The speed and scale of China’s electric vehicle revolution has caught the world by surprise, and analysts say this trend shows no sign of slowing down.
CEO Elon Musk was among those who underestimated the potential of China’s EV manufacturers.
In 2011, Musk dismissed BYD by laughing at their products during a Bloomberg interview. “Have you seen their car?” Musk said. “I don’t think it’s particularly attractive, the technology is not very strong. And BYD as a company has pretty severe problems in their home turf in China. I think their focus is, and rightly should be, on making sure they don’t die in China.”
BYD seems to have had the last word. The company has been at the forefront of China’s aggressive EV push, rapidly expanding its domestic market and overtaking Tesla as the world’s largest EV manufacturer by revenue in 2024.
Chinese start-ups such as Nio and Li Auto, alongside more established automakers including Geely and SAIC Motor, are also leading manufacturers in this space. Battery giant CATL has meanwhile been a key player in powering these vehicles.
