How Chinese Companies are Dominating Electric Vehicle Market Worldwide

Abstract

An EV car is a vehicle powered by an electric motor, using energy stored in rechargeable batteries. It offers a cleaner alternative to gasoline or diesel engines, reducing greenhouse gas emissions and dependency on fossil fuels. EVs are known for their efficiency, low operating costs, and quiet operation. October 2011, in a live interview with Bloomberg, Elon Musk chuckled when questioned about his rival BYD, remarking, “Have you seen their car? … I don’t believe they offer a superior product.” Musk expressed his lack of worry regarding BYD posing a significant challenge in the electric vehicle (EV) sector. When January 2023, he was asked to name the toughest competitor, his reply was “some company out of China,” In a decade of time span, Chinese EV car companies specially BYD have started threatening and dethroning western EV companies. BYD has surpassed Tesla in the last Quarter 2024 as top-selling electric car seller. This article how Chinese companies are dominating electric vehicle market worldwide.