Consumers are becoming open-minded and less loyal to established brands in the emerging electric vehicle space. In 2023, Cox Automotive believes the sector can expect a period of shifting ownership and brand affiliation where affordability will precede desirability.
As newer brands from China look to gain a foothold in the global market, the sector can expect to see Chinese manufacturers fill market gaps left by established OEMs as they step away from affordable but ultimately unprofitable legacy models. This means, for now, many Chinese manufacturers will be focused on offering ICE and Hybrid models, as well as EVs.