Investing.com — BYD (SZ:) has widened 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 measures consumer confidence, car purchase intentions and brand preferences, found that BYD was the top brand among respondents for unaided recall, followed by Tesla (NASDAQ:) and Volkswagen (ETR:) (VW) .
Bernstein’s research shows that BYD’s brand awareness increased by five percentage points compared to last year.
“This supports our bullish view on BYD and points to potential for market share gains in the domestic market,” Bernstein said.
Volkswagen, on the other hand, 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 across different regions, income levels and age groups, found that BYD maintained its dominance, while newer entrants such as Xiaomi (OTC:) also made a strong impression.
Despite being a recent player in the automotive industry, Xiaomi scores better than traditional premium brands such as Mercedes. On the other hand, Huawei’s AITO, another recent entrant to the market, lagged behind, coming four places after Li Auto (NASDAQ:).
Bernstein’s findings suggest that domestic EV brands are seeing increasing loyalty, with 68% of respondents indicating a willingness to purchase products from the same brand again, a significant increase from 51% in the previous year.
This trend reflects the growing strength of Chinese EV manufacturers at the expense of Japanese and German brands, which continue to see a decline in brand loyalty.
As Bernstein notes, the growing mindshare of Chinese EV brands, in addition to their increasing brand loyalty, underscores their growing influence in China’s rapidly evolving automotive market.
