![Future of the electric vehicle industry in China](jpg/electric-vehicles-guide-china.jpg)
Electric vehicles, smart systems to drive them, and advanced batteries to power them are attracting enormous sums of capital and China’s best engineering talent. These are the companies that are fighting for one of the most lucrative markets in the world. Many of them will be global EV players.
The China Project published a new electric vehicle guide in May 2023. Please see the new guide of China’s top 15 EV companies here.
With mainstream consumer acceptance and government support, China’s electric vehicle (EV) sector is booming. At the same time that China is trying to say goodbye to gas and hello to batteries, Chinese companies are accelerating their development of autonomous features and fully self-driving cars. Cars are computers now, and it will be more and more difficult to make a meaningful distinction between the electric vehicle and autonomous vehicle industries.
According to estimates by both banks HSBC and UBS, three out of five new cars sold in China will be electric by 2030. That would mean around 18 million EVs, and a market size of $360 billion, if the average car cost $20,000. And that’s just for the cars: Secondary industries will bloom in financing, navigation, software, autonomous hardware components, traffic surveillance, and more.
China has one EV veteran — BYD, or Build Your Dream — the Warren Buffett–backed automaker that has been making electric models since 2008. However, Tesla currently makes the best-selling electric cars in the Chinese market. Now everyone else is piling into the industry, from Chinese state-owned auto groups like SAIC to foreign companies like VW, from indebted real estate groups like Evergrande to tech giants like Tencent, Huawei, Baidu, and Didi Chuxing.
So who is who in EVs in China? Utilizing Chinese- and English-language sources, The China Project has compiled information on all the companies currently fighting for a slice of China’s EV pie. Some work strictly in software (for now), but we’ve included them because “smart” features like autonomous driving and mobile device integration are critical to the future EV ecosystem. EV makers use the terms “smart” and “connected” to refer to technology that automates certain tasks by relying on predictive algorithms or connectivity to other devices or a network.
We’re missing some numbers and basic facts, many of which are not in the public domain, as the companies involved are privately held, but we will continue to add to and correct this list as we find authoritative information. We welcome any tips for additional key information at editors@thechinaproject.com.
We have also not included non-electric new energy vehicles, such as hydrogen-powered cars, where China is also a significant global innovator.
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List of EV makers
Roughly in order of EV units shipped (click to jump to each entry; to jump back here, click any logo):
- Tesla
- BYD
- SAIC Motor
- SAIC Volkswagen
- SAIC-GM-Wuling
- NIO
- Xpeng
- Li Auto
- WM Motor
- Geely
- Byton
- Enovate
- Zhiji
- Xiaomi
- Dongfeng Motor
- Chang’an Automobile
- Guangzhou Automobile
- Chery Automobile
- FAW Group
- FAW-Volkswagen Automobile
- Evergrande
- BAIC Motor
- Zotye
- Aiways
- Great Wall Motors
- Human Horizons
- Singulato Motors
- Hozon Auto
- Brilliance Auto
- Avatr Technology
List of software and service providers
In alphabetical order (click to jump to each entry):
List of battery providers
In alphabetical order (click to jump to each entry):
- A123 Systems
- BYD Auto (also in EV maker list)
- China Aviation Lithium Battery Technology
- Contemporary Amperex Technology Limited
- EVE Energy
- Gotion High-tech
Tesla (Nasdaq: TSLA)
- Units shipped: 500,000 (2020)
- Revenues in China: 43 billion yuan / $6.6 billion (2020)
- Number of models: 4
- Number of factories: 4
- Number of employees: 70,757
- Primary industry: Electric vehicle, battery energy storage
- EV-related affiliates: Contemporary Amperex Technology
Headquartered in Palo Alto, California, the company rocked the first quarter of 2021 thanks to rising car sales in China, where a new Shanghai gigafactory began production in January 2020. With blessings from Beijing, Tesla is the only foreign company to own 100% of an EV factory in the country. Its reliance on China — both in terms of supply chains and Chinese consumer demand — is slated to grow over time.
Timeline:
- May 10, 2018 — Tesla Shanghai is formally established / Bloomberg
- January 7, 2020 — Tesla delivered its first Chinese-made Model 3 to customers / AP
- February 10, 2020 — Tesla resumes production after two week hiatus due to COVID-19 / Xinhua
- April 13, 2021 — Tesla says any data it collects in China is stored in the nation / Bloomberg
- April 18, 2021 — Angry Tesla owner protests brake failures on Model 3 / Bloomberg
- May 19, 2021 – Tesla Assisting Chinese Investigators With Deadly Crash Probe / Yicai Global
BYD Auto (HKSE: 1211) (SZSE: 002594)
- Units shipped: 130,970 (2020)
- Revenues: 153.5 billion yuan / $23.4 billion (2020)
- Number of models: 5
- Number of factories: 13
- Number of employees: 229,154 (2020)
- Primary industry: Electric vehicles
- Primary industry of parent: IT, rechargeable batteries, handset electronics, energy storage, electric bikes, urban rail transit systems
- EV-related affiliates: Toyota, Didi, FAW
BYD Auto, or Build Your Dreams (比亚迪 bǐyàdí), is the EV subsidiary of Chinese multinational BYD Company. Founded in 1995 with headquarters in Shenzhen and downtown Los Angeles, BYD began as a rechargeable battery business in the IT sector before branching into handset electronics, and then automobiles, including EVs. The company is now moving into other businesses, including renewable energy power plants, LEDs, and urban rail transit systems.
In the span of a decade, BYD became the largest Chinese battery manufacturer, capturing half the world’s mobile-phone battery market. Its EV unit was born in 2002 from an acquisition of Tsinchuan Automobile, then the sixth-largest car manufacturer in China by sales volume. Aside from its own EVs, BYD also supplies other EV manufacturers, including state-owned FAW Group.
Warren Buffett’s Berkshire Hathaway owns 8% of BYD. In April 2020, BYD and Toyota Motors announced a joint partnership in a new company — BYD Toyota EV Technology — that will research and manufacture EVs for the Chinese market.
Timeline:
- September 2008 — Warren Buffett invests $230 million in BYD / CNBC
- April 2, 2020 — BYD announces joint partnership with Toyota to make EVs / Bloomberg
- March 30, 2021 — BYD is partnering with ride-hailing giant Didi Chuxing to develop EVs designed specifically for ride hailing / Caixin Global
- April 7, 2021 — BYD announces it will supply batteries to FAW / Bloomberg
- June 13, 2021 — BYD and Xiaomi in talks to work together on car business / 36Kr
SAIC Motor (SHA: 600104)
- Units shipped: Number of EVs not available
- Revenues: 742 billion yuan / $113 billion (2020)
- Number of factories: N/A
- Number of models: N/A
- Number of employees: 147,738 (2019)
- Primary industry: Gas-powered cars, commercial vehicles
- EV-related affiliates: GM, Wuling, Volkswagen, Zhiji, Alibaba
SAIC Motor (上汽集团 shàngqì jítuán) is China’s biggest traditional automaker. Headquartered in Shanghai, with origins dating back to the 1940s, it has recently made a concerted transition from gas-powered cars to electric vehicles.
SAIC is a major presence in China’s electric vehicle market because of longstanding joint ventures with foreign automakers that have recently enjoyed success in the sector. They include SAIC-Volkswagen and SAIC-GM-Wuling. More recently, SAIC has also joined together with Alibaba to create Zhiji, a pure electric vehicle brand.
Timeline:
- November 18, 2002 — Joint venture begins / SGMW homepage
- August 20, 2020 — Wuling Mini EV sells 15,000 in 20 days / Autonews
- October 27, 2020 — SAIC-VWs EV only plant begins production / Autonews
- December 17, 2020 — SAIC and Alibaba to launch EVs in 2021 / China Daily
SAIC Volkswagen Automotive (SHA: 600104) (OTC: VWAGY)
- Units shipped in China: N/A
- Revenues: N/A
- Number of factories: 1
- Number of models: 3
- Number of employees: 96,974 (2020)
- Primary industry: Electric vehicles
- Primary industry of parent(s): Gas-powered cars, commercial vehicles, autoparts
- EV-related affiliates: SAIC, Volkswagen, Audi
SAIC Volkswagen, founded in 1984, is one of the oldest sino-foreign auto partnerships. Headquartered in Shanghai, it is owned 50% by Volkswagen and 50% by SAIC, China’s biggest traditional automaker. It sells cars under the Volkswagen and Skoda brands. SAIC Volkswagen now has three all-electric models: The ID.3 hatchback available in Europe, the ID.4 which is selling in the U.S., and now the ID.6. which is designed specifically for the Chinese market.
