Bernstein Survey Shows BYD No.1 Electric Vehicle Brand in China, Followed by Tesla and VW By Investing.com

Investing.com — BYD ( SZ: ) has extended its lead as the most recognized electric vehicle (EV) brand in China, according to Bernstein’s own 2024 survey of Chinese car buyers.

The survey, which gauges consumer sentiment, car purchase intentions and brand preferences, showed BYD was the top brand in the unassisted recall among respondents, followed by Tesla (NASDAQ: ) and Volkswagen (ETR: ) (VW).

Bernstein’s survey shows that awareness of the BYD brand has increased by five percentage points compared to last year.

“This supports our bullish view on BYD and indicates the potential for market share gains in the domestic market,” Bernstein said.

In contrast, Volkswagen saw a 3-point drop in awareness, signaling potential challenges for the German automaker in the highly competitive Chinese market.

The survey, conducted among 1,548 Chinese consumers from various regions, income levels and age groups, showed that BYD maintained its dominance, while new entrants such as Xiaomi ( OTC: ) made a strong impression.

Despite being a recent player in the automotive industry, Xiaomi ranked ahead of traditional premium brands like Mercedes. On the other hand, Huawei’s AITO, another recent market entrant, lagged behind, coming in four places behind Li Auto (NASDAQ: ).

Bernstein’s findings suggest that domestic electric vehicle brands are experiencing growing loyalty, with 68% of respondents indicating a willingness to repurchase from the same brand, a significant increase from 51% the previous year.

This trend reflects the growing power of Chinese EV manufacturers at the expense of Japanese and German brands, which continue to experience declines in brand loyalty.

As Bernstein notes, the rising sentiment share of Chinese EV brands, along with growing brand loyalty, underscores their growing influence in China’s rapidly evolving auto market.