Li Auto, Nio, and BYD are all pursuing different paths in China's EV market, the world's largest. : China is the world’s largest EV market—and the most competitive. Sales of “new energy vehicles,” which includes both hybrids and battery EVs, expanded by 38% last year to reach 9.49 million units, according to data from the China Association of Automobile Manufacturers. If the global market for EVs was 13.6 million last year, as research firm Rho Motion estimates, then China is responsible for almost 70% of all EV sales last year.