Timeline:
- October 27, 2020 — SAIC-VWs EV only plant begins production / Autonews
- April 19, 2021 — VW unveils ID.6 EV in China / Green Car Congress
SAIC-GM-Wuling (SHA: 600104) (NYSE: GM) (HKG: 0305)
- Units shipped: Number of EVs not available
- Revenues: 3.5 billion yuan / $533.53 million (2020)
- Number of factories: 12
- Number of models: 3
- Number of employees: 147,738 (2019)
- Primary industry: Electric vehicles
- Primary industry of parent(s): Gas-powered cars, commercial vehicles, autoparts
- EV-related affiliates: SAIC, GM, Wuling
SAIC-GM-Wuling (上汽通用五菱 shàngqì tōngyòng wǔlíng) is a joint venture between SAIC Motor Corp, Wuling Motors, and General Motors. The joint venture began in 2002 as a highly successful maker of commercial minivans. Its first EV — a micro-EV called the Wuling Hongguang Mini EV — outsold the Tesla 3 nearly two-to-one in February 2021. It is priced at $4,162 to $5,607, making it China’s cheapest EV. Wuling is a state-backed automaker, which, along with cars, makes trucks, buses, and autoparts.
Parent company SAIC has also partnered with Alibaba (see entry list for Zhiji) and Volkswagen (SAIC-Volkswagen) to make smart EVs.
Timeline:
- November 18, 2002 — Joint venture begins / SGMW homepage
- August 20, 2020 — Wuling Mini EV sells 15,000 in 20 days / Autonews
NIO (NYSE: NIO)
- Units shipped: 43,728 (2020)
- Revenues: 16.25 billion yuan / $2.5 billion (2020)
- Number of models: 5
- Number of factories: 1
- Number of employees: 7,000+ (2020)
- Primary industry: Electric vehicles
- EV-related affiliates: Tencent, Baidu
NIO (蔚来 wèilái) is a Chinese manufacturer of smart EVs. Founded in November 2014 and headquartered in Shanghai, the company was launched by CEO William Li (李斌 Lǐ Bīn), the founder of BitAuto (NYSE: BITA), with backing from several other tech executives, most notably the CEO of JD.com (NASDAQ: JD). The company’s investors include Tencent, Baidu, Sequoia, and Warburg Pincus.
NIO’s main products include an electric formula race car along with its ES8, ES6, and EC6 models for the general public. The company recently launched its ET7 model, its first smart electric sedan. In 2018, NIO filed for an initial public offering on the New York Stock Exchange, raising $1.8 billion. Its advanced driver assistance system, known as NIO Pilot, is a direct competitor with Tesla’s Autopilot. The startup has yet to turn a profit.
NIO has been through some rough times. See: Will NIO survive long enough to reap China’s electric car rewards?
Timeline:
- March 2017 — Baidu and Tencent lead $87 million funding round in NIO / Motley Fool
- June 2020 — NIO receives $10 million investment from Tencent Capital / Nikkei Asia
- May 7, 2021 — NIO to ship cars to Norway in September / The China Project
Xpeng (NYSE: XPEV)
- Units shipped: 27,041 (2020)
- Revenues: $895.7 million (2020)
- Number of models: 3
- Number of factories: 1
- Number of employees: 3,676 (2020)
- Primary industry: Electric vehicles
- EV-related affiliates: Alibaba, JD, Xiaomi
Smart EV maker Xpeng (小鹏 xiǎopéng) was founded in August 2014 by former Alibaba executive and namesake Hé Xiǎopéng 何小鹏. The company is headquartered in Guangzhou with an office in Mountain View, California. The senior executive team consists of former employees of Guangzhou Auto, a top Chinese manufacturer, Ford, BMW, and Tesla.
In addition to Alibaba, which currently owns a 14% stake in the startup, Xpeng has drawn its employees from many well-known tech giants, including Xiaomi, Tencent, Samsung, and Huawei. Their expertise has helped Xpeng become competitive in smart car technologies.
On November 13, 2019, the startup completed a $400 million Series C financing round with investors including Xiaomi and the company founder, He. On April 13, 2021, the company announced that it was considering making its own semiconductors. Currently, for its P5 model, debuting in the Shanghai Auto Show on April 21, the company buys chips from Nvidia for autonomous driving and from Qualcomm for its in-car digital cockpit.
Timeline:
- June 25, 2019 — Alibaba leads $348 million funding round into Xpeng / Investopedia
- November 13, 2019 — Xiaomi raises $400 million for Xpeng / TechCrunch
- September 30, 2020 — JD partners with Xpeng to install charging piles / Pandaily
- April 8, 2021 — Xpeng announced construction of a second factory in Wuhan / SCMP
- April 14, 2021 — Xpeng considers building its own semiconductors / CNBC
- April 15, 2021 — Xpeng to debut third car model P5 at Shanghai Auto Show / Motor Authority
Li Auto (NASDAQ: LI)
- Units shipped: 14,464 (2020)
- Revenues: $1.45 billion
- Number of models: 1
- Number of factories: 1
- Number of employees: 2,628 (2019)
- Primary industry: Plug-in hybrid electric vehicles
- EV-related affiliates: Meituan, ByteDance
Li Auto (理想 lǐxiǎng) is a smart EV manufacturer founded in 2015 and headquartered in Beijing. The company also goes by its older name, CHJ Automotive (车和家汽车). The six-year-old startup is backed by Meituan, one of China’s largest ecommerce and consumer services apps, and ByteDance, the owner of short-video app TikTok.
Unlike most other EV makers, Li Auto specializes in plug-in hybrid vehicles (PHEVs), which can be powered by either gasoline or electricity. The company began selling its first model in 2019. In June 2019, the company received $300 million in funding from Meituan CEO Wáng Xìng 王兴 and $30 million from ByteDance. On July 30, 2020, Li Auto raised $1.1 billion in an initial public offering on the Nasdaq, valuing it at $10 billion.
Timeline:
- June 29, 2020 — Meituan invests $550 million in Li Auto / TechNode
- July 25, 2020 — ByteDance invests $380 million in Li Auto / Sohu (in Chinese)
- July 30, 2020 — Li Auto raises $1.1 billion in Nasdaq IPOs / SCMP
- April 12, 2021 — Li Auto Inc. completes offering of $862.5 million convertible senior notes / Yahoo
WM Motor Technology
- Units shipped: 22,495 (2020)
- Revenues: $78 million yuan / $12 million
- Number of factories: 1
- Number of models: 3
- Number of employees: 2,500
- Primary industry: Electric vehicles
- EV-related affiliates: Baidu, Tencent, SAIC
WM Motor Technology (威马 wēimǎ) is a Shanghai-based intelligent EV company selling under the Weltmeister brand.
Founded in 2015, it launched its first production car, the EX5, in May 2018 and shipped its first fully electric vehicle in September of the same year. WM’s investors include Chinese technology giants Baidu and Tencent, along with Sequoia Capital and government-backed investment funds. WM Motor maintains R&D facilities in China, Germany, and the U.S.
WM Motor’s founder, Freeman Shen (沈晖 Shěn Huī), is a former executive at Geely and the chairman of Geely-owned Volvo’s China operations. Prior to WM, Shen co-founded and was the CEO of Pateo Group, a vehicle connectivity and telematics company.
Timeline:
- October 25, 2018 — WM Motor raises $288 million from Baidu, Tencent / Reuters
- September 22, 2020 — WM raises $1.5 billion from government and SAIC / Nikkei Asia
- February 9, 2021 — WM secured $1.8 billion to go public on Shanghai’s Star Board / Bloomberg
- April 21, 2021 — WM Motor’s first L4 self-driving car W6 gains 6,000 orders at Shanghai Auto Show / Yicai Global
Geely (SEHK: 175)
- Units shipped: Number of EVs not available
- Revenues: 5.53 billion yuan / $850 million (2020)
- Number of factories: 2
- Number of models: 5
- Primary industry: Gas-powered vehicles, electrics vehicles
- EV-related affiliates: Baidu, London Taxi Company, JD.com
Geely (吉利 jílì), or Zhejiang Geely Holding Group, is one of China’s largest traditional automakers, but it has recently begun making the switch from gas-powered cars to EVs.
