Reference News Network August 29 report: The U.S. Consumer News & Business Channel website published an article titled "How China's Leading Electric Vehicle Giants Are Reshaping the Global Auto Market" on August 27. The following is a translation of the article:

The speed and scale of China's electric vehicle development have surprised the world, and analysts say this trend shows no sign of slowing down.

Many people underestimated the potential of Chinese electric vehicle manufacturers, and Elon Musk, CEO of Tesla, was one of them. In 2011, Musk mocked BYD's products during an interview with the media.

But it seems that BYD is the one who laughed last. BYD is at the forefront of China's electric vehicle industry and has rapidly expanded in the domestic market. In 2024, BYD surpassed Tesla to become the highest revenue electric vehicle manufacturer in the world.

Chinese start-ups such as NIO and Li Auto, as well as more established automakers like Geely and SAIC Group, are also leading in this field. At the same time, CATL, a battery giant, has been providing batteries for electric vehicles and is a key player in the industry.

Henna Lainer, vice president of S&P Global Mobility responsible for competitive intelligence, market analysis, and forecasting, said that China's electric vehicle industry has become an "important force" in reshaping the global automotive market.

Lainer pointed out, "Just a few years ago, Chinese automakers were not seen as real competitors by established companies in the global automotive industry. But this situation changed rapidly in just a few years."

He added, "The sharp increase in sales of Chinese electric vehicle companies has made many traditional automakers' product managers unable to smile. Moreover, these companies' competition is not limited to the Chinese domestic market."

Notably, in 2023, China became the world's largest auto exporter, surpassing Japan. In 2024, China's auto sales surged to a record 31.4 million units, with electric vehicles accounting for about 41% of total car sales.

The development of China's automotive industry can be attributed to tax incentives and significant investment in electric vehicle development. Analysts point out that China has other important advantages, including lower labor costs, innovation in technology development, and a strong battery supply chain.

Michael Dunn, CEO of Dun & Bradstreet Consulting, said that China is expected to consolidate its dominant position in the automotive manufacturing industry, "just as China has done in recent years in the photovoltaic, shipbuilding, drone, and steel industries."

Dunn said that by 2030, China is expected to produce 36 million cars annually, equivalent to four out of every ten cars globally being made in China by then.

In the UK, sales of Chinese electric vehicles have surged. In June of this year, about 10% of the UK's new car sales were from Chinese brands, a significant increase compared to previous years.

Chinese electric vehicle brands have also quickly entered the Norwegian market, which favors electric vehicles. Since the first delivery of SAIC cars to Norway in 2020, Chinese electric vehicle brands have already captured about 10% of the market in that country.

Rela Sasskin, an analyst at Morningstar, said that the competitiveness of Chinese cars is increasing around the world, and this is just the beginning. (Translation/ Hu Xue)

Photo taken on July 1, 2025, at the second factory of NIO's new bridge intelligent electric vehicle industrial park in Hefei showing the production line of new energy vehicles (Xinhua News Agency)

Original: https://www.toutiao.com/article/7543824192412631604/

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