The future of cars is electric — but not just electric. On the surface, New Energy Vehicles are just the transition from traditional fuel-powered systems to electric technology, but are actually the beginning of a major shift in the role cars play in people’s lives. Essentially, the car has transformed from a “transportation vehicle” to an “enabler of personal mobility.”
Nowhere is this transformation more evident than in China. In a short period of time, mainland consumers have transformed from traditional status symbol-oriented buyers to digital adoption pioneers. From traditional automakers to startups to new tech entrants into the space, there are many players in the market vying for these consumers.
China’s electric passenger vehicle market, especially pure electric vehicles (BEVs), has passed the inflection point, and rising consumer demand through government stimulus measures is expected to further fuel the sharp growth of this market in the future. As the world’s largest pure electric vehicle market becomes mainstream, sustainable success is a matter of life and death for all market players. This white paper, the first in a series of quarterly white papers for the period 2022, considers the opportunities and challenges of the already highly competitive pure electric vehicle market, and presents actionable steps for stakeholders to successfully align their marketing strategies with Combined with the needs of potential customers.
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