When it comes to their favorite electric car brand, Chinese consumers’ top choice is Warren Buffett-backed BYD, according to a survey by Bernstein.
Elon Musk’s Tesla ranks second, and third on the list is Germany’s Volkswagen, Bernstein said. The firm cited the latest results from a regular survey of Chinese consumers in the third quarter of the last few years. This year’s survey, released Thursday, covered about 1,600 respondents.
Most of those surveyed lived in China’s larger cities, with an average age of 32 and monthly income of about 19,000 yuan ($2,969), the research firm.
Nearly half the respondents said they will consider buying an electric vehicle for their next car purchase, the report said, noting consumer preferences for lower operating costs, a better driving experience and environmental friendliness.
Intent to buy an electric car from a Chinese start-up like Nio or XPeng doubled this year to about 9.5% of those surveyed, up from around 5% for the last few years.