Comment Chinese car market is moving big time to EVs (Score 2) 9
Toyota is blaming gasoline pricing for wear sales in China.
But I am currently living in Hong Kong, and every time I do a trip in mainland China it impresses how much and how quickly EVs are taking over. the large majority of recent looking cars on the road are EVs. Toyota made a late and half hearted push to EVs, it seems to be increasingly successful with them globally, but in China you have to compete with many pretty sophisticated and well priced local offerings.
I read that successful young Chinese don't even crave prestigious foreign cars like BMW, Lexus etc that much anymore, they literally consider them as "cars for parents", they tend to find their own products more cool. Well, they are not wrong: I was able to check out the Xiaomi YU7 SUV (the one that looks a little like a purosangue) and wow was that impressive. Great refinement, plus the kids adored that it has a Capybara mascot on the screen.
But I am currently living in Hong Kong, and every time I do a trip in mainland China it impresses how much and how quickly EVs are taking over. the large majority of recent looking cars on the road are EVs. Toyota made a late and half hearted push to EVs, it seems to be increasingly successful with them globally, but in China you have to compete with many pretty sophisticated and well priced local offerings.
I read that successful young Chinese don't even crave prestigious foreign cars like BMW, Lexus etc that much anymore, they literally consider them as "cars for parents", they tend to find their own products more cool. Well, they are not wrong: I was able to check out the Xiaomi YU7 SUV (the one that looks a little like a purosangue) and wow was that impressive. Great refinement, plus the kids adored that it has a Capybara mascot on the screen.