CHINA’S 50% BOMBSHELL! First-Time Car Buyers Are Completely DUMPING Gasoline
In the first week of December, China’s new energy vehicle market, meaning its EVs and hybrids, hit 64% of all sales. 64% of the largest car market in the world was electrified. And of that, of that 64%, 61% of them were fully electric cars. So, you might be thinking to yourself, well, who buys which car? Who’s buying the remainder of the 36% that are internal combustion vehicles? And it turns out it’s old people. Turns out it’s people who just, you know, are avoiding change. They’re used to what they used to. They don’t want to change. Interestingly, Chinese consumers, as in buyers of new cars, young people are not buying internal combustion cars. We actually have some data on this, and it’s fascinating because it shows us the future of the global automotive industry. It shows us what people actually want to buy. people who don’t have some kind of, you know, connection, some sort of emotional connection to something that they’ve been doing for a long time. YouTube’s new algorithm means that you’re often not getting all of our videos in your feed. There’s 7,500. I’m pretty sure you’re probably not seeing a lot of them. In the description, there is a link to our newsletter. Click on that and you can get an update every day of all the latest news in the electric car industry. Hello, my friends. Welcome to the channel. I’m Sam Evans. Great to have you with us. Chinese firsttime car buyers um pretty much only buying electric cars and with new models in China rolling out so quickly at affordable prices. The country’s automakers um are driving global trends basically what people in China are buying is massively influencing what we buy in other countries in Europe, in Australia, in Southeast Asia as well. And here’s the thing, domestic demand from younger buyers is driving EV sales particularly. More of these buyers are now leave well now buying electric cars than ever before. A recent study conducted by Bloomberg Intelligence revealed that around 50% of first car buyers will buy an EV within the next 12 months. So this is people who are about to buy, 50% of them will buy an EV within the next 12 months. And now that’s not a plug-in hybrid. That’s a fully electric car. And that’s a huge increase from February, right? In February of this year, they did the same study, Bloomberg, 25% of people said they were going to buy an EV. So, in the space of 9 months, it’s gone from 25% to around 47%. It’s basically doubled the amount of people saying the next car will be fully electric. And you can see that in the trends in the last 3 months in China. Plug-in hybrid sales are going down. EV sales continue to rise. If you look at all car buyers though in China, the trend is very interesting because 52% 52% of all car buyers say the next vehicle will be an EV. That compares with 34% in February and March of 2024. So big changes here. 52% of people are saying they’re not going to buy a hybrid or internal combustion car, but a fully electric car. interest in. Now, if you’re wondering about um e-revs, 8% of surveyed buyers said they want to buy an e-rev the next car. 8%. That’s a pretty small number in compar comparison EVs. The Bloomberg study found that plug-in hybrids are losing ground fast. And I did a video on this a few weeks ago saying that hybrids are dead because 40% of the world’s cars are sold in China. And if the Chinese say, “Well, we don’t want hybrids anymore.” What do you think’s going to happen? Of course, the Chinese will stop making so many hybrids. And if the Chinese stop making so many hybrids, plug-in hybrids, then where are we going to get all our affordable hybrids from, right? Japanese car makers with pretty ancient old school tech, probably not. The Bloomberg survey says that plug-in hybrids have fallen in demand. 12% of respondents say that they’re considering one for the next car. A crash because in February that number was 23%. Basically that means is right in the space of the last nine months in China people saying they want an EV has doubled. People saying they want a plug-in hybrid has h haveved. And what’s happened here? What’s happened? Well, people are starting to say, you know what, why buy a plug-in hybrid? And another thing’s been happening. Gas stations in China have been shutting down. Meaning it’s harder to find gasoline than it is to find an EV charger. EV chargers are everywhere. They’re at supermarkets, shopping centers, malls. They’re everywhere. Conventional hybrids have fallen even further. Once viewed as a sensible middle ground, their share has fallen from 15% in February to just 9% by November. So, let’s look at these numbers here. 52% of new buyers say they’re going to buy an EV. Yeah. 9% say they want a plug-in hybrid. 8% say that they want an e-rev. So, only 15% of buyers are interested in either an e-rev or a plug-in hybrid. where it’s 52% said that the next car will be fully electric. At this point in time, the market is not 52% EV. It’s 64% in the last week was a combination of e-revs, plug-in hybrids, and electric cars. So that means that approximately just 42 to 43% were were fully electric. Yeah. In the last week, looks like that number is going to increase substantially. Demand for traditional combustion engine cars is declining for sure. 19% of buyers said that their next vehicle would be an internal combustion car. 19%. So you can see here EVs versus internal combustion is a big difference. 52% versus 19%. According to Bloomberg intelligence analyst Joanna Chen, the competitive prices of EVs in China have made a huge contribution to this or these changes in not only perception of the market but also in actual customer demand. The country beats Europe and the US with battery electric vehicles already reaching price parody versus gasoline cars. While consumers strong interest in advanced tech and their features gives local startups and tech giants like Huawei, Xiaomi, Xpang, etc. a stronger edge in the fierce market competition. She said, I mean all of this, you know, this Chinese bloodbath, which Xpang CEO called it, it’s forced automakers to innovate faster than we’ve ever seen in the automotive industry in history. And this has been great for consumers. It’s also been great for air quality because in China now air quality in many cities has drastically changed because of this u move away from internal combustion cars to electric cars which in my opinion is a huge win for the citizens of China. Hopefully we can uh start following some of these Chinese trends here and do the same. What do you think? Let me know in the comments. Thanks for watching. [snorts]
CHINA’S 50% BOMBSHELL! First-Time Car Buyers Are Completely DUMPING Gasoline
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China’s First-Time Buyers Just Flipped The Script On What Cars They Want
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