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China Takes a Commanding Lead in Worldwide EV Race

China has beaten the United States and taken the lead in the global race to electrification. The eastern Asian nation is home to several successful electric vehicle companies such as Wuling Motors and BYD that have captured a significant portion of the Chinese market and elbowed out major automakers such as Tesla. Battery electric vehicle sales in the country have surged in recent years from only 10,000 units in 2012 to a whopping 4.4 million electric cars on the road last year. The annual electric vehicle sales within this period have increased by 44,000%.

Although BEVs account for only 19% of new vehicle sales in China, EVs in China have a significantly larger share of vehicle sales compared to the…

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