As per the Bloomberg survey, in China, first-time car buyers are increasingly favoring electric vehicles. This trend is mainly propelled by price benefits, a broader range of model options, and enhanced charging accessibility.

In November 2024, a survey targeting 1,000 consumers who plan to buy a car within the next 12 months found that roughly 47% of potential first-time car buyers have the intention to purchase electric vehicles. This marks a substantial increase compared to the figure in February of the previous year. At the same time, 52% of the respondents stated that their next car is highly likely to be a battery-electric model, representing a higher percentage than in February.

At present, in China, the prices of pure electric vehicles are on par with those of fuel-powered cars. Local up-and-coming automakers and tech giants are exhibiting stronger competitiveness in this particular market segment. It is anticipated that new energy vehicles will make up over half of the new car sales in China this year.

However, the reduction in government purchase subsidies has sparked concerns regarding a potential slowdown in sales growth. This might also exacerbate the disparity in electric vehicle adoption between urban and rural regions. Nevertheless, the gradual phasing-out of subsidies will also act as a catalyst for the construction of charging infrastructure. The government has plans to build 28 million charging facilities by 2027. Moreover, major battery manufacturers are actively promoting the advancement of ultra-fast charging technologies.