What is NIO, Tesla’s biggest Chinese competitor?

This appeared in The Millennial Source

China is the world’s largest electric vehicle market, accounting for nearly half the world’s stock of electric vehicles.

American electric vehicle manufacturer Tesla, Inc. has made no secret of its ambitions in China.

China, already the world’s second-largest economy, accounts for a steadily growing market for electric vehicles (EV).

The market share of electric vehicles as a percentage of the total car market in China has steadily increased in recent years, jumping significantly from 0.06% in 2012 to nearly 5% of the total market in 2019.

This means, in absolute terms, China is the world’s largest electric vehicle market, accounting for nearly half the world’s stock of electric vehicles.

This market has been dominated for some time not by domestic electric vehicle manufacturers, however, but by the US-based Tesla. The American electric vehicle manufacturer regularly tops monthly premium EV sales in China, with 2020 sales totaling some 120,000.

But domestic premium EV manufacturers are beginning to tackle Tesla’s dominance.

In particular, Chinese EV maker Nio, Inc. is heading into 2021 off the back of a successful turnaround in its fortunes in…