The company is privately owned by Chinese billionaire Lǐ Shūfú 李书福. Geely has global operations spanning the automotive value chain, from research, development, and design to production, sales, and service. Apart from cars, Geely also has businesses in education, motorsports, and tourism. Geely acquired the Volvo brand from Ford in 2010.
Geely has a number of EV-related subsidiaries. These include Volvo, Geometry, Lynk & Co, and Zeekr, all of which featured EVs during the Shanghai Auto Show in April 2021. It also manufactures premium electric race cars under its Sino-Swedish brand, Polestar. Geely’s electric vehicle ambitions are also present in its unusual acquisition of the iconic London Taxi Company in 2013. In 2017, Geely changed the taxi maker’s name to the London Electric Vehicle Company, and opened an EV plant in Antsy, Coventry, to manufacture extended-range EV taxis. Geely’s main EV assembly plant is in Hangzhou, Zhejiang.
Timeline:
- January 2010 — Geely buys Ford’s Volvo for $2 billion / Reuters
- February 2013 — Ailing London Taxi Company saved by Geely / The Guardian
- March 2018 — JD extends smart retail vision with Geely partnership / JD.com
- May 2018 — Geely electrifies London’s black cabs in bid to beat Uber / Wired
- January 11, 2021 — Geely teams up with Baidu to develop smart electric vehicles / BBC
- March 19, 2021 — Geely to launch new premium EV brand to target Tesla / Reuters
Byton (formerly Future Mobility)
- Units shipped: N/A
- Revenues: N/A
- Number of factories: 1
- Number of models: 2
- Primary industry: Electric vehicles
- EV-related affiliates: Tencent, Foxconn, FAW, Nanjing Zhixing
Byton (拜腾 bàiténg), formerly Future Mobility, is an EV startup headquartered in Nanjing. Founded in 2015, it spun off from a joint venture between internet giant Tencent, electronics manufacturer Foxconn, and luxury-car dealer Harmony New Energy Auto, and was co-founded by former BMW and Nissan executives. The EV startup had planned to sell premium all-electric, fully autonomous cars, but temporarily halted operations in July 2020 due to financial problems exacerbated by COVID-19.
- In September 2020, Nanjing Zhixing New Energy Automobile Technology (南京知行新能源技术) became the new owner of the brand.
- Chinese automaker FAW, which has its own separate EV venture, now holds a 23% stake in the startup.
- In January 2021, Taiwan’s Foxconn announced it would take a $200 million stake in the company.
Byton currently has two EVs — the M-Byte and K-Byte — and hopes to start mass-producing its M-Byte vehicle by the first quarter of 2022.
Timeline:
- September 20, 2019: Byton CEO quits / Electrive
- June 2020: Byton suspends operations due to virus / Bloomberg
- January 2021: Taiwan’s Foxconn takes a $200 million stake in the company / Bloomberg
- January 2021: Byton production may remain idle until June / Yicai
Enovate
- Units shipped: N/A
- Revenues: N/A
- Number of factories: 1
- Number of models: 2
- Primary industry: Electric vehicles
- Primary industry of parent: Technology, software, transportation
Enovate (天际 tiānjì) is an electric car company founded in 2015 under Zhejiang Dianka Automobile Technology (浙江电咖汽车). Zhejiang Dianka provides a range of technology and software services along with the manufacturing of other electrical and transportation components.
Enovate has launched two models: the Dearcc EV10 and Enovate ME7. It intends to create intelligent vehicles through its proprietary system known as ME Pilot.
Timeline:
- June 2015 — Enovate founded as Zhejiang Dianka Automobile Technology / Bloomberg
- November 2017 — Dearcc EV10 goes on market / Car News China
- June 29, 2018 — EV factory begins production in Shaoxing / News Morning Post (in Chinese)
- July 7, 2018 — Sales of the EV10 Pro300 starts in Shanghai / Sina News (in Chinese)
Zhiji (SAIC-Alibaba)
- Units shipped: N/A
- Revenues: N/A
- Number of factories: 1
- Number of models: 2
- Primary industry: Electric vehicles
- EV-related affiliates: SAIC, Alibaba
Zhiji Auto (智己 zhìjǐ) was founded in December 2020 as a joint venture between China’s largest automaker, SAIC, and internet titan Alibaba. The venture was spun off from a $1 billion fund in November 2020 sponsored by SAIC, Zhangjiang High-Tech (张江高科), and Hengxu Capital (恒旭资本), which intended to work with Alibaba on “high-end smart electric vehicle projects.” On January 13, 2021, Zhiji debuted its first EV model, “IM-Zhiji.” The company expects to make its first deliveries in 2022.
Timeline:
- December 17, 2020 — SAIC and Alibaba to launch EVs in 2021 / China Daily
- April 9, 2021 — Zhiji’s IM L7, first smart EV, debuts at Shanghai Auto Show / Just Auto
Xiaomi (HKG: 0810)
- Units shipped: N/A
- Revenue: $37.63 billion (2020)
- Number of factories: N/A
- Number of models: N/A
- Number of employees: 22,074 (2020)
- Primary industry: Consumer electronics, consumer hardware
- EV-related affiliates: Xpeng
Xiaomi (小米 xiǎomǐ) is a consumer electronics giant sometimes compared with Apple because of its loyal customer base and production of smartphones, mobile apps, laptops, and home appliances.
Founded in 2010 with headquarters in Beijing, the tech giant is the world’s third-largest smartphone maker behind Samsung and Huawei, but surpassing Apple. As of 2018, Xiaomi has a presence in more than 80 countries and regions worldwide. On July 9, 2018, Xiaomi successfully listed on the Hong Kong Stock Exchange in the largest tech IPO in Hong Kong.
Xiaomi has been active as an investor in the EV space, backing the Chinese smart EV upstart Xpeng. But on March 30, 2021, Xiaomi announced its intention to enter the EV market on its own terms, spinning off a wholly owned subsidiary led by the CEO, Léi Jūn 雷军. It plans to invest $10 billion into the project over 10 years. Lei called the decision “the final major entrepreneurial project of his life” and suggested that the company’s recent change of logo was in response to the new venture.
Timeline:
- November 13, 2019 — Xiaomi raises $400 million for Xpeng / TechCrunch
- March 30, 2020 — Xiaomi announces intention to enter the electric vehicle market / The China Project
- June 13, 2021 — BYD and Xiaomi in talks to work together on car business / 36Kr
Dongfeng Motor Corporation (SEHK: 0489)
- Units shipped: Number of EVs not available
- Revenues: 834 billion yuan / $128 billion (2020)
- Number of factories: 1
- Number of models: 3
- Number of employees: 136,550 (2020)
- Primary industry: Gas-powered cars, trucks, buses, military vehicles, autoparts
- EV-related affiliates: Renault-Nissan, CATL, Huawei, Tencent
Dongfeng Motor Corporation (东风 dōngfēng) is a Chinese state-owned automaker headquartered in Wuhan. Founded in 2001, it is one of the “Big Four” Chinese automakers alongside SAIC, FAW, and Changan Automobile, and makes trucks, buses, and passenger cars as well as doing auto financing and related businesses. Dongfeng has a total of 13 subsidiaries under its brand, among them joint ventures with many foreign automakers such as Honda, Renault, Nissan, and Peugeot-Citroën.
Dongfeng currently has one pure electric sub-brand called Skio, which offers three models.
Timeline:
- March 2017 — Dongfeng to launch new EV brand in China / Car News China
- August 2017 — Renault, Dongfeng and Nissan agree to co-develop and sell electric vehicles / Yicai
- August 2018 — Dongfeng signs cooperation agreement with Huawei to research intelligent mobility systems / Marklines
- August 2018 — Dongfeng signs cooperation agreement with Tencent to research vehicle connectivity and internet technology / Marklines
Chang’an Automobile (SHE: 000625)
- Units shipped: Number of EVs not available
- Revenues: 68.1 billion yuan / $9.9 billion (2019)
- Number of factories: N/A
- Number of models: 12
- Number of employees: 80,000 (2020)
- Primary industry: Gas-powered cars, microvans, commercial vans, light trucks
- EV-related affiliates: Baidu, Huawei, CATL
Chang’an Automobile (长安 cháng’ān) is a Chinese state-owned automaker headquartered in Chongqing and a subsidiary of Chang’an Automobile Group. Founded in 1862, it is one of the “Big Four” Chinese automakers alongside SAIC, FAW, and Dongfeng. As a longtime player in China’s auto industry, Chang’an has a global footprint with 16 global production bases, 35 vehicle and engine plants, and 10 key overseas markets. It has been selected twice in CCTV’s “National Brand Project,” which bestows “national brand” status on certain brands.
