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

Stephan Wollenstein, CEO of Volkswagen China, presents the new ID.6 Crozz electrical car or truck throughout the Shanghai Worldwide Car Sector Exhibition on April 19, 2021.

Hector Retamal | AFP | Getty Illustrations or photos

BEIJING — When it will come to their beloved electric powered automobile model, Chinese consumers’ leading option is Warren Buffett-backed BYD, according to a study by Bernstein.

Elon Musk’s Tesla ranks 2nd, and 3rd on the list is Germany’s Volkswagen, Bernstein mentioned. The business cited the hottest benefits from a regular study of Chinese consumers in the 3rd quarter of the very last several yrs. This year’s study, unveiled Thursday, protected about 1,600 respondents.

Most of individuals surveyed lived in China’s larger sized cities, with an ordinary age of 32 and regular income of about 19,000 yuan ($2,969), the analysis organization.

Approximately 50 % the respondents reported they will contemplate acquiring an electrical motor vehicle for their next automobile purchase, the report mentioned, noting shopper preferences for decreased functioning charges, a greater driving expertise and environmental friendliness.

Intent to obtain an electric powered car from a Chinese get started-up like Nio or Xpeng doubled this year to about 9.5% of these surveyed, up from all around 5% for the very last number of many years.

Read through far more about electrical motor vehicles from CNBC Professional

Chinese start out-ups ranked very first in the “higher mass & premium” phase of the electrical motor vehicle market, which addresses vehicles costing at the very least 150,000 yuan ($23,437). The future most-favored in that segment was Tesla, followed by high quality German brand names like BMW and Audi, the survey located.

But across vehicles of all categories, top quality German models rated first, followed by Japanese brands Toyota, Honda, and Nissan, and Chinese brands which includes BYD and Geely, the report explained. Electric car or truck start off-ups ranked sixth in this class.

China is the world’s major car marketplace and a lot of European motor vehicle providers are making the place the starting issue in their press into electrical vehicles.