Sometimes disruption happens very quickly. In China, the proportion of “new energy vehicles”, i.e. pure electric cars and plug-in hybrids, has shot up from six to 50 percent in just four years. Not just because electric cars are cheaper, run on cheaper electricity and are quicker to get. But also because the vehicles from BYD & Co. are comparably good, significantly more digital and are now simply perceived as “cooler” than VW or BMW. Accordingly, Tesla is the only foreign manufacturer in the top 10 best-selling electric cars in China. Things don’t look much better for the established players in the plug-in hybrid segment: all ten top positions are occupied by cars from China, including nine BYD models.
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