McKinseyChinaAutoConsumerInsights2024
Evolution,notInvolution
April2024
Aboutthesurvey
Inthefourthquarterof2023,wesurveyed2,449autobuyersin19majorcitiesacrossChinarepresentingarangeofdemographicattributes,
includingfirst-tier,second-tier,third-tier,andfourth-tiercities,as
wellasNorth,Northeast,East,CentralandSouth,Southwest,and
NorthwestChina.Thereportdividedrespondentsbyage,gender,
income,purchasingexperience,andcurrentvehicletype.Basedonthedecision-makingprocessduringcarpurchasing,thissurveyprovides
deepanalysisofconsumerattitudes,vehiclepreferences,purchasinghabits,drivingexperiences,andafter-salesneeds.
Authors
MingyuGuan,Beijing
ThomasFang,ShanghaiBillPeng,HongKong
TonyZhou,Shanghai
Coverimage:@GettyImages
IIMcKinseyChinaAutoConsumerInsights2024
Executivesummary
TherapiddevelopmentinelectrificationandsmartificationoftheChinaautoindustryisundeniablyshapingandtransformingthepreferencesofautoconsumersinChina.
Reciprocally,theevolvingpreferencesandbehaviorsofChineseconsumersareexertinga
profoundinfluenceontheChinaautoindustry,compellingittoembraceelectrificationand
smartificationwithacceleratinginvestmentsinthesetwoareas.SuchmutualinfluenceisnotonlypivotalforthefutureoftheChineseautoindustrybutalsopoisedtoprofoundlyimpactthetechnologydevelopment,businessmodels,andcompetitivelandscapeoftheglobalautoindustryinthenextfivetotenyears.
TogaindeeperinsightsintotheevolvingpreferencesofChineseautoconsumers,McKinseyrecentlyconductedthelatestroundofitsannualChinaAutoConsumerSurvey.Basedontheresponses,wehaveidentifiedthefollowingsixkeyfindings.
1.Consumersarecontinuingthetrendoftradingup
TheChinaautomarketcontinuestointroducevariouscompetitivenewmodelsofsmartEVs,graduallyincreasingtheattractivenesstoconsumersandshiftingtheirattention
towardmid-andhigh-pricedmodels.Meanwhile,escalatingpricecompetition’simpact
onconsumerdecisionmakingremainslimited,with80percentofrespondentsindicatingthatpricecompetitionhasn’tacceleratedtheirvehiclepurchasedecisions.
2.PerceptionsofEVandICEbrandsarediverging
MultinationalOEMsnolongercommandpremiumprices,andtheirbrandhalosarealmostgone,atrendespeciallyevidentintheEVindustry.Meanwhile,ownersoftraditional
premiumMNCbrandsareswitchingtopremiumChineseEVbrands—atrendflowingalmostentirelyinonedirection.
3.EVpenetrationisrisingfast,withahiddenconcernofcharginganxiety
EVconsumersmakingpurchasingdecisionsareincreasinglyconsideringthe
performanceofthevehiclesthemselves,ratherthanregulatoryincentivessuchasfreelicenseplates.Also,theacceptanceofEVsbyChineseconsumershasseenitsfirst-everdeclineasEVcharginginfrastructureisdeployedslowlyinsomeareas.Thesituation
highlightstheextremeimportanceofoptimizingcharginginfrastructuretosupportthesustaineddevelopmentoftheEVsector.
McKinseyChinaAutoConsumerInsights20241
4.Direct-to-consumers(DTC)modeliswinningconsumertrusts,thankstoitshightransparencyacrosscustomerjourney
PremiumChineseEVbrandshaveadoptedomnichanneldirect-to-consumer(DTC)
models,whichhaveachievedremarkablecustomersatisfaction.Eveninafter-sales
maintenance,wherethepreviousyear’ssurveyfoundaperformancegapwithtraditionalOEMs,premiumChineseEVbrandsarecatchingup.
5.Autonomousdriving(AD)enjoysgreatpopularity,butchanceofmonetizationiscomingunderpressure
ConsumerdemandforADsolutionscontinuestoincrease.However,thefree-software
strategyoftoptechnology-orientedOEMshasmadeconsumerslesswillingtopayforADtechnologies.Amongthosewillingtopay,theamounttheyarewillingtopayhasdeclined.
