Chinese automaker BYD is already gaining in brand awareness in Canada, even before the brand sets up retail operations in the country.
A new study conducted by AutoHebdo shows to what extent BYD has gotten on the brains of Canadian consumers, whom the firm surveyed to gauge their appetite for electric vehicles. This is in a context where gas prices have surged and the federal government is once again offering subsidies of up to $5,000 for the purchase of a new EV.
In analyzing the study’s results, we learn that “53 percent of potential buyers would consider a Chinese brand”. Among the factors that could explain the interest of local consumers in Chinese brands? The projected affordability of their vehicles.
What’s more, the report states that "12 percent [of potential buyers] already recognize BYD, surpassing several established manufacturers despite the absence of sales in Canada to date”. AutoHebdo points out that this level of recognition exceeds that of brands established in Canada for decades, such as Volkswagen or BMW.
Chinese automaker BYD has thus quickly gained notoriety among Canadian consumers before selling a single vehicle or even opening a single dealership. Canadian buyers hold a favourable opinion toward a brand that is still not present on the ground here.
Canadians are well-informed on current events
AutoHebdo also noted that “87 percent of potential EV buyers are very aware of the [new trade] agreement with China”. Consequently, more than half are “considering the purchase of a Chinese-branded electric vehicle”. Canadians identify lower acquisition prices as the factor generating the most interest.
Considering buying something is different than actually buying it, of course. Those buyers are likely “considering” a number of other vehicles as they shop.
And there’s another caveat as well: half of interested consumers who responded in the survey said that they remain “worried about the protection of confidential information collected by Chinese electric vehicle manufacturers”.