Like other state-owned automakers, Chang’an has joint ventures with Western and Japanese counterparts, specifically Ford and Mazda. The company began exploring the smart EV space in 2016, announcing a formal partnership with Baidu in 2017. Last year, Chang’an also announced plans to work with Huawei on smart car tech. In August 2020, Chang’an released the first purely electric vehicle, a compact SUV, under its Oshan brand, the Oshan X7 EV.
Timeline:
- June 2016 — Chang’an to invest $3 billion in EVs, rolling out 34 models by 2025 / Nikkei Asia
- January 2017 — Baidu and Chang’an team up to enter smart car space / Chang’an Press
- March 2020 — Chang’an to start mass producing electric cars / Nikkei Asia
- November 2020 — Chang’an to develop EVs with CATL and Huawei / Automotive News
- April 12, 2021 — Huawei unveils five new smart car tech for Chang’an EVs / The China Project
- May 21, 2021 — Huawei finds partner in Changan Auto’s newly renamed smart car unit / Caixin Global
Guangzhou Automobile Group (SEHK: 2238)
- Units shipped: 6,876
- Revenues: 59.1 billion yuan / $9.1 billion (2020)
- Number of factories: 2
- Number of models: 7
- Number of employees: 93,854 (2019)
- Primary industry: Gas-powered cars, commercial vehicles, sports vehicles, motorcycles, auto parts
- EV-related affiliates: SAIC, Huawei, CATL
Guangzhou Automobile Group (GAC) is a Chinese automaker owned by the Guangzhou municipal government. In size, it usually ranks outside China’s “Big Four” automakers FAW, Dongfeng, Chang’an, and SAIC Motor. Established in 1997 with headquarters in Guangzhou, GAC is listed on the Hong Kong and Shanghai stock exchanges.
Its electric arm, known as Guangzhou New Energy Automobile, sells cars under the Aion brand.
Like other state-owned enterprises, GAC has established joint ventures with several foreign automakers, including Honda, Toyota, Mitsubishi, Isuzu, and Fiat Chrysler. Honda and Toyota cars account for about 70% of GAC’s total sales. GAC also sells its own brand of cars, the most popular known as Trumpchi.
Timeline:
- December 23, 2019 — GAC signs cooperation agreement with SAIC to research connectivity and technological R&D / Marklines
- December 28, 2020 — CATL-GAC Power Battery Co. main plant completes construction / Marklines
- April 12, 2021 — Huawei unveils five new smart car tech for Guangzhou EVs / The China Project
Chery Automobile
- Units shipped: N/A
- Revenues: $5.6 billion worldwide (2020)
- Number of factories: 2
- Number of models: 10
- Number of employees: 16,721 (2020)
- Primary industry: Gas-powered cars, commercial vehicles, auto parts
- EV-related affiliates: N/A
Chery Automobile (奇瑞 qíruì) is a state-owned automaker headquartered in Anhui. Founded in 1997, Chery primarily manufactures gas-powered cars, minivans, and SUVs. However, it was the second automaker in China, behind BYD, to transition to electric vehicles, churning out its first model in the early 2000s. It began investing heavily in the industry by 2011 and now has 10 pure electric models. Chery is also China’s top auto exporter and, unlike its other state-owned counterparts, it does not have joint ventures with any established western automakers.
Timeline:
- February 19, 2009 — Chery unveils new electric car S1EV / Green Car Reports
FAW Group (SHE: 000800)
- Units shipped: 550,869 (2021)
- Revenues: 620 billion yuan / $89.2 billion (2019)
- Number of factories: 1
- Number of models: 3
- Number of employees: 6,891
- Primary industry of parent(s): Gas-powered cars, buses, trucks, auto parts
- EV-related affiliates: BYD
FAW, or First Automotive Works (第一汽车集团 dìyī qìchē jítuán), is a state-owned enterprise headquartered in Changchun, Jilin, and one of the “Big Four” Chinese automakers. Its oldest marque is luxury car brand Hóngqí (红旗), founded in 1958. Cars branded Hongqi, which means “red flag,” were originally only for high-ranking Chinese Communist Party officials including Máo Zédōng 毛泽东. Hongqi now has three all-electric models: The E-HS3, the E-HS9, and the E-QM5. FAW announced that 91,900 units of Hongqi were shipped in the first 4 months of 2021, a 132% spike from last year.
Timeline:
- January 12, 2021 — Hongqi E-QM5 set to ship in spring / Formacar
- April 7, 2021 — BYD announces it will supply batteries to FAW / Bloomberg
- April 21, 2021 — Hongqi partners with Silk EV of Italy / The Verge
- May 06, 2021 — Hongqi scores 132% YoY in January sales / Auto News
FAW-Volkswagen Automobile (SHE: 000800)
- Units shipped: N/A
- Revenues: 620 billion yuan / $89.2 billion (2019)
- Number of factories: 5
- Number of models: 9
- Number of employees: 100,000 (2019)
- Primary industry of parent(s): Gas-powered cars, buses, trucks, auto parts
- EV-related affiliates: FAW, Volkswagen, Audi
FAW-Volkswagen Automobile is a joint venture between Chinese automaker FAW Group and German automaker Volkswagen Group. Audi, which is wholly owned by Volkswagen, also has a 10% stake in the venture. Established in 1991, the joint venture began making passenger cars under the Volkswagen and Audi brands. In 2019, the company launched two electric sedans, “e-Bora” and “e-Golf.”
Timeline:
- October 13, 2020 — Audi and FAW announced a new joint venture to sell electric vehicles in China / Autonews
Evergrande (SEHK: 3333)
- Units shipped: N/A
- Revenues: 723.5 billion yuan / $110 million
- Number of factories: 3
- Number of models: 6
- Primary industry: Electric vehicles
- Primary industry of parent: Real estate
- EV-related affiliates: Tencent
Evergrande Health was a subsidiary of Evergrande, one of China’s largest property developers, but probably also one of the world’s most indebted companies. In 2020, the unit was rebranded as Evergrande New Energy Vehicles (恒大新能源汽车), after announcing an investment of about $7 billion in EVs in November 2019.
With three production facilities in Nansha, Guangzhou, and Shanghai, Evergrande launched its first concept model under the brand Hengchi (恒驰) in 2020 and has showcased prototypes for nine models since August 2020. The subsidiary has yet to mass-produce any of them, however.
Timeline:
- March 16, 2020 — Evergrande announces partnership with Tencent to develop smart vehicle operating systems / Reuters
BAIC Motor (SEHK: 1958)
- Units shipped: N/A
- Revenue: 11.7 billion yuan / $1.8 billion (2016)
- Number of factories: 3
- Number of models: 20
- Number of employees: 20,720
- Primary industry: Gas-powered cars
- Primary industry of parent: Gas-powered cars, trucks, military vehicles, buses, agriculture equipment
- EV-related affiliates: Huawei, Didi, Daimler, BJEV, CATL, Baidu
BAIC Motor (北京汽车 běijīng qìchē) is a state-owned enterprise and subsidiary of BAIC Group, which is itself a part of the Beijing Municipal Government.
Incorporated in 2010, it became a listed company in 2014. As of 2016, it holds a 50% stake in the China operations of Hyundai and Mercedes-Benz. It is one of the largest car manufacturers in China. In 2017, the company partnered up with German carmaker Daimler and spun off a subsidiary called Beijing Electric Vehicle (BJEV). BJEV’s primary car brand is called Arcfox, which now has four models, one of which is powered by Huawei’s intelligent vehicle software “Huawei Inside.”
In 2019, BJEV began a joint venture with ride-hailing giant Didi Chuxing to explore projects related to EVs.
