SHANGHAI — When Shanghai held its international auto show this spring, the world’s biggest names were there: Toyota, Ford, BMW and more. But Chinese brands such as BYD and NIO stood out with electric vehicles that are cutting-edge — and affordable.
China’s electric vehicle companies have grown rapidly in recent years, becoming major competitors for U.S. automakers like Tesla.
William Li, the CEO of NIO, said competition in the EV industry is “much fiercer” in China, the world’s largest market for EVs and for automobiles overall.
Every company “must go all out,” he said in an interview at the Shanghai International Automobile Industry Auto Show in April. “Otherwise, you may be ahead today, [but] you may not be ahead in a few months.”
The fierce competition has spurred rapid development of the industry. According to Hong Kong-based Counterpoint Research, about one-quarter of passenger cars sold in China last year were all-electric or plug-in hybrid vehicles, compared with about 7% in the U.S.
“China is way ahead of the U.S. in terms of EV adoption,” said Soumen Mandal, a senior analyst for Counterpoint, based in Kolkata, India. READ MORE...
