China dominates sales of electric and hybrid cars in the world. Sales of new energy passenger cars in China last year accounted for 63.5% of global sales.
China's NEV penetration rate (the ratio of NEVs to all car sales) rose to nearly 30% over the past year. The rise of Chinese electric car manufacturers such as BYD and Nio has become exciting for Western competitors. The Chinese company BYD overtook its competitor Tesla in the last quarter of 2023 to become the largest electric car maker.