6.Consumersareawareoflow-carbonvehiclesbutlesswillingtopayapremiumforthem
Nearly70percentofChineseconsumersareawareoflow-carbonvehiclesandwillingtopayextraforthem,butboththewillingnesstopayandtheamounttheywouldpayhavedeclined.
Weseetheindustryevolving,notinvoluting,underpressure.GuidedbyChineseconsumers,theEVsector’sgrowthatfullspeedisnowaninevitabletrend,andnewconsumer
preferencesandbehaviorsareemerginganddeveloping.However,thefundamental
commercialbehaviorsareconstant:meetdiverseconsumerneedsandcreatereasonableeconomicvalue.
2McKinseyChinaAutoConsumerInsights2024
1
Consumersare
continuingthetrendoftradingup
Keyinsights:
—TradingupcontinuestobepopularamongChineseconsumers,andthemarketshareofpremiumvehiclescontinuestogrow
—Meanwhile,theshareofconsumerswhosaytheywouldliketotradedownhasdroppedsignificantlycomparedwiththeresultsofthesurveyconductedayearearlier
—TheintensepricecompetitionthathasbeenoccurringinChinahashadalimitedimpactonstimulatingconsumption
McKinseyChinaAutoConsumerInsights20243
Thedesiretotradeupisboostingsalesofpremiumvehicles
Overthepastfewyears,moreandmoreChineseconsumershavebeenupgradingtheirvehicles.Asaresult,themarketshareofpremiummodelsincreasedfrom10percentofpassengervehiclesin2016to23percentin2023(Exhibit1).
Exhibit1
InChina,thepremiumsegmentofpassengervehiclescontinuestopostdouble-digitgrowthin2023
PassengervehiclessalesinChinabysegments
millionunitsGrowthCAGR
XX%EVpenetrationrateinsegment2016~20222023vs.2022
2.6%
-3.9%
None
Premium
11.2%
19.4%
Premium1
100%=2323222120212022-1.9%6.1%
90%
89%
87%
85%
81%
80%
14%
79%
26%
77%
33%
23%
37%
20%
16%
21%
25%
19%
15%
11%
13%
10%
2017201820192020
2016
202120222023
1.Premiumcardefinition:premiumbrandsbasedonconsumerperception,includingtraditionalpremiumbrandsandemergingpremiumEVbrands.
Source:ChinaNewCarInsuranceRegistrationDatabaseMcKinsey&Company
Accordingtotheresultsofourlatestsurvey,Chineseconsumersmaintainastrongdesiretoupgradeintheirnextcarpurchase,particularlythosewhoseexistingcarispricedbelowRMB200,000(Exhibit2).
—MostlikelytotradeuparethosewhoseexistingcarispricedbelowRMB100,000:morethan70percentsaytheyintendtotradeupwhentheypurchasetheirnextcar;
—Over50percentofcarownerswhoseexistingcarispricedatRMB100,000toRMB150,000saytheywilltradeup;
—Nearly50percentofrespondentswhoseexistingcarispricedatRMB150,000toRMB200,000saytheywilldoso;
—ForthepricesegmentaboveRMB200,000,themostcommonchoiceamongconsumersistostaywheretheyare.Inthatsegment,premiumsmart-EVmodelswithgreatvalueformoneyarecontinuallybeingintroducedtothemarket.Theseattractrelevantconsumer
groups,inspiringtheirrationalthinkinginsteadofconstantlypursuingmodelswithahigherprice.
4McKinseyChinaAutoConsumerInsights2024
Exhibit2
Chineseconsumers’desiretoupgradetheirvehicleremainsstrong
Budgetforthenextcarvs.priceofcarcurrentlyowned
%ofrespondents
Budgetforthenextcar,
RMBthousands
StayinthesamerangePrefertotradeup.PrefertopaylessHighest%group
<100
100-150
150-200
200-300
Priceofcarcurrently
owned,
300-400
>400
43%
57%
0%
12%
34%
52%
2%
44%
3%
47%
32%
27%
67%
6%
1%
46%
54%
45%
17%
68%
29%
7%
92%
2022
2023
Source:McKinseyChinaAutoConsumerSurvey(2023&24)McKinsey&Company
McKinseyChinaAutoConsumerInsights20245
Theshareofconsumersseekingadowngradehasfallensignificantly
Inlastyear’sreport1,manyconsumersineachpricesegmentsaidtheyplannedtopurchasetheirnextcarinalower-pricesegment.However,inthelatestsurvey,amuchsmallershareofrespondentsexpressedthesameintention(Exhibit3).AmongthecarownerswhoseexistingcarispricedatRMB150,000orless,theshareseekingalowerpricedecreasedtozerofrom12percentin2022.InthesegmentofRMB150,000toRMB400,000,theshareofthose
intendingtopaylessdroppedfromabout20percentin2022toabout2percentin2023.
