A long list of global players fills the Chinese EV market, each looking to conquer the world’s largest auto market. But these established automakers have to compete not just with each other but with their local Chinese rivals, which are now competing on the global stage.
China has a sizable number of local automakers, and the number of these manufacturers now also producing electric vehicles, or EVs, is growing. Some newer companies only make electric vehicles. Many companies are now eyeing not only domestic dominance but also expansion into overseas markets. So while measures have been taken elsewhere to curb the rise of Chinese companies — for example, the US’s Lower Inflation Act, which seeks to incentivize locally-made electric cars — the likes of BYD and Great Wall Motor have remained unmoved.
The growth trajectories of many Chinese EV companies are impressive, and even Tesla, the world’s largest EV maker, is facing some pressure. In China, Tesla has had to slash the prices of its models, but soon, the battle may spread to its headquarters in the US as well.
Here are some of the largest Chinese EV companies that are looking to expand globally:
BYD – Fulfill your dreams
WATCH: BYD Atto 3: First drive review
Headquartered in Shenzhen, China, BYD Auto was established in 2003 as an exclusive electric vehicle company. The company makes electric cars, bikes, buses, trucks, and even rechargeable batteries. It’s one of China’s biggest electric carmakers — on track to overtake Tesla in local sales by 2022 — and is already in markets like India, Japan, Uzbekistan and the U.K., with more European countries planned.
GWM – Great Wall Motor
Headquartered in Baoding, Great Wall Motors manufactures and sells electric vehicles under several brands including Great Wall Motors, ORA, Haval, WEY, TANK and POER. The company is primarily known for making SUVs and pickup trucks. In recent years, Great Wall Motors has established operations in multiple global markets including the United States, France, Germany, Italy, Norway, Spain and the United Kingdom. Great Wall Motor also operates in African countries such as Senegal, South Africa, Ethiopia and Nigeria, as well as in South American countries such as Paraguay, Chile, Uruguay, Argentina and Bolivia.
NIO
NIO Inc, based in Shanghai, sees itself as Tesla’s main competitor. It is also one of the newer Chinese EV companies, founded in 2014. But it’s expanding very rapidly in China, with strong performances from models such as the EP9 sports car, EC6 coupe SUV and ES6 mid-size SUV. While it has grown in China, it has also been looking for opportunities elsewhere. Late last year, the company officially announced its entry into the European market, focusing on Germany, the Netherlands, Sweden and Denmark. The company, which also has headquarters in the US, has confirmed plans to enter 25 new markets by 2025, including the US.
First published date: May 2, 2023 at 09:54 AM CST
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