On February 4th, a Zeekr 001 vehicle caught fire in a commercial area parking lot in Shaoxing, Zhejiang province. Although the fire department arrived at the scene in a timely manner and the fire did not result in any casualties, this incident has raised concerns among Chinese consumers about the safety of electric vehicle batteries and sparked discussions about electronic vehicles on Weibo in the 1st week of February.
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Consumer choices in China’s booming EV landscape revealed
China’s electronic vehicle market has been booming in the past few years. As of the end of 2023, the total number of electronic vehicles nationwide reached 20.41 million, accounting for 6.07% of the total number of vehicles. According to a poll on Weibo over #do you prefer traditional gasoline cars or electronic vehicles# (你倾向于买传统油车还是新能源车), 52.2% of the respondents still prefer traditional gasoline cars, whereas 18.5% of them are inclined towards electronic vehicles. 23.4% of the respondents prefer hybrid electric vehicles and the rest do not have a plan to purchase a vehicle.
China’s 2023 electronic vehicles boom and the roadblocks it faces
Although traditional gasoline cars still dominate the market, an increasing number of Chinese consumers are choosing electronic vehicles over traditional vehicles. In 2023 alone, around 7.43 million electronic vehicles were newly registered, constituting 30.25% of the newly registered vehicles throughout the year. Apart from safety concerns, netizens also raised other issues regarding the usage and efficiency of the battery, pointing out that gasoline cars are more suitable for long-distance travel, whereas electronic vehicles are often limited by charging infrastructure. Moreover, traditional gasoline cars are also less impacted usually by changes in temperature, potentially making them a better choice when it comes to extreme weather conditions.
The possible impact of recent events on EV manufacturers
The event and netizens’ discussions may impact market dynamics in China’s electric vehicle sector. Competing car manufacturers might seize the opportunity to emphasize their safety measures, potentially reshaping consumer preferences and market share. Moreover, the incident underscores the importance of continuous innovation and technological advancements in electric vehicle safety systems. Companies in the EV sector may need to accelerate research and development efforts to enhance safety features.
What to learn about electronic vehicles
- A Zeekr 001 vehicle catching fire in Shaoxing raised safety concerns among Chinese consumers regarding electric vehicle batteries.
- Despite traditional gasoline cars still dominating, a notable 30.25% of newly registered vehicles in 2023 were electric, reflecting a growing preference among consumers.
- The incident underscores the need for continuous innovation in electric vehicle safety systems, urging companies to accelerate research and development efforts.
