A survey by Bloomberg Intelligence shows that a growing number of first-time car buyers in China are opting for electric vehicles (EVs) over other powertrains, primarily due to their affordability, wider model selection, and significantly improved charging convenience.

The survey, conducted in November 2024, interviewed 1,000 Chinese consumers who indicated they planned to purchase a car within the next 12 months. The results showed that approximately 47% of potential first-time car buyers intend to purchase an EV, a significant increase from 25% in the previous survey conducted in February of last year.

While China is already the world's largest EV market, consumer concerns about range anxiety and battery performance in cold weather persist. However, the survey indicates that smarter EV technologies, lower maintenance costs, and the widespread use of high-voltage platforms (which significantly improve charging speeds) are continuously attracting consumers to EVs.

IT Home noted that if existing car owners are also considered, 52% of respondents indicated that their next car is likely to be a pure electric vehicle, a figure higher than the 34% reported in the February survey.

Bloomberg Intelligence analysts, including Joanna Chen, wrote in a report: "China has surpassed Europe and the US in the pure electric vehicle sector, achieving price parity with gasoline-powered vehicles. Meanwhile, strong consumer interest in advanced technological features gives domestic emerging EV companies and tech giants Huawei Technologies and Xiaomi a greater advantage in the fierce market competition."

Industry data shows that new energy vehicles, including pure electric vehicles and plug-in hybrid vehicles, are expected to account for more than half of new car sales in China for the first time this year. Pure electric vehicles will account for slightly over a quarter.

However, as the government gradually reduces consumer subsidies for car purchases, concerns about a slowdown in sales growth are intensifying, which could further widen the gap in electric vehicle adoption between major cities and smaller towns.

However, Bloomberg Intelligence believes that the reduction in subsidies will free up more resources for charging infrastructure construction. The Chinese government plans to build a total of 28 million charging facilities by 2027, an increase of over 50% from current levels, to match the growing charging demand.

Currently, major battery manufacturers are heavily promoting ultra-fast charging technology. BYD states that its latest models can gain approximately 400 kilometers of range with just 5 minutes of charging; while CATL's upgraded "Shenxing" battery can provide a range of 520 kilometers in the same charging time.