Consors Finanz: One Third Considers Chinese Car - European Brands Lead in Trust
The current Automotive Barometer 2024 "Motorists are in a fog" by the financial service provider Consors Finanz has examined the influence of the growing market presence of Chinese automakers on the decision-making compass of car buyers. With the shift to vehicle electrification, Chinese manufacturers are gaining more and more market share worldwide, analysts note. For instance, the Chinese manufacturer BYD sold around 300,000 fully electric cars in the first quarter, closely trailing the world's largest electric car manufacturer Tesla (387,000 sold BEVs - Battery Electric Vehicles).
Including the 324,000 plug-in hybrids sold by BYD, the company is by far the largest manufacturer of electric vehicles. In the top ten best-selling electric cars worldwide in 2023, there are five other Chinese automakers: GAC Aion, SAIC GM Wuling, Li Auto, Changan, and Geely. More and more Chinese manufacturers are also gaining a foothold in the German car market. For example, MG Motor with over 18,000 registered fully electric vehicles (BEVs) for 2023.
One-Third Considering Purchase of a Chinese Brand
Currently, 31 percent of Germans surveyed are considering purchasing a Chinese car (38 percent globally). However, the image of European brands remains significantly more positive than that of Chinese brands: 90 percent of Germans surveyed have a high opinion of European brands, while 41 percent hold a high opinion of Chinese brands (90/48 percent globally). This is still a remarkable number, given the limited presence of Chinese brands in the German automotive market.
European Brands Lead in Safety and Environmental Friendliness
For most crucial image factors, European brands continue to score higher: 57 and 56 percent of Germans associate European brands with safety and reliability, respectively. In contrast, only 11 and 14 percent of Germans surveyed associate these qualities with Chinese brands. In terms of performance, European brands also lead significantly with 53 to 15 percent over Chinese brands. Additionally, Germans rate the environmental friendliness of European brands higher (33 percent) than that of Chinese brands (12 percent).
Asians convince with value for money
An aspect where Chinese or Asian brands have the edge is value for money. 46 percent of Germans associate good prices with Korean cars, 43 percent with Japanese cars, and 37 percent with Chinese cars (worldwide 36/38/34 percent). European brands only reach 24 percent in this category in Germany (worldwide 30 percent).
The price could become a decisive competitive factor in the medium term. Many people currently cannot afford a car. 28 percent of German respondents want to postpone buying a car because they do not have the financial resources, and 19 percent are waiting for prices to drop (worldwide 33 and 20 percent).
Translated automatically from German."Electromobility is changing existing market conditions. The results show that Chinese brands already represent a purchase option for a third of Germans. And this is with a relatively short market presence in Germany. In new car financing, Consors Finanz already acts as a captive bank for well-known Asian brands. Our goal is to offer car buyers the most flexible financing solutions possible – no matter which brand they choose," explains Bernd Brauer, Head of Mobility at Consors Finanz.
Elektromobilität , Newsletter Elektromobilität , IAA Mobility , SUVs und Geländewagen , Hybrid , Antriebsarten, Kraftstoffe und Emissionen , Oberklasse- und Sportwagen , Carsharing , Autonomes Fahren (Straßenverkehr) , Ladeinfrastruktur , Verkehrspolitik , Formel E , Brennstoffzellen , Fahrzeug-Vernetzung und -Kommunikation , Fahrzeuge & Fuhrpark , Automotive-Messen & Veranstaltungen , Pkw, Kompakt- und Mittelklasse , Minis und Kleinwagen , E-Auto-Datenbank, E-Mobilität-/Automotive-Newsletter, E-Auto-Tests