Tesla, recharge: can China’s EV brands dethrone Elon Musk? Start-ups Li Auto, Nio and Xpeng are going global with cheaper electric cars for all
The Nio EP9, one of the fastest electric cars in the world and a another sign of China’s growing presence in all segments of the EV market. Photo: AFP
Can China produce a car to take on Tesla? Last year saw two models account for 20 per cent of sales for plug-in electric cars, or what China calls new energy vehicles (NEV). The made-in-China Tesla Model 3 went on sale right at the beginning of 2020, and went on to claim 11 per cent over the year. The ultra-compact Wuling Hongguang Mini EV, released in the middle of the year, took second place, with retail prices starting as low as 28,800 yuan (YS$4,400) helping it eclipse Tesla sales in several calendar months.