The Chinese EV Invasion

When it comes to EVs, all eyes are on Tesla Inc's TSLA whose fortunes have made it the highest-valued car company in the world, and now its CEO, Elon Musk, the richest man in the world, overtaking Amazon.com, Inc.'s AMZN Jeff Bezos. But while Tesla has carved a path for EVs, China makes 2.5 times as many cars as the USA and Chinese EVs are coming to the West.

Build Your Dreams

Tesla sells more EVs per hour than any other company in the world or more precisely, more than Bayerische Motoren Werke ADR (BMW) BMWYY, Volkswagen VWAGY and Renault ADR RNLSY. But, right after Tesla's 42 vehicles per hour is BYD Ord Shs H BYDDF with 26, according to Moneyshake. The Chinese EV maker has a joint venture with Daimler AG DDAIF on a new brand Denza. Its electric buses are on the streets of Scandinavia and electric garbage trucks in California. Its Tang SUV was introduced into the Norwegian market in July 2020, competing with Tesla's Model X in size but price-wise it's in the category with Model Y. Its Han, a mid-sized sedan was released in July is similar to Model 3 and is already outselling its Chinese rivals.

BAIC

BAIC Motor Corp Ltd BMCLF sells 18 electric vehicles per hour. Although, the company's plans were significantly disrupted by the pandemic as it pushed two launches to 2021. Its Arcfox brand plans to sell its ECF SUV, as well as, the Arcfox GT in Europe.

SAIC

SAIC Motor Corporation Limited owns the Maxus and Roewe brands in China but it also purchased the British brand MG. With its MG ZS EV and MG5 EV, it already had considerable success selling these models in the UK. Moreover, a small cheap EV is in the cards with E-Motion expected in 2021.

Geely

Geely Automobile Holdings Ltd's GELYF sub-brands are all over the world, including Volvo, Polestar, Lotus, the LEVC taxi company and Malaysian car maker Proton. Geely and Baidu Inc BIDU will partner to make smart EVs.

Wuling

The current best-selling car in China is the Wuling HongGuang Mini EV which comes at an incredibly low price of $4,200.

Xpeng

The G3 SUV has been the first model to ship in Europe, with Norway being the testing ground. If things go well, it is reasonable to expect it on both European and US roads, with P7 following it soon after.

Aiways

This small company is selling only a few hundred EVs a month in China, but its highly affordable ($28-42,000) U5 SUV has already arrived in Europe as it became a rental option for Hertz Corsica in July last year.

NIO

NIO Inc NIO plans to bring some of its more everyday cars to Europe in 2021. Its stock soared 14% on Monday as it revealed its first luxury ET7 sedan. The company also announced a partnership with NVIDIA Corporation NVDA to develop autonomous driving capabilities for its vehicles.

Takeaway

The global EV market was estimated at roughly $162 billion in 2019. By 2027, it is expected to top $802 billion, according to Allied Market Research. This would result in nearly 27 million electric vehicles, according to research company Markets and Markets. Considering China is the world's biggest EV market, it should come as no surprise that Chinese manufacturers are joining this hot market. With so many new models planned to launch this year, it seems that the optimistic forecasts that global EV sales will grow at least 50 percent this year are well-founded.

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