76 Percent of Those Under Age 40 Would Consider a China-Model Car

Tyler Mitchell By Tyler Mitchell Jun4,2024 #finance

Despite privacy concerns, a huge majority of young adults would buy a car from a Chinese auto company. Biden wants to stop them.

Would You Buy a China-Made Car?

The Wall Street Journal reports 2024 Polestar 2: Built to Compete With Tesla

Our guest this week is the facelifted Polestar 2, a chic if somewhat cramped premium compact crossover built in China and brought to you by Volvo Cars in Gothenburg, Sweden. In 2010, the China-based conglomerate Geely bought Volvo Cars and now owns a 24% stake in the Polestar brand.

Last week AutoPacific market research released survey results gauging Americans’ openness to Chinese imported vehicles. Of the 800 people surveyed, 35% said they would be open to buying a car from a China-based brand. Among the under-40, that number hits 76%, despite widespread concerns about personal privacy.

It’s the age-based survey aspect that caught my eye, not the performance of the P2 that will cost close to $50,000.

BYD to Slash EV Prices Even More

Electrek reports BYD to Slash EV Prices Even More with New Platform as it Looks to Crush ICE Car Sales.

BYD is leading an offensive against ICE vehicles. A new report claims BYD’s new EV platform will slash costs even further as the automaker kicks off a “liberation battle” against gas-powered cars.

Best known for its low-cost EVs, such as the Dolphin, Atto 3, and sleek Seal sedan, BYD is taking its game up a notch in 2024.

BYD launched a price war on ICE vehicles last month with the new Qin Plus EV and PHEV models. Starting at $15,200 (109,800 yuan), the new EV officially opened a “new era of electricity is cheaper than oil.”

The DM-i (PHEV) version is even cheaper, starting at around $11,000 (79,800 yuan). It includes up to 74 mi (120 km) NEDC all-electric range.

The all-electric Qin Plus is offered with 48 kWh or 57.6 kWh battery packs for up to 261 mi (420 km) or 316 mi (510 km) CLTC range, respectively.

Last year, BYD introduced a DM-i model priced below the 100,000 yuan ($13,900) mark for the first time. The automaker said it was “directly destroying the moat of joint venture vehicles.” In other words, legacy automakers that are still selling gas-powered cars.

Its next-gen DM-i system will enable PHEVs to drive over 1,200 miles (2,000 km) with a fuel tank and full charge. This will make it hard for traditional gas cars to compete.

Although BYD isn’t planning to launch passenger EVs in the US, it is taking market share in key global markets, including Europe, Japan, South America, and Thailand.

Electrek Reader Comment

Personally I don’t care if all legacy US auto companies go out of business. BYD can make cheap $10,000 quality EV’s and US consumers should be able to buy them. Legacy automakers have been ripping us off for years by selling polluting gas guzzlers that break down far too often and cost us thousands of dollars to repair. The cheaper Chinese EV’s have less moving parts and are much cheaper to buy and maintain. BYD should be allowed to import their EV’s into the US and build an EV factory in the US.

Deflationary Push From China

On April 22, I cautioned A Big Deflationary Push From China But Will Biden or Trump Allow That?

China keeps returning to a well that has run dry, using exports as a means for growth. China is about to hit a brick wall, with global consequences.

Everyone thinks they can win a trade war. The only way to win is not play the game.

Neither China, nor the US, nor Germany or Japan has figured this out. And everyone wants to be a big exporter. It’s mathematically impossible.

Biden Hikes Tariffs 100 Percent

On May 10, I noted Biden Wants EVs so Badly That He Will Quadruple Tariffs on Them

Astute readers will immediately notice the title of this post makes no sense. It’s not supposed to. But it is exactly what President Biden is doing.

Conflicting Goals

We don’t want EVs unless people are willing to pay 100% more for them. And this is despite the claim that the world as we know it will end in 12 years if we don’t act on them.

The EU Taxes Vehicles from China that its Own Companies Make

Yesterday, I commented The EU Taxes Vehicles from China that its Own Companies Make

As with the EU, Biden insists you buy an EV and he wants you to pay the most possible for it (no cheap BYD vehicles).

On top of it, Biden has a Green mandate with no infrastructure in place, no way to produce the needed batteries with US materials, and no way to get the minerals given China has a 90 percent monopoly on nearly all of the processing and most of the mining.

Trump wants to stop China as well.

Look towards Mexico for China’s hoped for work around. Please note BYD Unveils the “Shark” a Plug-in Hybrid Pickup Truck Built in Mexico

The Chinese automaker BYD (Build Your Dreams) announces a 700-mile range PHEV that will be built in Mexico, this year.

China Shock II Is Coming, the EU Will Be Hit Hard, Then the US

On May 17, I commented China Shock II Is Coming, the EU Will Be Hit Hard, Then the US

Germany is feeling the pinch of China shock. But the US is on deck too. A global trade war looms.

We are right on schedule for China Shock. And it will happen no matter who wins the election.

Meanwhile, If you are interested in an inexpensive EV, both Trump and Biden want to stop you from having one.

Short-term, a recession will help the Fed. Long-term, inflation pressures are still huge.

Tyler Mitchell

By Tyler Mitchell

Tyler is a renowned journalist with years of experience covering a wide range of topics including politics, entertainment, and technology. His insightful analysis and compelling storytelling have made him a trusted source for breaking news and expert commentary.

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