China’s EV makers must overcome trust gaps to win over global buyers, survey says

A consumer survey from Ernst & Young shows China’s electric vehicle makers should draw on their products’ cost advantages to make headway overseas

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China’s EV makers have been advised to resolve gaps in trust to increase their share in overseas markets. Photo: AP

Published: 7:00pm, 10 Sep 2024Updated: 5:38pm, 16 Sep 2024

China’s electric vehicle (EV) exporters must contend with a lack of “trust” and brand awareness in some overseas markets by emphasising their strengths – particularly the “value for money” their products represent – said professional services firm Ernst & Young in a study on Monday as the pillar industry grapples with a series of tariff hikes from the West.

Gaps in trust for brands or products explain why 35 per cent of Asia-Pacific consumers and 30 per cent of Europeans would not opt for a Chinese vehicle, Ernst & Young’s automotive team said in its 2024 Annual Global Mobility Consumer Index, a yearly report on the state of the global EV sector.

More than one in five buyers from both regions said they know little about Chinese brands, study authors said.

But 59 per cent of Europeans and Latin Americans interested in Chinese brands cite their relative value as a prime reason for consideration.

“Chinese brands offer a compelling value proposition for consumers, with a wider selection of affordably priced EVs loaded with technology features not found in comparable gasoline or diesel vehicles,” said the firm’s mobility leader Martin Cardell.