US automakers are struggling to sell electric vehicles as the Chinese market grows rapidly. This was stated by Finance Times Mathias Miedreich is managing director of the Belgian chemical and metallurgical company Umicore.
He described Chinese cars as “just good cars” that people buy. At the same time, US companies are struggling to bring good electric vehicles to market and have been reluctant to increase production due to low demand.
Analysts told the FT that growth in China’s car market is linked to other indicators relative to the US market. For example, American drivers prefer models that need to be equipped with larger and more expensive batteries, which negatively affects sales.
What’s slowing the growth in popularity of electric vehicles in the United States is the lack of affordable cars, CRU Group analyst Sam Adham said. Additionally, many American drivers do not consider purchasing cars that cannot cover long distances on a single charge.
Previously compiled Portrait of the average Chinese car buyer in the Russian Federation.