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.
See Also: Best EV Stocks
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 BYDDY BYDDF 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.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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