UBS Survey: BYD and Xiaomi Overtake 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 by UBS revealed that the proportion of global consumers considering Tesla as a purchase option has dropped from 39% to 36%, and its position as the top EV brand has also declined 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 favor local brands more, 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 EV 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, facing challenges from local Chinese brands in terms of competition.

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