Overcoming Trust Barriers: China’s EV Makers Must Leverage Cost Benefits to Attract Global Consumers, Ernst & Young Survey Reveals

Chinese electric vehicle manufacturers need to bridge trust deficiencies to attract international customers, according to a survey. The Ernst & Young consumer survey suggests that Chinese companies should leverage the cost benefits of their products to make inroads into foreign markets.

Ernst & Young's automotive department explained in its 2024 Annual Global Mobility Consumer Index, an annual analysis of the worldwide EV industry, that deficiencies in confidence in brands or products are the reason why 35% of consumers from Asia-Pacific and 30% of European consumers would choose not to buy a Chinese car.

Over 20% of purchasers from both areas admitted they have minimal knowledge about Chinese brands, according to the researchers.

However, 59 percent of Europeans and Latin Americans who show interest in Chinese brands state that their comparative worth is a key factor for consideration.

"Chinese brands provide an attractive deal for customers, offering a broader range of economically priced electric vehicles packed with technological capabilities not seen in similar petrol or diesel cars," stated Martin Cardell, the company's mobility chief.