Affordable Chinese EVs could capture Western markets

As electrification picks up pace in the West, it is becoming increasingly unclear whether established Western OEMs will be able to retain their dominance in domestic markets. China is the global leader in electric vehicles (EVs) by some distance—according to Counterpoint Research, the country accounted for 56% of all EVs worldwide in Q1 of 2023. In recent years, the country has also begun to ramp up its exports into Western markets, giving international consumers their first taste of brands like BYD, and posing a major challenge to the OEMs that have long served them.