Researchers at Jato Dynamics noticed that electric cars of Chinese brands have become significantly cheaper than their foreign counterparts.
According to the publication, the average cost of an electric car in Europe is almost twice the average price tag in the Middle Kingdom. This is primarily due to the fact that Chinese companies are mainly developing mass-market models. In many ways, China’s secret is in adapting cars with internal combustion engines for electric motors. This approach has significantly expanded the audience of electric cars. However, the biggest difference was in the full-size car segment. Since 2011, their price has decreased 2.75 times, reaching 40 thousand euros.
The most popular electric vehicles in the Chinese market are sitikars. This year, 40% of buyers stopped at them, and their average price was 6.7 thousand euros. The most prominent example is the subcompact Wuling Hongguang Mini EV. In the first nine months of 2021, electric vehicle sales increased 190%. For 3 quarters of this year, 1.8 million electric vehicles were sold, which is 12.4% of the total number of cars sold.
In order to increase sales of electric cars, China allocated various subsidies to automakers. These steps made it possible to make production fairly cheap and stable. Also, one should not forget that the automobile industry in China is still young, while Western countries have built infrastructure and production for decades, sharpened for cars with internal combustion engines. Ultimately, setting up the production of electric cars in Europe is quite difficult, while China, on the contrary, does not experience this problem.
Already, the cost of Chinese electric cars is much lower than foreign counterparts. In many respects, the inhabitants of the Celestial Empire owe this result to the competent policy of the state.