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- China leads in EV sales, with 25% market share compared to the US.
- BYD surpasses Tesla in Chinese EV production despite stock value challenges.
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The Rapid Growth of Electric Vehicles in China
China's electric vehicle market is booming, with about 25% of cars sold in China now being electric vehicles, significantly more than in the United States. The market in China includes both fully electric vehicles and plug-in hybrids, showing a rapid growth rate and immense competition, with over 300 companies producing electric vehicles. One standout company, BYD, has seen success by focusing on electric vehicles and surpassing even Tesla in vehicle production in China.
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