A significant majority of young Americans are reportedly open to the idea of purchasing Chinese electric vehicles (EVs), despite potential data privacy risks.
What Happened: A study conducted by AutoPacific found that 76% of Americans under the age of 40 would consider buying a Chinese EV. The study involved 800 respondents aged between 18 and 80.
Although the overall interest in Chinese EVs was 35%, the younger demographic showed a significantly higher interest. About 16% of the respondents also said they would be more inclined to buy a Chinese EV if it was manufactured in the U.S.
Despite the enthusiasm for Chinese EVs, data security remains a concern for all age groups. Likewise, concerns also exist about potential national security risks.
Why It Matters: The growing interest in Chinese EVs among young Americans is significant, especially in the context of the global EV market where players like BYD Co Ltd (OTC: BYDDY) are making significant strides.
Earlier this month, the Biden administration quadrupled tariffs on EVs imported from China to over 100%, citing concerns of lower-priced EVs from the country posing a threat to domestic EV makers.
However, several Chinese EV players, including BYD, do not deliver in the American market owing to the high tariffs and tensions between the two economies.