Article content
(Bloomberg) — More first-time car buyers in China want to buy battery electric vehicles over other types of powertrains, due to their affordability, range of models and improved charging, according to a Bloomberg Intelligence survey.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
About 47% of prospective first-car buyers planned to choose an EV, according to the study conducted in November, which polled 1,000 people in China who indicated they planned to purchase a car in the next 12 months. That’s up from 25% in the previous survey in February.
Article content
Article content
Article content
While China is the world’s biggest EV market, it’s not immune to consumer concerns about range anxiety and the performance of batteries in cold weather. But smarter EV technology, lower maintenance costs and the wider adoption of high-voltage platforms to boost charging speed, is enticing buyers, according to the survey.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Accounting for existing car owners, 52% of respondents said their next car purchase will likely be one that’s battery-powered, up from 34% in February.
Article content
“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,” BI analysts including Joanna Chen wrote.
Article content
New-energy vehicles, a group that includes both EVs and hybrids, are on track to account for more than half of China’s new-car sales this year for the first time. Just over a quarter of that will be pure battery-powered cars, according to industry data.
Article content
Article content
But concerns are growing about sales momentum stalling as the government scales back incentives for consumers, which also risks widening the gap in EV adoption between big cities and small towns.
Article content
Still, the phasing out of EV subsidies should free up more resources to build out charging infrastructure, according to BI. The government targets 28 million total charging facilities by 2027, up more than 50% compared with current levels, to keep pace with growing demand, it said.
Article content
Major battery makers are already championing super fast charging times. The latest offerings from BYD Co. says it can get around 400 kilometers (250 miles) of range with a five-minute charge, while Contemporary Amperex Technology Co. Ltd.’s upgraded Shenxing battery offers 520 kilometers for the same charging time.
Article content
