As electric vehicles continue their steady march toward becoming a dominant force on global roads, one country has pulled far ahead of the rest- and it didn’t happen by accident.

By now, it’s widely understood that Chinese automakers have taken a commanding lead in the EV race, while many Western legacy brands are still scrambling to catch up. It’s also well known that Chinese battery companies are driving much of this momentum, leading with rapid innovation and serious scale. But how did they manage to surge ahead so dramatically in such a short time? The answer is fairly straightforward: money. More precisely, billions in government subsidies every single year.

Read: CATL’s New EV Batteries Give You A Full Charge In Minutes

Fresh data from Nikkei Asia shows just how significant this financial support has been. Contemporary Amperex Technology Co., better known as CATL, the world’s largest EV battery manufacturer, has been raking in the kind of government funding that would likely make Elon Musk reconsider his next big tax tweet.

While CATL has not reveal full-year details of the government help it received in 2024, it has disclosed that in the first half it got 3.84 billion yuan ($532 million) in state subsidies. This made it one of the largest beneficiaries of the Chinese government’s policy, only behind state-owned oil company Sinopec, which received 4.06 billion yuan ($563 million). Importantly, however, that’s how much Sinopec received for the full 2024 calendar year, whereas CATL’s figure is only for the first six months of 2024 – thus, it total, the latter’s figure far exceeded Sinopec’s.

The subsidies CATL has received appear to have jumped in the second half of 2024. As noted by Nikkei Asia, in 2023, it disclosed its subsidies under ‘other income’ in its financial reports. In 2023, ‘other income’ totaled 6.26 billion yuan (~$868 million), and of this, 5.72 billion yuan (~$793 million) were subsidies. In 2024, its full-year report revealed 9.96 billion yuan (~$1.3 billion) in ‘other income,’ but didn’t specify how much of this was subsidies.

Of course, it’s not just CATL that is benefiting from this practice Full-year data from 2024 reveals that BYD received almost 3.8 billion yuan (~$527 million) in subsidies last year, no doubt playing a significant role in the firm’s ability to release so many new models so frequently.

Great Wall Motor was the fourth-largest recipient of subsidies, earning a touch under 3 billion yuan (~$416 million). SAIC Motor closely trailed GWM, receiving more than 2 billion yuan (~$277 million) in subsidies for the year.

All this answers the questions we posed at the beginning. There’s no secret sauce at play here; the Chinese managed to leapfrog the competition and undercut their rivals at the same time simply due to immense state help. No wonder, then, that the US and the EU are seething as they watch their own brands trying to compete in an uneven playing field.

As automakers worldwide scramble to future-proof themselves in the electric era, China has been comfortably in the lead, cranking out next-gen EVs packed with cutting-edge tech and advanced battery systems one after the other at record pace. But behind the buzz and impressive new models, there’s a financial reality dragging at the wheels: most of China’s EV brands are still burning cash, not banking it.

Read: Seres 5 Crushes Tesla Model Y In Comfort But Loses The Battle Where It Counts

At last count, there were around 50 EV brands competing for space on Chinese roads. Out of those, just three of them are thought to be profitable. These include BYD, Li Auto, and Seres. Despite this, brands continue to offer generous discounts to grow their footprint, forgoing financial security in the pursuit of sales.

Discounts Keep Climbing

According to a JP Morgan study cited in a South China Morning Post report, industry-wide discounts averaged a record high 16.8% in April, up from an already steep 16.3% in March. The China Passenger Car Association puts the average discount for 2024 at 8.3%. To top it off, average EV prices were trimmed by 10% back in December. That’s not just aggressive, it’s unsustainable.

Last year, the difference between the selling price of an EV and an automaker’s costs, including raw materials, labor, and logistics, known as the vehicle margin, dropped to 10%. This is down from approximately 20% just four years ago. Analysts believe that most of China’s smaller EV manufacturers will be forced out of the market or will be acquired by larger rivals over the next couple of years.

