Xpeng Motors and Nio, the most well-known electric vehicle brands in China, have seen their models popular products in the used market.
A report released by used car auction platform ttpai.cn showed that Xpeng and Nio are in first and second place, respectively, in the list of major new energy brands in terms of popularity in June.
Tesla, WM Motor, and BAIC BJEV were ranked 3 to 5 respectively.
Unlike fuel vehicles, which are mainly traded at 8 years old and 100,000 km or more, new energy used cars are traded at a shorter age and mileage of 3 years and less than 30,000 km, respectively, the report showed.
The report said that this is because the technology iteration of new energy products is changing day by day, and young people's curiosity has accelerated the pace of car replacement.
People born in the 1980s are the main force in the car consumption market, but those born in the 1990s have become a force to be reckoned with in the car market. On the ttpai.cn platform, 25 percent of used car sellers in June were born in the 1990s.
Brand retention and consumer attention are the main factors behind the high volume of used car brands. The report showed that Volkswagen, Buick, and Nissan ranked in the top three for used car volume in June, followed by Ford and Chevrolet.
Japanese brand cars occupy most of the seats in the list of top three-year retention rates for classified models. Due to the advantage of scarcity, the Lexus LX and Toyota Alphard have more outstanding retention rates, with the Lexus LX having a three-year retention rate of 111 percent, according to the report.
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