Timeline:
- March 30, 2020 — BAIC teams up with Didi and CATL on a platform that will offer BAIC cars for lease / SCMP
- April 17, 2021 — Huawei-powered smart luxury EV Alpha S was launched jointly with automaker BAIC / Security Times (in Chinese)
- June 18, 2021 — Baidu and BAIC to team up to make 1,000 robotaxis in the next three years / SCMP
Zotye (SHE: 000980)
- Units Shipped: 145,000 (2019)
- Revenue in China: 1.298 billion yuan (2020)
- Number of Factories: 5
- Number of Models: 5
- Number of Employees: 2,143 (2020)
- Primary Industry: Gas-powered and electric vehicles
- EV-Related Affiliates: Tech New Group (controlling shareholder), Ford (2017-2021), Bak Power
Headquartered in Yongkang, Zhejiang and known for producing luxury look-alikes, Zotye Automobile Co. (众泰汽车 zhòngtài qìchē) has been in financial freefall over the last several years. After turning a decent $125 million profit in 2018, Zotye suffered a $2 billion net loss in 2019, compounded by a $1-1.4 billion net loss in 2020 with sales down 93.5% from 2017, which the company has attributed to a downturn in sales in the auto industry (exacerbated by the pandemic) and intensive R&D investment in a new line of electric vehicles. Such a tumble has placed Zotye on the verge of being delisted from the Shenzhen Stock Exchange and has caused its controlling shareholder, Tech New Group, to declare bankruptcy and pursue Chapter 11 reorganization.
Timeline:
- 2008 — Received permit from Chinese Government to manufacture electric cars / AutoTrader
- 2009 — Zotye releases first electric vehicle, the 2008 EV / AutoTrader
- 2016 — Annual vehicle sales peak at nearly 329,000 / CarSalesBase
- November 8, 2017 — Ford and Zotye sign JV Agreement to produce electric cars / Ford Media
- December 24, 2020 — Zotye Parent Tech New Group declared bankrupt / China PEV
- February 3, 2021 — Ford ends partnership with Zotye after Zotye’s tumble / Reuters
- May 14, 2021 — Volatile stock swings cost Zotye a rescue investor / Caixin
Aiways
- Units Shipped: 2500 (2020)
- Revenue in China: 375 million yuan (2020)
- Number of Factories: 1
- Number of Models: 3
- Number of Employees: 1600
- Primary Industry: Electric vehicles
- EV-Related Affiliates: Tencent, Didi Chuxing, Jiangling Motors Group, Changan Automobile
Founded in Shanghai in 2017 by Gary Gu 谷峰 and former Volvo China CEO Samuel Fu 付强, Aiways Automobile (“Aiways”) is a pure EV manufacturer with big ambitions and hefty backers (over 7 billion yuan or $1.1 billion). After debuting its first model in 2019, Aiways is expecting to scale up its year-on-year sales tenfold in 2021 with 10,000 projected exports this year. With a current production capacity of 150,000 units which can ultimately be ramped up to 300,000 units, Aiways has plenty of room to run.
Aiways is also the first Chinese start-up to introduce an EV on the European market. With orders going out to Germany, the Netherlands, Belgium, Denmark, France, and Israel, Aiways is finding success throughout the continent as well as back home. Aiways President Fu Qiang has confirmed reports that it is seeking to go public in the second half of 2021 on the Shanghai STAR market, with what appears to be a valuation of around $2 billion.
Timeline:
- March 2019 — Aiways debuts its first model, the U5, at the Geneva Motor Show / AM Online
- May 29, 2019 — Aiways secures 1 billion yuan funding from gov-backed Mingchi Fund / Gasgoo
- November 29, 2019 — Aiways launches the U5 in China / CarScoops
- October 28, 2020 — Fu Qiang confirms plans to go public on STAR market / Gasgoo
- January 27, 2021 — Didi Chuxing invests undisclosed amount in Aiways / Yicai Global
- May 1, 2021 — China EV battery-maker CATL invests undisclosed amount in Aiways / Reuters
- August 11, 2021 — Chinese Electric-Vehicle Maker Aiways Explores 2021 US IPO / Bloomberg
Great Wall Motors (SEHK: 2333; SHA: 601633)
- EV Units Shipped: 38,865 (2019)
- Revenue in China: 103.28 billion yuan (2020)
- Number of Factories: 4 (Baoding, Xushui, Tianjin, and Chongqing)
- Number of Models: 6 (ORA Series)
- Number of Employees: 63,174
- Primary Industry: Vehicle manufacturing
- EV-Related Affiliates: BMW, Xiaomi
Founded in 1984 and headquartered in Baoding, Hebei Province, Great Wall Motors Co., Ltd. (长城汽车 chángchéng qìchē) is China’s largest SUV manufacturer with truly global presence. After spending a decade on green energy R&D, Great Wall Motors launched the first model of its electric vehicle sub-brand, ORA, in August 2018 and has since marketed the subsequent model, the ORA R1, as the world’s cheapest electric vehicle coming in at under 60,000 yuan ($9,000). In the meantime, Great Wall Motors has announced EV partnerships with BMW and Xiaomi, as well as a large EV foray in Thailand, and is reportedly planning the launch of a standalone EV brand, internally coded as the “SL Project.”
Timeline:
- May 7, 2018 — Great Wall announces dedicated EV sub-brand ORA / Electrive
- August 20, 2018 — ORA officially launched / GWM Website
- December 27, 2018 — Great Wall launches “world’s cheapest EV” with ORA R1 / Electrek
- November 28, 2019 — Great Wall announces partnership with BMW to build EV plant / Reuters
- March 25, 2021 — Xiaomi to build EVs at Great Wall plant / Reuters
- December 12, 2021 — Chinese firm makes inroads in Thai car market / NHK
Human Horizons
- Units Shipped: N/A
- Revenue in China: N/A
- Number of Factories: 1 (Yancheng, Jiangsu Province)
- Number of Models: 4
- Number of Employees: 1000+ (as of April 2020)
- Primary Industry: Electric vehicles, autonomous driving, artificial intelligence
- EV-Related Affiliates: DYK, Qualcomm, JOYNEXT, Quectel, Meridian Auto, Microsoft China, Bosch Group, State Grid, China Southern Power Grid, TELD
Founded in 2017 by former Shanghai General Motors President Dīng Lěi 丁磊, Human Horizons (华人运通 huárén yùntōng) began shipping its electric, 5G-equipped “HiPhi” models on May 8, 2021. With 80 stores open across China (projected to be 120 by the end of 2021) and partnerships with the state electrical grid to have 150,000 charging stations across 300 cities, Human Horizons is gearing up for a breakaway. What remains to be seen is whether the company’s HiPhi series’ hefty price tag ($90,000 – $125,000) can attract customers. Complete with leather interiors and a seat massage, HiPhi cars are not short on bells and whistles, and its nearly entirely automated production and quality control process should give the series some added durability points in consumers’ minds.
Beyond electric vehicles, Human Horizons is planning to operate smart cities, with collective transportation and traffic management intelligence systems and integrated technological architecture. A prototype is already being developed in Shanghai. Despite all the up-front investment, however, details on Human Horizons’ funding are scant.
Timeline:
- January 21, 2019 — Human Horizons introduces “Smart Road” Project / PR Newswire
- August 1, 2019 — Human Horizons launches its first EV prototype, the HiPhi 1 / PR Newswire
- December 23, 2019 — Human Horizons debuts smart-city concept / China Daily
- July 10, 2020 — Partnership with Microsoft to create onboard AI assistant / Microsoft Site
- March 30, 2021 — Human Horizons announces launch of four new HiPhi models / Company Site
- May 8, 2021 — Human Horizons begins customer deliveries of HiPhi EVs / PR Newswire
Singulato
- Units Shipped: No sales information available
- Revenue in China: N/A
- Number of Factories: 1 (Tongling, Anhui Province) and 1 planned in Suzhou, Jiangsu Province
- Number of Models: 2
- Number of Employees: 140
- Primary Industry: Electric Vehicles
- EV-Related Affiliates: Toyota and BAIC
Singulato Motors, or Zhiche Youxing Technology Co., Ltd. (智车优行科技 zhìchē yōuxíng kējì), was founded in December 2014 as an electric vehicle company and initially showed a lot of promise, garnering over 18 billion yuan ($2.8 billion) in funding over 11 fundraising rounds. After announcing construction on a mass-production plant in 2016 in Tongling and another large plant in Suzhou in 2018, and releasing an EV prototype, the iS6, in May 2018 at the Beijing Motor Show, Singulato Motors has faltered in actually completing the production process and getting cars to consumers. For several years, it fell out of the public eye almost entirely. Seemingly embroiled in multiple contract disputes and unable to comply with several judicial verdicts against the company, Singulato was recently in the news again in June 2021 when Chinese authorities banned Singulato founder Shěn Hǎiyín 沈海寅 from “high-level consumption.” What was once a promising EV start-up seems, at least for the time being, to be on its last legs.
