Fri. Jan 21st, 2022

Stephan Wollenstein, CEO of Volkswagen China, will present the new ID.6 Crozz electric car during the Shanghai International Automobile Industry Exhibition on April 19, 2021.

Hector Retamal | AFP | Getty pictures

BEIJING – When it comes to their favorite electric car brand, Chinese consumers’ best choice is Warren Buffett-backed BYD, according to a study by Bernstein.

Elon Musk’s Tesla is number two and third on the list is Germany’s Volkswagen, Bernstein said. The company cited the latest results from a regular survey of Chinese consumers in the third quarter of the last few years. This year’s survey, published Thursday, covered about 1,600 respondents.

Most of the respondents lived in China’s major cities with an average age of 32 and a monthly income of about 19,000 yuan ($ 2,969), the research firm said.

Nearly half of respondents said they would consider buying an electric vehicle for their next car purchase, the report notes, noting consumer preferences for lower operating costs, a better driving experience and environmental friendliness.

The intention to buy an electric car from a Chinese start-up such as Nio or Xpeng doubled this year to around 9.5% of respondents, up from around 5% in the last few years.

Read more about electric cars from CNBC Pro

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). The second most preferred in that segment was Tesla, followed by premium German brands such as BMW and Audi, the survey showed.

But across cars in all categories, premium German brands ranked first, followed by Japanese brands Toyota, Honda and Nissan, and Chinese brands including BYD and Geely, the report said. Start-ups of electric cars are in sixth place in this category.

China is the world’s largest car market, and many European car companies make the country the starting point for their push for electric cars.

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By Victor

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