Exhibit3
Theshareofconsumersplanningtodowngradeissignificantlylowerin2023thanin2022
Consumersexpectingto“downgrade”bypriceofcarcurrentlyowned
%ofrespondents,RMBthousands
20222023
20
16
12
10
8
0
2
3
21
100-150150-200200-300300-400>400
Twofactorsseemlikelytohavecontributedtothesignificantdecreaseoftheshareofthosewhotendtodowngrade:
—Consumersshowrelativelystrongerenthusiasmandconfidencefornew-carpurchasesinthepost-pandemicera.
—ChinaautomakerscontinuetointroducehighlycompetitivenewmodelsofsmartEVs.
In2023,morethan40newEVmodelswerelaunchedinthepricesegmentaboveRMB200,000alone,andalmostallmodelswereequippedwithfeaturessuchascomfort,
infotainmentfunctions,autonomousdriving(AD),smartcockpit,andultra-fastcharging.Asthesenewmodels’attractivenesstoconsumersgraduallyincreases,consumersshifttheirattentiontomodelsinhigher-pricesegmentsorstayinthesamepricesegmentoftheirexistingvehicleinsteadofseekingalower-pricedvehicle.
1ThomasFang,MingyuGuan,BillPeng,andTonyZhou,“McKinseyChinaAutoConsumerInsights2023,”July2023.
6McKinseyChinaAutoConsumerInsights2024
PricecompetitionthathasbeenoccurringinChinahashadalimitedimpactonstimulatingconsumption
CompetitionbasedonpriceisgraduallyintensifyingintheChinaautomarket.Withmind-blowinghigh-techfunctions(forexample,cityareanavigation-on-autopilot,advanced
smartvoiceassistant,electricsuctiondoors,800Varchitecture,ultra-fastcharging,andair
suspension)atattractiveprices,thenewlylaunchedmodelskeeprefreshingconsumers’priceperceptions.Didtheintensifyingpricecompetitionstimulatethedesiretopurchaseanew
car,ordiditsimplyhelpcreateagroupofconsumerswhowanttowaitonthesidelines
Oursurveyaskedconsumershowthepricecompetitionhasaffectedtheirdecisionaboutpurchasinganewcar.Theresponsessuggestthatthattheimpactwaslimited:
—Thelargestshareofconsumers(64.1percent)saytheyareneutral,meaningthepricecompetitiondoesnotaffecttheirpurchasedecision(Exhibit4).
—Another16.4percentsaytheimpactisnegative―thatis,thepricecompetitionwillinhibitordelaytheirpurchase.
—Theremaining19.4percentexpressapositiveimpact,meaningthepricecompetitionhasboostedoracceleratedtheirpurchasedecisions.
Exhibit4
Pricecompetitionhaslimitedimpactonconsumers,withmorethan80percentofconsumersreportnopositiveroleforpricecompetitionintheirpurchase
decisions
‘Doesthepricecompetitionmakeapositiveornegativeimpacttoyournewcarpurchasedecision’
Consumerattitudestowardsthepricecompetition
64.1
Neutral:Hasno
impacton
purchasedecision
Negative:Makesmemorehesitanttomakepurchasedecision
16.4
Positive:
19.4
Triggersoraccelerates
Total
100.0
80.5%
ofconsumers
reportingnopositiveimpactfromprice
competitionon
McKinseyChinaAutoConsumerInsights20247
Theproportionofrespondentssayingtheimpactispositiveisaboutthreepercentage
pointshigherthanthepercentagereportinganegativeimpact.Asaresult,pricecompetitionappearstohavestimulatedtheoverallChinacarmarket,butonlyslightly.Inaddition,the
segmentsreportinganeutralornegativeimpacttotalmorethan80percentofrespondents,meaningmostpeoplesurveyedobservenopositiveroleofpricecompetitionintheirpurchasedecisions.Theevidencepointstoalimitedoverallimpactofcompetingonprice.