Timeline:
- April 2, 2018 — Singulato announces plans to invest 15 billion yuan in Suzhou plant / China Daily
- April 25, 2018 — Singulato announces EV partnership with BAIC / Xinhua
- May 3, 2018 — Singulato unveils first EV prototype, the iS6 / Motor 1
- April 15, 2019 — Toyota announces sale of EV technology to Singulato / Reuters
- October 11, 2019 — Japan’s Itochu Corp. invests additional $100 million in Singulato / Reuters
- November 2, 2019 — Singulato 5th largest shareholder reportedly sells all shares / DayDay News
- June 2, 2021 — Singulato founder banned from “high-level consumption” / Yicai Global
Hozon Auto
- Units Shipped: 16,439 (2020); 11,458 (Jan-Apr 2021)
- Revenue in China: Approx. $301 million
- Number of Factories: 2 (Tongxiang, Zhejiang and Yichun, Jiangxi)
- Number of Models: 3
- Number of Employees: 837
- Primary Industry: Electric vehicles
- EV-Related Affiliates: Harmony Auto, CATL, Qihoo 360
Established in October 2014 with registered capital of $98 million and total investment of over $1.1 billion, Hozon Auto (合众汽车 hézhòng qìchē) is an EV start-up headquartered in Shanghai, China. Looking towards the environmentally-conscious budget customer, Hozon launched its first EV, the Neta N01, in 2018 at a near industry-low price of 10,000. With plans to increase the number of direct-sale stores to 60 by the end of 2021, Hozon is ramping up production toward a goal of 50,000 units in 2021. Despite the crowded EV market, Hozon has attracted a good chunk of capital with close to $1.5 billion raised, and rising sales have it primed to list on Shanghai’s STAR market by the end of 2021.
Timeline:
- April 17, 2018 — Hozon announces R&D Center in Silicon Valley / FutureCar
- July 30, 2018 — Launch of first EV for mass production, Neta N01 / Yicai Global
- July 22, 2020 — Hozon announces plan for STAR-Market IPO at end of 2021 / Caixin Global
- March 6, 2021 — Hozon receives 5 billion yuan credit line from CITIC bank / China SDG
- April 26, 2021 — Initiated Series D financing (3 billion yuan) led by Qihoo 360 / Gasgoo
Brilliance Auto
- Units Shipped: 25.8 million (2019)
- Revenue in China: $600 million (2019)
- Number of Factories: 2 (Shenyang)
- Number of Models: 6
- Number of Employees: ~5,610
- Primary Industry: Electric vehicles
- EV-Related Affiliates: BMW
Brilliance China is one of the leading automotive manufacturers in China through its subsidiaries, associated companies and joint ventures. During 2009, the Group disposed of its loss-making Zhonghua sedan business. Starting from January 2010, the Group’s operating segments are divided primarily into the manufacture and sale of minibuses and automotive components. Its commercial vehicle brands include “JinBei” and “Granse” minibuses as well as “Huasong” premium MPVs.
In 2003, Brilliance established a joint venture with BMW, namely BMW Brilliance Automotive Ltd. (“BBA”), to produce BMW 3-series and 5-series sedans in China. BBA also commenced production and sale of BMW SUVs in early 2012. In November 2013, BBA launched ZINORO 1E, its first new energy vehicle, in the PRC. At the end of 2014, the BMW joint venture introduced the very first China-produced BMW new energy vehicle, the 5-series long-wheelbase plug-in hybrid model, in the PRC. The new generation X3 sport activity vehicle (“SAV”), which is the sixth BMW model that is locally produced by BBA, underwent market launch in June 2018. In addition to the X3, BBA also introduced in March 2018 the plugin hybrid version of the new 5-series. BBA will be introducing new models of both internal combustion engine (“ICE”) and new energy vehicle (“NEV”) BMW vehicles into the Chinese market over the next few years. The iX3, which is the electrified version of the X3 model, commenced production in China in 2020 for both local sales and exports to the rest of the world.
Timeline:
- March 27, 2003 — Brilliance establishes joint venture with BMW / BBC
- April 20, 2009 — BMW, Brilliance Auto to build second China plant / Reuters
- December 12, 2012 — BBA begins production and sale of BMW SUVs / China Daily
- October 11, 2018 — BMW increases its stake from 50% to 75%, becomes first foreign carmaker to take majority control of joint venture in China / Reuters
Avatr Technology
- Units Shipped: N/A
- Revenue in China: N/A
- Number of Factories: 1
- Number of Models: 1
- Number of Employees: N/A
- Primary Industry: Electric vehicles
- EV-Related Affiliates: Chang’an Automobile, CATL, Huawei, NIO
Avatr Technology (阿维塔 āwéitǎ) is the subsidiary of Chongqing Chang’an Automobile. It was established in 2018 as Chang’an NIO, a joint venture between Changan and NIO but became rebranded as Avatr after it began independent operations. Avatr is backed by big players: the battery giant CATL is the second largest shareholder of Avatr and Huawei is also a stakeholder. Avatr runs on Huawei software, the smart electric vehicle platform (CHN), and on CATL’s batteries. In August 2021, Avatr went public on the Chongqing Assets Equity Exchange and in November, the brand secured a $378 million investment from CATL. The brand’s first car Avatr 11 is an all-electric medium-sized SUV coupe and the company plans to unveil four new models in the coming five years.
Timeline:
- May 21, 2021 — Chang’an NIO is renamed Avatr / Sohu
- November 5, 2021 — Changan’s Avatr adds CATL as new investor, NIO’s stake reduced / Autonews
- November 16, 2021 — Avatr to deliver first EVs in third quarter next year / Yicai Global
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Software and service providers
Alibaba (NYSE: BABA) (SEHK: 9988)
- Revenues: $72 billion (2020)
- Number of employees: 117,600
- Primary industry: Ecommerce, internet, technology
- EV-related affiliations: SAIC, Xpeng
Alibaba (阿里巴巴 ālǐ bābā) is one of the world’s largest ecommerce companies. Founded in 1999 in Zhejiang, it hosts the largest B2B (Alibaba.com), C2C (Taobao), and B2C (Tmall) marketplaces in the world.
The company has a diverse set of other businesses, including artificial intelligence, cloud computing, and fintech. In January 2021, Alibaba set up an EV joint venture called Zhiji with China’s biggest automaker, SAIC Motors. The joint venture will launch mass production of two EVs with deliveries beginning in the first quarter of the year. One of Alibaba’s former executives, Hé Xiǎopéng (何小鹏), went on to found Xpeng.
Timeline:
- June 2019 — Alibaba leads $348 million funding round into Xpeng / Investopedia
- January 2021 — E-commerce giant Alibaba formed an EV joint venture with China’s biggest automaker, SAIC Motor Corp. / Nikkei Asia
Baidu (NASDAQ: BIDU)
- Revenues: $16.4 billion (2020)
- Number of employees: 45,887
- Primary industry: Internet-related services, technology, AI
- EV-related affiliations: Geely, NIO, WM Motors
Baidu (百度 bǎidù) is one of the world’s largest internet and technology companies. The company, headquartered in Beijing, offers a variety of services, including a search engine, which is the second largest in the world, mapping services, an online encyclopedia, cloud storage, and artificial intelligence.
Baidu has been at the forefront of the push toward autonomous driving. In 2017, Baidu launched the Apollo project (阿波龙 ābōlóng), a self-driving vehicle platform that offers “a complete open automatic driving ecosystem” for players in the automotive industry. In the same year, Baidu also launched a $1.5 billion fund dedicated to investing in as many as 100 autonomous driving projects. It has invested in EV makers such as NIO and WM Motors. In July 2018, Baidu commenced mass production of unmanned Apollo buses.
Timeline:
- July 2018 — Baidu commences mass production of unmanned Apollo buses.
- January 2021 — The company set up a joint venture with domestic carmaker Zhejiang Geely Holding Group to make smart EVs.
- April 20, 2021 — Baidu aims to fit 1 million cars with its Apollo self-driving system in 3-5 Years / Caixin Global
- May 19, 2021 – Baidu awards contract to Hesai for customized lidar sensor that will power its self-driving cars / Yicai Global
- June 18, 2021 — Baidu and BAIC to team up to make 1,000 robotaxis in the next three years / SCMP
ByteDance
- Revenues: $37 billion (2020)
- Number of employees: 60,000 (2020)
- Primary industry: Internet, social network, video sharing
- EV-related affiliations: QCraft, Li Auto
ByteDance (字节跳动 zìjié tiàodòng) is an internet technology company known for its video-sharing platforms TikTok and Douyin, and Toutiao (“Headlines”), a popular news recommendation app.
