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

Stephan Wollenstein, CEO of Volkswagen China, offers the new ID.6 Crozz electric car or truck throughout the Shanghai Intercontinental Vehicle Field Exhibition on April 19, 2021.

Hector Retamal | AFP | Getty Visuals

BEIJING — When it will come to their favored electric car or truck manufacturer, Chinese consumers’ best preference is Warren Buffett-backed BYD, according to a survey by Bernstein.

Elon Musk’s Tesla ranks 2nd, and third on the record is Germany’s Volkswagen, Bernstein mentioned. The firm cited the newest effects from a typical study of Chinese people in the 3rd quarter of the very last couple of yrs. This year’s study, introduced Thursday, covered about 1,600 respondents.

Most of these surveyed lived in China’s bigger metropolitan areas, with an typical age of 32 and regular income of about 19,000 yuan ($2,969), the study organization.

Practically 50 % the respondents reported they will consider purchasing an electrical auto for their following car invest in, the report said, noting client tastes for decreased operating prices, a greater driving working experience and environmental friendliness.

Intent to get an electric vehicle from a Chinese start-up like Nio or Xpeng doubled this year to about 9.5% of those people surveyed, up from all over 5% for the very last few many years.

Browse extra about electric powered automobiles from CNBC Professional

Chinese start-ups ranked initial in the “higher mass & premium” segment of the electric powered vehicle industry, which addresses automobiles costing at minimum 150,000 yuan ($23,437). The future most-favored in that segment was Tesla, adopted by quality German models like BMW and Audi, the study discovered.

But across autos of all categories, high quality German brand names rated very first, adopted by Japanese manufacturers Toyota, Honda, and Nissan, and Chinese models which includes BYD and Geely, the report said. Electric powered motor vehicle commence-ups rated sixth in this class.

China is the world’s major automobile current market and a lot of European motor vehicle providers are earning the country the commencing level in their push into electrical cars.