EVs on Chinese roads have average age of 1.8 years, says report

The average EV in China after three years is worth 43.35% of its original price

Chinese electric vehicles on the road are on average just 1.8 years old, according to a report by the China Association of Automobile Manufacturers and Hejun Consulting.

Chinese electric vehicles on the road are on average just 1.8 years old, compared with 8.2 years for gasoline-powered cars, 21st Century Business Herald reported, citing a report by the China Association of Automobile Manufacturers and Hejun Consulting.

The newspaper said the figure is shorter than the period many consumers keep their mobile phones.

Rapid advances in batteries, software and chips have helped accelerate model upgrades, while lower resale values may also be encouraging owners to switch vehicles sooner, the newspaper said. The average EV after three years is worth 43.35% of its original price, below the equivalent for conventional vehicles, it reported.

Buyers under 35 are the core customer base for new-energy vehicles and tend to place a high priority on smart-driving features and digital experiences, the newspaper reported. It cited data from Dongchedi, a Chinese automotive platform, showing 43% of EV owners replace vehicles primarily to upgrade intelligent features and user experience.

Bloomberg