In 2019, ByteDance was named as an investor in the EV maker Li Auto during the latter’s prospectus for a U.S. initial public offering. In March 2021, ByteDance announced an investment in local autonomous driving startup QCraft, the first sign of its foray into smart EVs. ByteDance is now preparing plans to list Douyin in New York or Hong Kong.
Timeline:
- July 2, 2019 — ByteDance invests $30 million in the EV maker Li Auto.
- March 5, 2021 — ByteDance announced that it is investing in local autonomous driving startup QCraft.
- March 31, 2021 — ByteDance considers listing Douyin, its subsidiary and the Chinese counterpart of TikTok, in New York or Hong Kong.
Didi Chuxing
- Revenue: 6.5 billion yuan / $1 billion (2020)
- Number of employees: 11,407 (2019)
- Primary industry: Ride hailing, delivery services
- EV-related affiliations: BYD, BJEV, BAIC, Volvo, Ford, Renault, Geely
Didi Chuxing (滴滴出行 dīdī chūxíng) is China’s largest ride-hailing platform with services similar to Uber. Headquartered in Beijing, its platform provides services such as taxi hailing, ride sharing, and bike sharing.
Since late 2010, Didi has become active in the EV market collaborating with Chinese automakers such as BAIC and BYD, as well as foreign automakers Ford and Renault.
Didi has its own autonomous driving arm called Didi Autopilot, which works on the technology behind self-driving cabs. In April 2021, the ride-hailing giant began making its own EVs. In the same week, it also filed for an initial public offering that could raise as much as $100 billion.
Timeline:
- February 2018 — Didi sets up an electric vehicle-sharing platform with 12 auto-makers including BYD, Ford, Renault-Nissan-Mitsubishi, BAIC, BJEV, and Geely / Reuters
- March 2020 — BAIC teams up with Didi and CATL on a platform that will offer BAIC cars for lease / SCMP
- November 2020 — Didi launches its first ride-sharing electric vehicle called D1, co-developed with BYD / The China Project
- April 2021 — Didi files confidentially for a listing in the U.S. that could raise as much as $100 billion / Bloomberg
- April 19, 2021 — Didi to use Volvo vehicles in self-driving test / Caixin Global
DJI
- Revenue: $2.83 billion (2018)
- Number of employees: 14,000 (2018)
- Primary industry: Drones and other uncrewed aerial vehicles, robotics, AI
- EV-related affiliations: BYD, BJEV, BAIC
DJI, or Dajiang Innovations (大疆创新 dàjiāng chuàngxīn), is the world’s biggest consumer drone company, with 70% of global market share. Headquartered in Shenzhen, the 15-year-old company makes remote controlled quadcopters and commercial drones for aerial photography, agriculture, forestry, and security.
DJI announced in April 2021 that it would exhibit its intelligent driving systems at the Shanghai Auto Show. It simultaneously revealed DJI Automotive as a separate division within the company.
Timeline:
- April 2021 — DJI to exhibit its intelligent driving systems at the Shanghai Auto Show / DJI WeChat Account (in Chinese)
Foxconn
- Revenue: 1.24 trillion yuan/193.77 billion USD (2020)
- Number of Employees: 1,290,000
- Primary Industry: Electronics manufacturing
- EV-Related Affiliates: Stellantis, Fisker, Geely, Byton, PTT, Yulon, Fiat Chrysler
The largest electronics contract manufacturer in the world and headquartered in Taipei, Hon Hai Precision Industry Co., Ltd. (鴻海科技集團, Hónghǎi kējì jítuán; TPE:2354), better known as Foxconn, is perhaps best known as Apple’s primary manufacturer, though it also partners with other giants like Amazon, Xiaomi, and Sony. As the electronics and auto industries have begun to meld together, Foxconn has spotted an opportunity to leverage its economies of scale and electronics expertise to spearhead this global trend, setting up the MIH alliance in 2020 which is an open platform for EV collaboration that has already attracted over 1200 companies from around the world.
Over the past couple years, Foxconn has signed a flurry of partnerships with EV manufacturers in and outside of China, and there are likely many more to come. A number of analysts theorize that much of Foxconn’s EV push is a means of securing the manufacturing position in Apple’s future EV business. With plans to set up factories in China and North America, Foxconn aims to begin mass-producing EVs by 2023 and to capture 10% of the global market by 2025.
Timeline:
- October 16, 2020 — Foxconn launches MIH Open EV Platform / Auto Futures
- January 4, 2021 — Foxconn inks deal with Chinese EV producer Byton / Bloomberg
- January 13, 2021 — Foxconn announces EV partnership with Geely / Reuters
- February 24, 2021 — Foxconn announces EV partnership with U.S.-based Fisker / The Verge
Huawei
- Revenue: 888 billion yuan / $136.7 billion
- Number of employees: 197,000 (2020)
- Primary industry: Consumer electronics, telecommunications
- EV-related affiliations: BAIC, Chang’an Automobile, Guangzhou Automobile
Founded in 1987 and headquartered in Shenzhen, Huawei (华为 huáwéi) is a world-leading provider of information and communications technology (ICT) infrastructure and smart devices. But after the U.S. blacklisted the firm and throttled its supply of semiconductors, Huawei has been looking for new growth areas.
Huawei has said it will not manufacture EVs, but it has invested $1 billion in EV software. Unlike its main competitor Xiaomi, Huawei will partner up with other automakers and provide the intelligent systems behind their EVs. The company has already announced partnerships with BAIC Group, Changan Automobile, and Guangzhou Automobile. Its first Huawei-powered self-driving vehicle, the Arcfox Polar Fox Alpha S, debuted with BAIC at the Shanghai Auto Show.
Timeline:
- April 12, 2021 — Huawei to invest $1 billion on car tech / Bloomberg
- April 17, 2021 — Huawei-powered smart luxury EV Alpha S was launched jointly with automaker BAIC / Security Times (in Chinese)
- April 19, 2021 — Huawei to hire 5,000 engineers for electric car tech / The China Project
- April 19, 2021 — First car equipped with Huawei self-driving system goes on sale / Caixin Global
- May 21, 2021 — Huawei finds partner in Changan Auto’s newly renamed smart car unit / Caixin Global
JD (Nasdaq: JD) (SEHK: 9618)
- Revenues: $82 billion (2019)
- Number of employees: 227,730 (2019)
- Primary industry: Ecommerce, drones, robotics, AI
- EV-related affiliations: Xpeng, NIO, Geely
JD.com (京东 jīngdōng) is China’s second-largest ecommerce company behind Alibaba. Headquartered in Beijing, the Fortune 500 company has ventured into high-tech robotics and AI delivery.
JD has the largest drone delivery infrastructure in the world, and has begun testing robotic delivery services and driverless delivery through autonomous trucks. JD has informal affiliations with NIO through its CEO, Liú Qiángdōng 刘强东, one of NIO’s early founders.
In 2018, JD established an EV service division known as JD Service Plus to utilize its delivery and logistics infrastructure to serve the EV market. In September 2020, JD signed a partnership with Xpeng, signing those services to the EV maker.
Timeline:
- March 18, 2018 — JD extends smart retail vision with Geely partnership / JD.com
- May 2018 — JD announces a partnership for in-car delivery service with NIO.
- September 2020 — JD signs partnership with Xpeng to provide integrated services for its EV business, including measurement, installation, maintenance, and after-sales service of home charging.
Meituan (SEHK: 3690)
- Revenue: $13.7 billion (2019)
- Number of employees: 46,662 (2018)
- Primary industry: Internet, retail
- EV-related affiliations: Li Auto
Meituan (美团 měituán) is an internet company that provides online retail services, including entertainment, dining, food and grocery delivery, and travel. Headquartered in Beijing, it was founded by Wáng Xìng 王兴 in 2010.
In June 2019, Wang Xing led an investment round of around $500 million in hybrid electric car maker Li Auto.
Timeline:
- June 2019 — Meituan’s founder, Wang Xing, led an investment round (in Chinese) of up to $500 million in hybrid electric car maker Li Auto.
