Why Western Car Manufacturers Should Pay Attention to Chinese Competitors

Published on January 19, 2023

Chinese automakers dominate the EV market at home, outflanking established players. As more and more set their sights abroad, it is high time for incumbents to better understand who they are dealing with. We kick off this new series by unveiling what is happening behind the Great Wall, and what newcomers will bring with them when they come to town. 

In May 2021, William Li, CEO of China’s fastest growing electric vehicle (EV) startup NIO, announced the company’s first venture in growing overseas. Setting up shop in Norway, NIO aims to enter the wider European market from 2022.

Li is not alone. NIO is one of many Chinese EV startups that have found immense success at home and are now setting their sights abroad: first stop – Europe. Domestically, Chinese automakers dominate the market – in 2020, only Tesla and BMW made it to the Top 10 EV models in China by sales volume – while globally, 8 out of 25 biggest carmakers by market cap are Chinese.

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