Charging Forward: China's Rise to Dominance in the Global EV Market

China has emerged as the dominant force in the global electric vehicle market, accounting for over 70% of global EV production and ~80% of 2024’s global EV sales growth. Leading automakers like BYD, NIO, and Xpeng have rapidly scaled thanks to strong government support, subsidies, and aggressive pricing strategies. BYD has surpassed Tesla as the world’s largest EV maker, while CATL and BYD also lead globally in battery production, backed by control over key raw materials. Despite these advantages, China’s EV sector faces rising challenges, including overcapacity, fierce domestic price wars, and escalating global tariffs from the U.S., EU, and Canada. Still, with a strong manufacturing base, vertical integration, and expanding international presence, Chinese EV companies are well-positioned to shape the future of global mobility, driving the shift toward electrification and reshaping the competitive landscape of the automotive industry.