As per a survey conducted by Bernstein, Chinese consumers’ preferred electric car brand is BYD, which is supported by Warren Buffett. Elon Musk’s Tesla is ranked second, and Volkswagen of Germany is ranked third, according to Bernstein. The company highlighted the most recent findings from a quarterly poll of Chinese consumers conducted in the 3rd quarter of the previous few years. The survey included around 1,600 people.
The majority of individuals polled were 32 years old and had a monthly income of around 19,000 yuan ($2,969), according to the research firm. According to the report, nearly half of those polled said they would consider purchasing an electric car for their next vehicle, citing consumer preferences for cheaper running costs, a superior driving experience, and environmental friendliness.
Intention to buy an electric vehicle from a Chinese start-up such as Nio or Xpeng more than doubled this year, reaching roughly 9.5 percent of those polled, up from around 5% in previous years. In the “upper mass & premium” section of the electric vehicle industry, which includes automobiles costing a minimum of 150,000 yuan ($23,437), Chinese start-ups ranked first.
According to the survey, Tesla was the next most popular brand in that group, trailed by premium German manufacturers like BMW and Audi. Premium German brands, however, placed first across all car categories, followed by Japanese companies Honda, Toyota, and Nissan, and Chinese manufacturers such as BYD and Geely, according to the research. In this category, electric vehicle start-ups came in sixth. China is the world’s largest auto market, and several European automakers are using it as a jumping-off point for their electric vehicle initiatives.
According to Goldman Sachs, Volkswagen earns roughly 41% of its volume sales in China.
Porsche’s greatest single market is China, which grew by 11% in the first 3 quarters of this year compared to the same period last year. During that time, the German luxury manufacturer claimed that its newly debuted electric Taycan model outperformed its premium 911 sports car on a global basis.
At Shanghai Auto Show, some of the world’s top automobile manufactures showcased their showpiece electric automobiles. Many of these vehicles will be available only in China, where government incentives and laws encourage the use of electric vehicles. The Asian powerhouse is becoming a hub for electric car development as the world’s largest auto market and a manufacturing hub.
Audi presented the Q2L e-tron, an electric sports utility vehicle that will be constructed in Foshan, China, and will be offered solely in the United States. After debuting the e-tron in San Francisco the previous year as the company’s first electric production model, the luxury German brand has now introduced it in China. During the press conference, the business announced that the e-tron will be built in China starting in 2020.