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

Stephan Wollenstein, CEO of Volkswagen China, presents the brand new ID.6 Crozz electrical automobile in the course of the Shanghai Worldwide Vehicle Trade Exhibition on April 19, 2021.

Hector Retamal | AFP | Getty Photographs

BEIJING — On the subject of their favourite electrical automobile model, Chinese language shoppers’ best choice is Warren Buffett-backed BYD, in keeping with a survey by Bernstein.

Elon Musk’s Tesla ranks second, and third on the listing is Germany’s Volkswagen, Bernstein stated. The agency cited the newest outcomes from a daily survey of Chinese language shoppers within the third quarter of the previous couple of years. This yr’s survey, launched Thursday, lined about 1,600 respondents.

Most of these surveyed lived in China’s bigger cities, with a median age of 32 and month-to-month revenue of about 19,000 yuan ($2,969), the analysis agency.

Practically half the respondents stated they may think about shopping for an electrical car for his or her subsequent automobile buy, the report stated, noting shopper preferences for decrease working prices, a greater driving expertise and environmental friendliness.

Intent to purchase an electrical automobile from a Chinese language start-up like Nio or Xpeng doubled this yr to about 9.5% of these surveyed, up from round 5% for the previous couple of years.

Learn extra about electrical autos from CNBC Professional

Chinese language start-ups ranked first within the “higher mass & premium” phase of the electrical automobile market, which covers vehicles costing not less than 150,000 yuan ($23,437). The following most-favored in that phase was Tesla, adopted by premium German manufacturers like BMW and Audi, the survey discovered.

However throughout vehicles of all classes, premium German manufacturers ranked first, adopted by Japanese manufacturers Toyota, Honda, and Nissan, and Chinese language manufacturers together with BYD and Geely, the report stated. Electrical automobile start-ups ranked sixth on this class.

China is the world’s largest auto market and plenty of European automobile corporations are making the nation the starting point in their push into electric vehicles.

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