Theimpactofpricecompetitionvariesaccordingtothepriceofrespondents’currently
ownedcars.Inthelow-pricesegment,moreconsumersciteanegativeimpactthanapositiveone,andinthemiddle-pricesegment,thedifferencebetweenpositiveandnegativeimpactisonly3.1percentagepoints(Exhibit5).Thenetimpact(positiveminusnegative)isgreatestforthepricesegmentaboveRMB300,000,at4.4percentagepoints.Weinterpretthistomeanthatconsumersinthelowandmediumpricesegments,facingastretchofpricecompetition,aremorelikelytoexpectfurtheraggressivepricecuts,sotheyadoptawait-and-seeattitude.Consumersinthehigh-pricesegmenthavestrongerpurchasingpowerandcanrespond
morepositivelytofavorableprices.
Exhibit5
Pricecompetitionhavelimitednetimpactforvolumesegmentconsumers,andmayevenresultinlosses
Consumerattitudestowardsthepricecompetition(bypriceofcarcurrentlyowned)
100%
Neutral:Hasnoimpactonpurchasedecision
Positive:Triggersoracceleratespurchasedecision
Netimpactcausedby
pricecompetition,positiveviewsminusnegative
views,percentagepoints
57.6%
61.6%
71.8%
21.9%
17.6%
11.9%
20.5%
20.8%
16.3%
<100100~300>300Priceofcar
currently
owned,RMBthousands
-1.4%3.1%4.4%
Source:McKinseyChinaAutoConsumerSurvey2024McKinsey&Company
8McKinseyChinaAutoConsumerInsights2024
PerceptionsofEVandICEbrands
arediverging
—Consumers’brandperceptionshavesignificantlydiverged:theirinitialconsiderationsetdiffersaccordingtothebrandortypeofcartheyown
—WhilepremiumChineseEVbrandshavesuccessfullyattractedconsumerswith
theircompetitiveedgeinsmartification,manyownersoftraditionalpremiumMNCbrandsareswitchingtopremiumChineseEVbrands
—Consumers’perceptionsofChinesecarbrandshavegreatlyimprovedalongbothtraditionalandemergingevaluationdimensions,whilethebrandhalooftraditionalmultinationalcompany(MNC)playersisincreasinglychallenged
—NearlyhalfofChineseconsumersarereluctanttopayhighpremiumsforMNCbrands,andtheproportionisincreasing
McKinseyChinaAutoConsumerInsights20249
Consumers’brandperceptionshavesignificantlydiverged;theirinitialconsiderationsetdiffers
accordingtothebrandortypeofcartheyown
CompetitioninChina’spassengervehiclemarketisgettingmoreandmoreintense.Several
leadingnewEVbrandsaregainingconsiderabletraction,whilesomeweak,oldbrandsare
phasedout.Overthepastthreeyears,16newbrandshaveenteredtheautosector,eachwithamarketsharegreaterthan0.1percent.Inthemeantime,sevenoldbrandshavegradually
vanishedfromthesightofconsumers(Exhibit6).
Exhibit6
CompetitioninChinapassengervehiclemarketisintensifyingasnewbrandscatchupandoldbrandsarephasedout
MajorbrandsintheChineseautomarket1
BrandswithMS>2%BrandswithMS0.5%-2%BrandswithMS0.1%-0.5%
1670
60
61
4
18
13
7
7brandsallwithmarketshare
(MS)of0.1%-0.5%in2020
Among16new
brands,4brandshaveanMSof
0.5%-2%in2023;12brandshave
anMSof0.1%-0.5%in2023
34
28
26
201520BrandsphasedoutNewbrands2023
1.Onlyincludethebrandswithmarketshareover0.1%,whichoverallaccountforover99%ofChinatotalPVmarket.Source:ChinaNewCarInsuranceRegistrationDatabase
McKinsey&Company
Assignificantchangestakeplaceinthebrandlandscape,howwillconsumerperceptionsofindividualbrandsevolveRespondents’answerstoseveralsurveyquestionsshedsomelightonthisquestion.
10McKinseyChinaAutoConsumerInsights2024
Whenconsumersconsiderpurchasingacar,theydevelopaninitialconsiderationset(ICS),
collectmoreinformationabouteachbrandinthatICS,andthenmakepurchasedecisions.