“Nearly all of them were the victims of price competition,” said Phate Zhang from CnEVPost. “But if any of them chooses to exit the price war, their sales will decline and make it more difficult to post a net income.”

Looking Beyond China’s Borders

One potential lifeline is exports. Chinese carmakers have begun shipping more EVs abroad, where they can command better margins. According to JPMorgan’s Nick Lai, international sales are proving to be more profitable and could provide the breathing room these companies need.

“Price competition has turned fiercer this year. Unfortunately, we have not seen a jump in [EV] demand so far,” Lai noted. The domestic market, while massive, isn’t growing fast enough to offset the steep discounts.

Still, exports are trending upward. In the first four months of 2025, EVs made up roughly 33% of China’s total vehicle exports, up from about 25% over the past two years. It’s not a total solution, but it’s a glimmer of hope for brands looking to survive the increasingly brutal home turf battle.

Seagulls have a nasty reputation for swooping in and stealing your lunch, and BYD’s Seagull has its eyes on Western carmakers’ slice of the budget EV market pie. Renamed the Dolphin Surf for its launch in Europe, the sub-Dolphin-sized electric city car is nowhere near as cheap as it is in China, where it costs around $10,000, but it’s well priced, well equipped and is sure to cause the likes of Fiat and Citroen a major headache.

The 3,990 mm (157.1 inches) Dolphin Surf is on sale in Germany now priced at €22,990-30,990 ($26,100-35,100), but a launch promotion drops the entry price to €19,990 ($22,700) until June 30, putting it well below the €23,300 ($26,400) starting price of a Citroen e-C3.

More: BYD’s SUV Rips Off Genesis So Hard You’ll Do A Double Take

Even at the discounted price, the BYD is more expensive than Dacia’s base Spring, which starts at €16,900 ($19,200), but you pay a price for saving on the price. The Romanian car is much slower and much stingier on the gadget count, not even featuring a screen and taking 19.1 seconds to reach 62 mph (100 km/h).

All three Dolphin Surf trims – Active, Boost, Comfort – get a 10.1-inch touchscreen and heated and electrically adjustable mirrors. Step up to the €26,990 ($30,600) Comfort and you add rain-sensing wipers, bigger (16-inch) wheels and a power driver’s seat. Top-spec Comfort goes two steps further, bringing a 360-degree camera system, wireless phone charging, heated seats, LED lights and electrically folding mirrors.

Powertrain and Range

Power, range and charging speeds vary between those trims. The Active and Boost get an 87 hp (88 PS / 65 kW) motor, but the cheaper car has a tiny 30 kW LFP battery and slow 65 kW max charge rate. Boost features a 43.2 kW power pack and can charge at 85 kW (both take 30 mins to go from 30-80 percent), but because the Active is lighter it gets to 62 mph in 11.1 seconds instead of 12.1 seconds.

Comfort sticks with the same BYD Blade battery and charge speed as the mid-spec Boost, but pairs it with a 154 hp (156 PS / 115 kW) motor that drops the 62 mph sprint to 9.1 seconds. It also drops the range, but by exactly how much isn’t very clear.

Also: Dacia’s Practically Giving Away The Spring EV At €79 A Month With No Downpayment

BYD is only quoting WLTP urban figures for now rather than the WLTP combined figures that are more useful when making comparisons with other EVs, though UK’s Auto Express reckons the three models return 137, 200 and 193 miles (221, 322, 311 km) combined.

The first cars will be shipped from China, but eventually BYD will build the Dolphin Surf at its new plant in Hungary. Europe’s carmakers, including Stellantis and VW are all working on even more affordable EVs, and looking at what BYD is offering here, they can’t afford to get it wrong.

BYD

If you thought Toyota couldn’t produce an affordable EV, think again. Well, at least if it’s made in China and relies on BYD for its batteries. Toyota is slowly catching up with the EV game, and its latest effort is the bZ5, a new electric crossover fastback developed in China. Manufactured by the FAW-Toyota joint venture, it features BYD-sourced battery packs to power its electric drive.