Qihoo 360 Security Technologies (SHA: 601360)
- Revenue in China: 11.6 billion yuan (2020)
- Number of Employees: 6639 (2020)
- Primary Industry: Internet Security
- EV-Related Affiliates: Hozon Auto
Qihoo 360 (奇虎360, qíhǔ sānliùlíng) is an internet security company founded by tech entrepreneur Zhōu Hóngyī 周鸿祎 in June 2005 and is currently headquartered in Beijing. Currently the largest supplier of internet and mobile security products in China, Qihoo has recently been considering translating its security expertise to the EV market, which is otherwise vulnerable to deadly cyberattacks. With the ability to manufacture intelligent transport safety and intelligent connected security solutions software, Qihoo has a valuable role to play in the EV market. After dipping its foot in the water in 2017 on a jointly-developed secure EV with WM Motors, Qihoo recently dove headfirst into the market when it announced a partnership with EV startup Hozon Auto in May 2021, leading a financing round that brought in 3 billion yuan for Hozon. Only weeks later it was announced that Qihoo had started hiring auto industry talent.
Timeline:
- September 20, 2017 – Qihoo 360 partners with WM Motors to unveil “security car” / Yicai Global
- May 23, 2020 – Qihoo 360 put on entity list by US for military ties / SCMP
- May 12, 2021 – Announcement of investment in, partnership with EV firm Hozon Auto / Verdict
- June 2, 2021 – Qihoo 360 begins hiring for auto industry talent after Hozon deal / Yicai Global
Tencent (SEHK: 700)
- Revenues: $74 billion (2020)
- Number of employees: 85,858 (2020)
- Primary industry: Internet, social media, AI, video games
- EV-related affiliations: Evergrande, NIO, WM Motors, Byton
Based in Shenzhen, Tencent (腾讯 téngxùn) is one of the world’s largest technology companies, involved in internet-related services, including entertainment (gaming and music), social media, artificial intelligence, banking, and payment systems.
In 2016, Tencent, together with electronics manufacturer Foxconn and luxury car dealer Harmony New Energy Auto, founded Future Mobility (now known as Byton), a pure all-electric vehicle startup.
Tencent has created its own AI self-driving program, a competitor to Baidu’s Apollo Project, recruiting numerous industry players. In addition to Byton, Tencent has backed a number of EV makers, including NIO and WM Motors. In 2020, it announced a partnership with Evergrande to develop smart vehicle operating systems.
Timeline:
- 2016 — Tencent, together with electronics manufacturer Foxconn and luxury car dealer Harmony New Energy Auto, founded Future Mobility (now known as Byton), a pure all-electric vehicle startup.
- March 2017 — Tesla announced Tencent had purchased a 5% stake in Tesla for $1.78 billion.
- March 2020 — Tencent announces partnership with Evergrande to develop smart vehicle operating systems.
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Battery providers
A123 Systems
- Revenues: $500 million
- Number of employees: 3000 (2013)
- Primary industry: battery production, energy storage
- EV-related affiliates: Volkswagen
A123 Systems is a subsidiary of Wanxiang Group Holdings (Wànxiàngjítuán 万向集团) and a developer and manufacturer of Lithium Iron Phosphate batteries and energy storage systems. Founded in 2001, it has headquarters in Ann Arbor, Michigan and Waltham, Massachusetts. Though it began as an American company, it was bought by Hangzhou-based Wanxiang Group in 2012 after it filed for Chapter 11 bankruptcy. Its proprietary technology was spun out of materials developed at the Massachusetts Institute of Technology.
Timeline:
- Jan 30, 2013 – Wanxiang Group purchases bankrupt A123 / New York Times
- Mar 16, 2021 – Volkswagen China appointed A123 as its main battery supplier / CNSTOCK (in Chinese)
Féng Sīhàn 冯思翰, the CEO of Volkswagen China, said that while Volkswagen continues to work closely with CATL and Gotion High-Tech, A123 will become its main EV battery supplier.
BYD Auto (HKSE: 1211) (SZSE: 002594)
- Revenues: 153.5 billion yuan / $23.4 billion (2020)
- Number of employees: 229,154 (2020)
- Primary industry: IT, rechargeable batteries, handset electronics, energy storage, electric bikes, electric vehicles, urban rail transit systems
- EV-related affiliates: Toyota, Didi, FAW
See BYD entry in electric vehicle list
China Aviation Lithium Battery Technology
- Revenues: 2.14 billion yuan / $331 million
- Number of employees: 1700 (2020)
- Primary industry: battery production, energy storage, battery manage system
- EV-related affiliates: GAC Group, Dongfeng Motor, Chang’an Automobile
China Aviation Lithium Battery Technology (CALB), or Zhōnghánglǐdiàn 中航锂电, was established in 2007 by Aviation Industry Corporation of China, a state-owned limited company. In addition to its three manufacturing bases in Luoyang, Changzhou, and Xiamen, CALB also owns an American subsidiary in Chino, California. The controlling shareholder of CALB is Sichuan Chengfei Integration Technology (CITC), or Chéngfēijíchéng 成飞集成. As of May 2021, CALB has not filed for an IPO in China.
Timeline:
- Mar 7, 2018 – Continental bets on ‘mild hybrid’ batteries in JV with China’s CITC / Reuters
- Aug 20, 2018 – Lithium Battery Maker Logs Impairment Loss After China Subsidy Shift / Yicai Global
Contemporary Amperex Technology Limited (SHE: 300750)
- Revenues: 50 billion yuan / $7.76 Billion (2020)
- Number of employees: 24,800 (2019)
- Primary industry: battery production, energy storage
- EV-related affiliates: Tesla, BAIC, GAC Group, Chang’an Automobile, Dongfeng, Mercedes-Benz
Headquartered in Ningde, Fujian, Contemporary Amperex Technology Limited (CATL), or Níngdé Shídài 宁德时代, is a Chinese battery maker and the world’s largest manufacturer of EV batteries. Although CATL was established only in 2011, the founding team has been involved in the lithium-ion battery business since 1999 under the name ATL. CATL currently has subsidiaries in the US, Japan, France and Germany.
Timeline:
- 2016 — CATL leads research and development for the 13th national five-year development / CATL
- Dec 7, 2018 — CATL opens subsidiary in U.S. city of Detroit / Xinhua
- Sep 30, 2020 — Tesla to Cut Price on Chinese Model 3 With CATL Battery / Bloomberg
- May 7, 2021 — CATL to buy stake in Aiways, develop next-gen batteries / Yicai Global
- May 21, 2021 — CATL to Supply Batteries for Mercedes-Benz Electric Truck / Yicai Global
- June 17, 2021 — CATL fires up new battery factory in Southwest China / Yicai Global
EVE Energy (SHE: 300014)
- Revenues: 8.16 billion yuan / $1.27 billion (2020)
- Number of employees: /
- Primary industry: battery production, energy storage
- EV-related affiliates: Xpeng, BMW, Daimler
EVE Energy (EVE), or Yìwěilǐnéng 亿纬锂能, was established in 2001 in Huizhou, Guangdong. EVE is a manufacturer of lithium batteries and provides for both electric vehicles and consumer electronics, such as e-cigarettes, electric watches and bluetooth headsets. Currently, EVE owns one subsidiary in Powell, Ohio.
Timeline:
- Jan 8, 2020 – Varta warns Chinese firms on patent infringements, shares plunge / Reuters
- May 16, 2021 – Shenzhen-listed Eve Energy denies deal to provide Tesla batteries / Global Times
Gotion High-tech (SHE: 002074)
- Revenues: 6.724 billion yuan / $1.04 billion (2020)
- Number of employees: 2000 (2020)
- Primary industry: battery production, energy storage, battery manage system, power transmission and distribution systems
- EV-related affiliates: Volkswagen, SAIC Motor, JAC Group
Established in 1995 under the name of Dongyuan Electric Appliance Group, Gotion High-tech, or Guóxuān Gāokē 国轩高科, established its subsidiary Hefei Gotion High-tech Power Energy in 2006 focusing on battery production. Specialized in Lithium Iron Phosphate Battery, Gotion currently owns seven research and development centers in China, U.S., Japan and Singapore. As of May 2021, Volkswagon is Gotion’s biggest shareholder with a 26.47% share.
Timeline:
- June 5, 2019 — Gotion partner with Huawei for strategic expansion in lithium battery market (in Chinese) / Yicai
Gotion and Huawei signed a five-year agreement of partnership in lithium battery field, with a particular focus on the development of energy storage system and in communications field - May 29, 2020 — VW to be biggest shareholder of China’s leading battery maker / China Daily
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