Core Insights - The ownership of pure electric vehicles in China reached 22.09 million by the end of 2024, accounting for 70.34% of the total new energy vehicle ownership, but there is a rising regret rate among electric vehicle owners, particularly in lower-tier cities [2][4] - Over 30% of pure electric vehicle owners expressed regret about their purchase, with the regret rate increasing significantly from 3% in 2022 to 22% in 2023 [2][4] - Charging infrastructure remains a critical issue, with a notable disparity in user experience between first-tier cities and lower-tier cities, where the regret rate for electric vehicle owners can be as high as 54% [2][3] Charging Infrastructure - The charging infrastructure in China has developed rapidly, but issues such as uneven distribution, outdated technology, and inadequate service persist, leading to increased regret among electric vehicle owners in lower-tier areas [3][4] - Public charging stations have a utilization rate three times higher than private ones, yet the overall charging infrastructure still faces challenges in terms of layout and efficiency [3][4] Battery Life and Replacement Costs - The cost of replacing electric vehicle batteries is a significant concern, with replacement costs reaching 40%-50% of the vehicle's purchase price, leading many owners to reconsider their investment [5][8] - Battery warranty conditions are often perceived as inadequate, with many consumers unaware of the limitations until they need to replace their batteries [6][7] Second-Hand Market Dynamics - The resale value of electric vehicles is declining, with some models depreciating nearly 70% within four years, contrasting sharply with the higher resale values of gasoline vehicles [9][10] - The second-hand electric vehicle market lacks a mature evaluation system, making it difficult for consumers to assess the value of used electric vehicles, further contributing to low resale values [9][11] Insurance Costs - Electric vehicle insurance premiums are significantly higher than those for gasoline vehicles, with annual premiums for electric vehicles being 20%-50% more expensive, which adds to the overall cost of ownership [11][12] - The insurance industry faces challenges due to high claims costs associated with electric vehicles, leading to losses and higher premiums for consumers [12] Future Outlook - Despite current challenges, the industry remains optimistic about the future of electric vehicles in China, viewing the market as a testing ground for global electric and intelligent vehicle transitions [13]