December 5, 2022

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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 automobile for the duration of the Shanghai International Automobile Industry Exhibition on April 19, 2021.

Hector Retamal | AFP | Getty Illustrations or photos

BEIJING — When it arrives to their favorite electric auto brand name, Chinese consumers’ best preference is Warren Buffett-backed BYD, according to a survey by Bernstein.

Elon Musk’s Tesla ranks 2nd, and 3rd on the list is Germany’s Volkswagen, Bernstein said. The business cited the latest final results from a regular study of Chinese people in the 3rd quarter of the last couple of a long time. This year’s study, produced Thursday, included about 1,600 respondents.

Most of all those surveyed lived in China’s larger sized towns, with an normal age of 32 and month-to-month revenue of about 19,000 yuan ($2,969), the investigate company.

Almost 50 percent the respondents mentioned they will take into consideration getting an electric powered car or truck for their following motor vehicle acquire, the report said, noting shopper choices for reduced operating expenses, a superior driving expertise and environmental friendliness.

Intent to purchase an electric vehicle from a Chinese commence-up like Nio or Xpeng doubled this yr to about 9.5% of individuals surveyed, up from all over 5% for the final number of a long time.

Go through a lot more about electrical cars from CNBC Professional

Chinese start off-ups ranked first in the “upper mass & quality” phase of the electric car industry, which covers cars costing at minimum 150,000 yuan ($23,437). The upcoming most-favored in that segment was Tesla, adopted by top quality German models like BMW and Audi, the survey identified.

But across cars of all types, premium German models rated very first, adopted by Japanese models Toyota, Honda, and Nissan, and Chinese brands including BYD and Geely, the report said. Electric powered vehicle start off-ups rated sixth in this classification.

China is the world’s premier car market and lots of European car firms are earning the country the setting up position in their force into electric autos.