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

Stephan Wollenstein, CEO of Volkswagen China, offers the new ID.6 Crozz electrical car or truck through the Shanghai Worldwide Automobile Marketplace Exhibition on April 19, 2021.

Hector Retamal | AFP | Getty Photographs

BEIJING — When it will come to their most loved electric powered automobile manufacturer, Chinese consumers’ best selection is Warren Buffett-backed BYD, in accordance to a study by Bernstein.

Elon Musk’s Tesla ranks 2nd, and 3rd on the list is Germany’s Volkswagen, Bernstein stated. The business cited the newest outcomes from a common study of Chinese people in the 3rd quarter of the very last handful of several years. This year’s survey, produced Thursday, lined about 1,600 respondents.

Most of people surveyed lived in China’s larger towns, with an typical age of 32 and month-to-month revenue of about 19,000 yuan ($2,969), the analysis agency.

Virtually fifty percent the respondents claimed they will consider acquiring an electric car for their following car invest in, the report explained, noting purchaser choices for reduced working fees, a greater driving working experience and environmental friendliness.

Intent to obtain an electric powered motor vehicle from a Chinese get started-up like Nio or Xpeng doubled this year to about 9.5% of those people surveyed, up from close to 5% for the past handful of many years.

Study additional about electric powered cars from CNBC Pro

Chinese commence-ups rated to start with in the “higher mass & premium” phase of the electric car sector, which addresses autos costing at least 150,000 yuan ($23,437). The subsequent most-favored in that segment was Tesla, followed by top quality German manufacturers like BMW and Audi, the study identified.

But across vehicles of all types, top quality German makes rated first, followed by Japanese brands Toyota, Honda, and Nissan, and Chinese makes together with BYD and Geely, the report explained. Electrical vehicle begin-ups ranked sixth in this category.

China is the world’s premier automobile industry and quite a few European auto corporations are building the place the commencing position in their force into electric vehicles.