixth on this class.

China is the world’s largest auto market and plenty of European automotive corporations are making the nation the start line of their push into electric autos.

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