Domestic carmakers like BYD will become beneficiaries of a ‘consumption downgrade’, analysts said. Photo: Bloomberg
Domestic carmakers like BYD will become beneficiaries of a ‘consumption downgrade’, analysts said. Photo: Bloomberg

Electric cars: Chinese Tesla rivals stand to benefit as budget-cautious consumers opt for cheaper models in 2023

  • Domestic carmakers like BYD and Li Auto may become beneficiaries of a ‘consumption downgrade’, analysts say
  • ‘Chinese consumers’ fondness for foreign car brands is history,’ Guan Mingyu, a partner at McKinsey, says

Domestic carmakers like BYD will become beneficiaries of a ‘consumption downgrade’, analysts said. Photo: Bloomberg
Domestic carmakers like BYD will become beneficiaries of a ‘consumption downgrade’, analysts said. Photo: Bloomberg
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