More: Toyota’s New Electric Flagship Sedan Takes A Shot At Tesla Model S

The bZ5 is essentially a rebranded version of last year’s bZ3C, which itself evolved from the bZ Sport Crossover Concept introduced back in 2023. By adopting the bZ5 name, Toyota seems to be aiming to position this new EV above the entry-level bZ3 sedan, but just below the upcoming bZ7 flagship.

Design That’s Familiar, But Still Fresh

The exterior design sticks with what Toyota’s been rolling out lately. That includes the usual hammerhead front end, subtle cladding around the wheel arches, a sloping roofline, and full-width taillights. The bZ5 mixes sedan, fastback, and crossover elements, all riding on 21-inch alloy wheels.

Inside, there is a 15.6-inch touchscreen, a digital instrument cluster mounted close to the windshield, and a floating center console. The front seats can transform into a bed, which comes in handy in combination with the nap mode of the infotainment system.

Other perks include a panoramic sunroof, a 10-speaker JBL audio system, a fragrance dispenser (yes, really), nine airbags, and a full suite of Level 2 ADAS for urban autonomy.

Powertrain and Platform

Measuring 4,780 mm (188.2 inches) long with a wheelbase of 2,880 mm (113.4 inches), the bZ5 shares similar dimensions with many electric crossovers in China, including the Tesla Model Y. The model is built on Toyota’s e-TNGA platform, which underpins the entire bZ lineup.

But unlike its siblings, the bZ5 comes with BYD’s Blade LFP battery packs, offering options with capacities of 65.28 kWh and 73.98 kWh. According to Toyota, range estimates for the CLTC cycle are 550 km (342 miles) and 630 km (392 miles) respectively. Need a quick boost? A 30-80% charge can be completed in just 27 minutes.

More: Toyota’s Cheapest EV Ever Costs $15,000, Gets 10,000 Orders In 60 Minutes

Both battery options are combined with the same fully electric powertrain generating 268 hp (200 kW / 272 PS) and 330 Nm (243.4 lb-ft) of torque.

Affordable, Yet Advanced

The Toyota bZ5 is already available for pre-order in China, with prices starting at 130,000 rmb ($18,000), which is roughly the cost of a Chinese-spec Toyota Corolla Cross. In comparison, the Tesla Model Y starts at 263,500 rmb ($36,500) in the same market, making the bZ5 an attractive (and much more affordable) option for those looking to step into the world of electric crossovers.

FAW Toyota

Electric vehicle sales in Australia are shifting fast, and the usual frontrunners are no longer guaranteed a spot at the top. As more buyers look beyond the legacy names, newer players are gaining ground, especially those with sharper price tags and more features for the money.

In 2023 and 2024, the Tesla Model Y was comfortably the best-selling EV in Australia. However, new options from Chinese and Korean brands have led to a massive slump in local sales of the Model Y, so much so that in April, it was only the 8th best-selling EV in the country. Evidently, it’s not just in Europe where Elon Musk’s company is falling out of favor.

Read: Tesla Couldn’t Even Sell Its Model Y Launch Editions As Hundreds Are Sitting Unsold

Storming in as the best-selling EV by far in Australia last month was the BYD Sealion 7, according to a report from Carsguide. It is the latest addition to BYD’s Ocean series of models and undercuts the Model Y on price, starting at AU$54,990 (~$35,400) and topping out at AU$63,990 (~$41,200), compared to the new Tesla that starts at AU$63,400 (~$40,800) and AU$73,400 (~$47,200) for the flagship version. Last month, 734 Sealion 7s were sold across the country.

Next up is the MG 4. While it’s been around for a couple of years now, the electric hatchback remains popular with 363 units sold in April. This positioned it just ahead of the BYD Atto 3, with 355 sold. Kia’s newly-launched EV5 and EV3 have also been well-received by local shoppers, with sales of 342 and 336, respectively. The BYD Seal then shifted 325 units while the new Geely EX5 sold 325 examples.

