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

Stephan Wollenstein, CEO of Volkswagen China, offers the new ID.6 Crozz electric powered automobile throughout the Shanghai International Automobile Business Exhibition on April 19, 2021.

Hector Retamal | AFP | Getty Pictures

BEIJING — When it will come to their favored electric car or truck brand, Chinese consumers’ top option is Warren Buffett-backed BYD, in accordance to a study by Bernstein.

Elon Musk’s Tesla ranks next, and third on the record is Germany’s Volkswagen, Bernstein claimed. The company cited the most recent final results from a common survey of Chinese consumers in the 3rd quarter of the final number of a long time. This year’s study, released Thursday, covered about 1,600 respondents.

Most of all those surveyed lived in China’s larger sized metropolitan areas, with an common age of 32 and month to month money of about 19,000 yuan ($2,969), the exploration organization.

Virtually 50 percent the respondents stated they will take into account getting an electrical car for their up coming auto obtain, the report reported, noting buyer tastes for reduce functioning fees, a much better driving expertise and environmental friendliness.

Intent to invest in an electric motor vehicle from a Chinese start out-up like Nio or Xpeng doubled this calendar year to about 9.5% of individuals surveyed, up from all around 5% for the previous number of decades.

Study much more about electric powered motor vehicles from CNBC Pro

Chinese start off-ups rated initial in the “upper mass & quality” segment of the electric automobile current market, which covers automobiles costing at minimum 150,000 yuan ($23,437). The upcoming most-favored in that phase was Tesla, followed by high quality German brand names like BMW and Audi, the survey observed.

But throughout cars and trucks of all classes, quality German models rated to start with, followed by Japanese makes Toyota, Honda, and Nissan, and Chinese brand names which include BYD and Geely, the report said. Electrical vehicle start out-ups ranked sixth in this class.

China is the world’s major auto sector and quite a few European automobile firms are generating the state the starting off point in their push into electric powered autos.