Accordingtoourprevioussurveys,aconsumer’sICScontainsjustafewbrands—twotothreeonaverage—andthebrandpurchased,regardlessofpowertraintype,usuallycomesfrom
theirICS(Exhibit7).Itisnoteworthythatwhiletheaveragenumberofbrandsinconsumers’ICSisroughlyunchanged,thelikelihoodofthefinalpurchasecomingfromthatsetofbrandshasincreasedconsiderably.Inotherwords,consumers’purchasedecisionsaregettingmorefocused.OEMscanbenefitfromthistrendbyworkingmoreactivelytoputtheirbrandsintoconsumers’ICSandcaptureagreatermindsharewhenconsumersdevelopanintentionto
purchaseacar.
Exhibit7
Although#ofoptionalbrandsincreases,ChineseconsumerscontinuetokeepashallowICS(initialconsiderationset)
ICStypicallyonlyincludes2-3brands......85%offinaldecisionsarefromICS
NumberofbrandsinICS,#ofbrands
2.9
2.7
2.5
2.8
201921222023
%finaltransactionswithinICS
ICEonwersEVowners
Source:McKinseyChinaAutoConsumerSurveyacrosstheyearsMcKinsey&Company
Amorein-depthanalysisofthedatashowsthatICSmixesvaryfordifferentgroupsof
consumers.Forexample,consumerswhopurchasedamassbrandvehicleoverthepastsixmonthsdifferintheirconsiderationofMNCversusChinesemassbrands(Exhibit8):
McKinseyChinaAutoConsumerInsights202411
Exhibit8
ConsumersinthemassbrandsegmentshowdifferentconsiderationinICS(initialconsiderationset)
ICSmixofdifferentgroupsofcustomerswhopurchasedanewcarinthepast6months
%orrespondents
Atleast1traditionalmassMNCbrandinICS
Atleast1traditionalmassChinesebrandinICS
TraditionalmassMNCbrandbuyers
98%
48%
Traditionalmass
ChineseICEbuyers
53%
96%
TraditionalmassChineseEVbuyers
95%
—AmongrespondentswhopurchasedtraditionalmassMNCbrands,traditionalmassMNCbrandsappearinnearly100percentofrespondents’ICSs,butChinesemassbrandsarepresentinonlyabout50percent.
—AmongthosewhopurchasedtraditionalmassChinesebrands,theoppositeholds:traditionalmassMNCbrandsappearinonlyabout50percentofrespondents’ICSs,whereastraditionalmassChinesebrandsappearinnearly100percent.
12McKinseyChinaAutoConsumerInsights2024
Inthisexample,thedifferencesinICSmixbetweenthedifferentgroupsofmassbrand
vehicleownerstendstobeconsistentwithrespondents’highlydivergentbrandperceptions,includingtheirawarenessofChineseandMNCbrands(Exhibit9):
—FortherespondentswhoowntraditionalmassMNCbrands,thetopfivemostrecognizedmassbrandsareallMNCbrands.
—TheownersoftraditionalmassChinesebrandsincludetwoChinesebrandsintheir
choicesofthetopfivemostrecognizedmassbrands.Also,theyaremuchlesslikelytorecognizetop-rankingMNCbrandsthantheownersofMNCmassbrandsare.
Exhibit9
Asimilarperception-divergeishappeningtomasssegmentICEconsumers’brandrecognition
Top5mostrecognizedICEbrands(mass)bydifferentgroupsofcustomers
TraditionalmassChinesebrand
TraditionalmassMNCbrandowners
MassGermanbrand
MassJapanesebrand
32
31
MassUSbrand
22
TraditionalmassChinesebrandowners
MassChinesebrand
McKinseyChinaAutoConsumerInsights202413
SimilardifferencesinICSmixanddivergenceofbrandperceptionsaremoreevidentinthesurveyresultscollectedfrompremiumbrandowners:
—AmongrespondentswhopurchasedthreemajorpremiumGermanbrands,the
appearancerateofthesethreebrandsintheirICSisnearly100percentforICEvehicleownersandnearly90percentforEVowners(Exhibit10).Incontrast,fewpremium
ChineseEVbrandswereintheseconsumers’ICS:almostzeroforICEvehiclebuyersandlessthanone-thirdforEVbuyers.
—Incontrast,consumerswhopurchasedpremiumChineseEVbrandsrarelyincludethe
threepremiumGermanbrands(appearancerateof14percent).Andfortheseowners,theICSappearancerateofpremiumChineseEVbrandsis91percent.
