UBS Survey: BYD and Xiaomi Outpace Tesla as Top EV Brand Choices Among Chinese Consumers

Published: May 28, 2025 12:01

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[UBS: BYD, Xiaomi Surpass Tesla as Top EV Brands for Chinese Consumers] A recent survey released by UBS revealed that the proportion of global consumers considering purchasing a Tesla has decreased from 39% to 36%, and its position as the top EV brand has also dropped from 22% to 18%. In the Chinese market, Tesla's preference rate has fallen from 18% to 14%, being surpassed by BYD and Xiaomi. Chinese consumers now prefer local brands, and Tesla is no longer seen as a technology leader. In the European market, Tesla's preference rate has also dropped to 33%, being overtaken by luxury brands such as Audi and BMW. Moreover, Tesla's sales in Europe have been declining recently. UBS pointed out that there is a disconnect between the pricing of Tesla's Full Self-Driving (FSD) software and the price consumers are willing to pay, limiting its growth potential in the autonomous driving software market. Additionally, Tesla's global pricing strategy shows discrepancies, and it faces challenges from local Chinese brands in terms of competition.

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