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

Stephan Wollenstein, CEO of Volkswagen China, presents the new ID.6 Crozz electric powered auto in the course of the Shanghai International Vehicle Sector Exhibition on April 19, 2021.

Hector Retamal | AFP | Getty Photographs

BEIJING — When it will come to their preferred electric vehicle brand name, Chinese consumers’ major decision is Warren Buffett-backed BYD, according to a survey by Bernstein.

Elon Musk’s Tesla ranks second, and 3rd on the listing is Germany’s Volkswagen, Bernstein explained. The company cited the newest final results from a standard survey of Chinese consumers in the 3rd quarter of the last few yrs. This year’s survey, launched Thursday, covered about 1,600 respondents.

Most of these surveyed lived in China’s more substantial metropolitan areas, with an ordinary age of 32 and every month cash flow of about 19,000 yuan ($2,969), the study agency.

Practically fifty percent the respondents claimed they will contemplate purchasing an electric automobile for their following car buy, the report reported, noting customer preferences for reduce working expenses, a much better driving expertise and environmental friendliness.

Intent to invest in an electric powered car or truck from a Chinese start out-up like Nio or Xpeng doubled this year to about 9.5% of individuals surveyed, up from about 5% for the past handful of many years.

Read extra about electrical autos from CNBC Professional

Chinese start out-ups ranked very first in the “higher mass & top quality” section of the electrical vehicle market, which handles autos costing at minimum 150,000 yuan ($23,437). The upcoming most-favored in that segment was Tesla, followed by quality German makes like BMW and Audi, the survey located.

But across cars and trucks of all groups, high quality German models ranked 1st, adopted by Japanese brand names Toyota, Honda, and Nissan, and Chinese brand names including BYD and Geely, the report reported. Electric auto start-ups rated sixth in this category.

China is the world’s premier automobile market place and quite a few European motor vehicle firms are earning the nation the starting off position in their force into electrical vehicles.