Exhibit10
Consumersinthepremiumvehiclesegmentalsoshowsignificantly-differentconsiderationinICS
Atleast1premium
GermanbrandinICS
Atleast1
premiumChineseEVbrandinICS
ICEbuyersof3majorpremiumGermanbrands1
EVbuyersof3majorpremiumGermanbrands1
30%
PremiumChineseEVbuyers2
91%
1.Incl.buyersof3majorpremiumGermanbrands.2.Incl.buyersof6premiumChineseEVbrands.
Source:McKinseyChinaAutoConsumerSurvey2024
14McKinseyChinaAutoConsumerInsights2024
ThedistinctdifferencesinICSmixbetweenpremiumsegmentownersarealsoconsistentwiththeirdivergentbrandperceptions(Exhibit11):
—Respondents,whenaskedtoidentifythebrandstheyconsider“premium”,regardlessofpowertraintype,mentiononlytraditionalMNCbrandsknownfortheirICEvehicles.
—WhenaskedtofocusonpremiumEVbrands,respondentsmostoftenmentionthree
emergingEVbrands(thatis,brandsthatsellonlyEVmodels).ThetoppositionisoccupiedbyanAmericanEVbrand,followedbytwoChineseEVbrands.ThethreepremiumGermanbrandsofferingbothEVandICEvehiclesrankfourth,fifthandseventh.
Exhibit11
ThehugedifferenceinICS-mixamongdifferentvehiclegroupsiscausedbyconsumers’divergingperceptionsonpremiumbetweenICEvs.EV
Top10brandsviewedas“premiumbrand(regardlessofpowertraintype)”
amongconsumers
50
23
69
63
53
17
14
German
Italybrand
British
USbrand
Japanese
brand
Top10brandsviewedas“premiumEVbrand"amongconsumers
EVbrands50
42
29
24
1616
Chinese
USEV
EVbrand
EventheconsumerswhoownamajorpremiumGermanbrandrankthesethreeGermanbrandsbehindtheAmericanEVbrandandtwoChineseEVbrands(Exhibit12).
McKinseyChinaAutoConsumerInsights202415
Exhibit12
Evenownersofthe3majorGermanbrandownersconsiderEVbrandsmorepremiumintheEVdomain
Top10brandsviewedas“premiumEVbrand"among3majorGermanbrandowners
44
3535
3131
EVbrands
1414
Korean
Throughfurtherresearch,wefoundthatselectioncriteriadifferamongownersofpremiumvehiclesbearingdifferentbrands.RespondentswhoownpremiumChineseEVindicate
thattheychosepremiumChineseEVbrandsprimarilybecausesuchbrandswieldtechnicaladvantagesinAD,smartcockpit,andoriginalEVplatforms(Exhibit13).
Interestingly,whenownersoftraditionalpremiumMNCEVwereaskedsimilarquestions,
theyoftenidentifyabrand-relatedreasonasthekeyconsiderationfortheirdecision.SuchresponsesincludesapreferenceforthetraditionalpremiumMNCbrandsandalackof
confidenceinpremiumChineseEVbrands(Exhibit14).
16McKinseyChinaAutoConsumerInsights2024
Exhibit13
SmartfeaturesarecorereasonsconsumersgiventobuyEVfrompremiumChineseEVbrands
ReasonsforbuyingEVfrompremiumChineseEVbrands,vstraditionalpremiumMNCbrands
%ofrespondents1
SmartificationfeaturesBranding
BetterADperformance
BettersmartcockpitperformanceAttractiveexteriordesign
NativeEVplatform
Biggerspace&comfort
Convenientaftersalesservice
BetterOTA(over-the-airupdate)capability
Technologytoaddressrangeanxiety(e.g.batteryswapping,REEV2)
BrandingoftraditionalpremiumMNCbrandsmeaninglesstome
Betterdrivingperformance
62
51
47
43
40
39
65
1.Incl.ownersof6premiumChineseEVbrands.
2.Rangeextendedelectricvehicle.
McKinseyChinaAutoConsumerInsights202417
Exhibit14
…whilethetraditionalpremiumEVbuyersaretriggeredbybrandingeffects
ReasonsforbuyingEVfromtraditionalpremiumMNCbrands,vspremiumChineseEVbrands