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    China’s First-Time Buyers Just Flipped The Script On What Cars They Want

    14 hours ago

    by Brad Anderson Nearly half of new buyers are leaning toward a single drivetrain. Overall demand shows a striking shift compared to early 2024. Traditional engines still draw attention despite market changes. China’s electric vehicle market isn’t just growing, it’s evolving faster than most can process. With new models rolling out at breakneck speed, the country’s automakers aren’t simply keeping pace with global trends, they’re driving them. And they’re not building EVs in a vacuum either. Domestic demand, especially among younger and first-time buyers, is pushing the shift forward. Read: Forget EVs, China’s Dumping Millions Of Gas Cars On The Rest Of The World It turns out, more of these buyers are now leaning electric than ever before. A recent study conducted by Bloomberg Intelligence has revealed that 47 percent of prospective first-car buyers in the country plan to buy an EV within the next 12 months. This represents a massive spike from the 25 percent in February. Widen the scope to include all prospective car buyers in the country, and the trend holds. A full 52 percent now say they intend to make their next vehicle an EV, compared to 34 percent back in both February and March 2024. Interest in extended-range EVs, those that offer additional miles from an onboard generator or similar tech, is also gaining ground. As of the latest figures, 8 percent of surveyed buyers said they’d consider one for their next purchase. Interestingly, the Bloomberg survey also found that plug-in hybrids are losing ground fast. Just 12 percent of respondents now say they’re considering one for their next car, a steep drop from 23 percent in February. Conventional hybrids have slipped even further. Once viewed as a sensible middle option, their share has fallen from 15 percent in February to just 9 percent by November. Demand for traditional combustion-engine cars hasn’t disappeared though, which comes as somewhat of a surprise. 19 percent said they’d opt for an ICE model for their next car. Admittedly, just 1,000 people participated in the survey, so it’s hard to make definitive conclusions based on this small sample size. What’s Behind the Surge? According to Bloomberg Intelligence analyst Joanna Chen, the competitive prices of EVs in China have contributed to the exceptionally strong demand for them. “The country beats Europe and the US with battery electric vehicles already reaching price parity versus gasoline cars, while consumers’ strong interests in advanced tech features give local startups and tech giants Huawei Technologies Co. and Xiaomi Corp. stronger edge in the fierce market competition,” she said.
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