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

Stephan Wollenstein (CEO of Volkswagen China) presents the ID.6 Crozz electric vehicle at the Shanghai International Automobile Industry Exhibition, April 19, 2021.

Hector Retamal | AFP | Getty Images

BEIJING — When it comes to their favorite electric car brand, Chinese consumers’ top choice is Warren Buffett-backed BYDAccording to Bernstein’s survey, it was 8%.

Elon Musk’s TeslaGermany ranks third, while Germany is second. Volkswagen, Bernstein said. Bernstein cited recent results of a survey conducted among Chinese consumers during the third quarter in recent years. The survey was completed by approximately 1,600 people.

According to the research company, most of those interviewed lived in China’s major cities. Their average age was 32 years old and their monthly income was approximately 19,000 yuan (about $2,969).

A majority of the respondents indicated that they are open to buying an electric car as their next purchase. The reason for this is because it offers lower operating costs, better driving experiences, and greater environmental friendliness.

Want to purchase an electric vehicle from a Chinese company? NioOr XpengThe percentage of people surveyed increased by around 5% to almost 9.5% this year.

CNBC Pro provides more details about electric vehicles

Chinese start-ups ranked first in the “upper mass & premium” segment of the electric car market, which covers cars costing at least 150,000 yuan ($23,437). According to the survey, Tesla was second in this segment, with premium German brands such as BMW and Audi following.

The report stated that premium German brands were ranked first across all car categories. They were followed by Japanese brands Toyota and Honda and Nissan and Chinese brands like BYD, Geely and Geely. This category ranked electric car startups sixth.

China is home to the largest automotive market on the planet, with many European auto companies making their way into the country. the starting point in their push into electric vehicles

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.