China’s EV Brands Winning Favor With Local Drivers at Expense of Foreign Competitors

Domestic electric vehicle (EV) brands are capturing the attention of Chinese consumers at the expense of their foreign counterparts, a trend which could afford homegrown EVs a strong position in China’s high-end auto market in the next three to five years, according to a recent McKinsey & Company survey.

The survey — titled “The McKinsey China Auto Consumer Insights 2023” — gathered feedback from 2,388 people based in 19 Chinese cities. It found that four out of the five best known EV brands in China are local, with 51% of respondents indicating they are unwilling to pay a higher price for a foreign EV brand than for a domestic one.