Then there’s the Tesla Model Y. A total of 280 were sold last month, positioning it slightly ahead of the Tesla Model 3 with 220 sales. Rounding out the top 10 was the BYD Dolphin with 216 examples finding new homes.

Now, before you start thinking recent sales represent the imminent collapse of Tesla, it’s worth noting that throughout April in Australia, Tesla was selling a mix of the outgoing Model Y and the brand new version. As we can see from the official page, Tesla still has a healthy inventory of the old crossover.

Many shoppers are likely holding off on placing an order until the new Model Y lands in earnest, which will happen over the next couple of months. Nevertheless, April’s results will likely have some local Tesla executives a little worried.

BEST SELLING VEHICLES AUSTRALIA

Wider Market Trends

Australia’s total new car sales declined in April. A total of 90,614 new vehicles were sold across the country last month, representing a decline of 6.8% compared to the same month in 2024 and quite a dramatic fall from the 108,606 new cars sold in March.

EV SALES AUSTRALIA

In a sea of reveals at the Shanghai Auto Show, it’s easy to miss a few standout vehicles, especially with the rapid-fire pace of new model debuts. But once the dust settles, a few interesting names float to the surface, one of them being the new BYD Sea Lion 06, a sharp-looking electrified SUV with a front end that feels like it wandered out of a Genesis design studio.

More: Denza Z Is An Electric 911 Rival With A Fold-Away Steering Wheel

The split LED headlights look straight out of the Korean luxury brand’s playbook, flanking a grille-free nose that closely resembles the refreshed Genesis GV60. But the Sea Lion 06 doesn’t go in for sleek coupe-SUV theatrics. Instead, it opts for a more upright SUV stance that gives it a bit more presence on the road, and maybe a bit more practicality too.

Design Details with Familiar Influences

A few other styling cues stand out, like the wraparound greenhouse and a set of full-width taillights that evolve the design language of the BYD Seal sedan. There’s even a nod to Bentley in the way the rear light bar is shaped, nothing over-the-top, but enough to suggest BYD’s designers have been paying attention to the high-end crowd.

Step inside, and it’s a familiar sight for anyone who’s looked at a modern Chinese EV. The centerpiece is a 15.6-inch infotainment screen mounted to the center of the dash, a setup that’s practically standard at this point. What does break up the usual formula is the floating center console, fitted with metallic-look switchgear that feels like another subtle Genesis reference. As expected from BYD, the Sea Lion 06 comes equipped with its in-house “God’s Eye” advanced driver assistance suite.

Two Powertrains, One Look

BYD

Underneath, the SUV rides on BYD’s updated e-Platform 3.0 Evo. Buyers can choose between a fully electric version or a plug-in hybrid (DM-i). The EV comes in both single-motor rear-wheel drive and dual-motor all-wheel drive configurations. Meanwhile, the plug-in hybrid pairs electric drive with a 1.5-liter gasoline engine. Despite these different drivetrains, the exterior remains identical across variants, BYD didn’t even tweak the wheel design for the sake of differentiation.

More: BYD Changes Course After Realizing Not Everyone Is Ready For EVs

As suggested by its name, the BYD Sea Lion 06 is positioned under the Sea Lion 07, although the difference in size between them is quite small. More specifically, the 06 measures 4,810 mm (189.4 inches) long, which is only 20 mm (0.8 inches) shorter than the 07. Still, the 2,820 mm (111.0 inches) wheelbase of the 06 is a 110 mm (4.3 inches) shorter than that of the 07.

Even so, the Sea Lion 06 has a bigger footprint than rivals like the Tesla Model Y and the Genesis GV60, and its shape suggests it might be more suited to family duties than some of its sleeker competitors.

As for pricing, BYD is aiming squarely at the value segment. In China, the Sea Lion 06 is expected to land between ¥160,000 and ¥200,000, which translates to roughly $22,000 to $27,500. Whether this electrified SUV makes its way to markets outside China, such as Europe, remains to be seen.

