It seems competition is increasing.
BEIJING – In a future driven by electric vehicles, China is poised to dominate if the U.S. does not transform its automobile industry in coming years.
While California-based Tesla captured popular attention for electric cars, national policy in Beijing encouraged the launch of several rivals in China, the world’s largest auto market. Already, sales of electric cars and other new energy vehicles hit a record in September in China. Even Tesla launched a factory there last year, and is planning to sell made-in-China cars to Europe.
Powering it all are electric batteries – of which two Chinese companies, Contemporary Amperex Technology (CATL) and BYD, account for about a third of the global market, according to UBS. All six of the major battery manufacturers identified by UBS are Asian.