James Holtz, regional sales manager at RIDE Mobility, talked with STN publisher and president Tony Corpin at the Advanced Clean Transportation Expo conference about the company’s focus on innovation and safety with their new school bus models.

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Electric vehicles may grab most of the headlines, but for BYD, plug-in hybrids are quietly doing the heavy lifting. While the Chinese automaker is well-known as one of the world’s leading battery-electric vehicle manufacturers, it actually sells more plug-in hybrids than full EVs. That detail matters a lot as the company looks to expand its footprint across Europe, where not every new car buyer is quite ready to cut the gas cord completely.

Read: BYD Seal U DM-I Plug-In Hybrid SUV Brings China’s PHEV Tech To Europe

China is still BYD’s biggest market by far, but the company has made it clear that global presence is the next step. To position itself as a serious competitor to established brands in Europe, it needs more than flashy EVs. A stronger dealership network and, crucially, a broader lineup of plug-in hybrids are key pieces still missing from the puzzle.

More Hybrids on the Horizon

Right now, BYD’s European plug-in hybrid portfolio is thin. The only PHEV it currently offers in the region is the Seal DM-i sedan. But that’s about to change.

At a recent event in Stuttgart, Maria Grazia Davino, BYD’s regional chief overseeing several central European markets, confirmed plans to bring at least two more plug-in hybrids to Europe in 2025. Germany is one of the key target markets.

“Not everyone is ready for electric. We need something else to convince the customer,” Davino told Reuters. “Every month, we find the best balance between what the customer wants and what makes distribution successful. In the near future, we will have two pillars: one fully electric, and the other DM-i.”

BYD is currently subject to EU tariffs on imported vehicles from China, but it’s already taking steps to blunt the impact. New production facilities in Hungary and Turkey will handle a good portion of European-bound vehicles, helping the company avoid those extra costs.

While its local sales have not taken off as quickly as it would have liked, there are signs of improvement. During the first quarter of 2025, BYD sold over 37,000 vehicles across Europe, an increase of around 8,500 units from Q1 2024.

In addition to bringing more PHEVs to Europe, BYD recently launched its new premium Denza brand. Positioned as a rival to the likes of Mercedes-Benz, BMW, and Audi, Denza will first start selling its Z9 GT, created as a competitor to the Porsche Taycan Sport Turismo. It will start local sales of the D9 van at a later date.

BYD’s Denza brand definitely has a thing about Porsche. We’ve already heard plenty about the Z9 GT, a Panamera-lookalike EV with a triple-motor drivetrain, and now there’s the Denza Z, an electric concept that seems to have Porsche’s 911 and upcoming 718 Cayman EV in its sights.

Denza is calling the Z a concept, but you won’t convince us this stylish coupe’s story is going to fizzle out once the Shanghai Auto Show has wrapped. And if it reaches production with as much heat as the Z9 GT, Porsche better watch out.

Related: BYD’s Denza Z9 GT Rivals Porsche’s Panamera And Taycan For A Fraction Of The Price

Though the Z’s size (judging by the images) and presence of two rear seats call to mind the 911, the design seems to take its lead from various Lamborghini and Lotus cars. The concept has a deep lower bumper and splitter, a big rear diffuser and a gigantic rear wing, all of which could potentially appear on a range-topping performance model, though we’d expect most production trims to look rather less OTT.

Denza didn’t reveal much in the way of specs, but we do know that the Z has steer-by-wire tech that removes the mechanical link between the steering wheel and the front axle. We also know the lack of a mechanical link means the steering wheel can be folded away under the dashboard when not needed, which hardly sounds like something attractive to hardcore drivers, but will definitely appeal to anyone whose car doubles as a mobile office.

Images show a double-wishbone front suspension and magnetorheological shocks that can change damping force in 10 ms in response to changes in the road surface, but don’t give us any clue as to what kind of electric powertrain the Z is running. But it seems logical that the setup will borrow heavily from the Z9 GT, and we know the top-end versions of that fastback sedan have three motors and a combined output of 952 hp (965 PS / 710 kW).

BYD is introducing the Denza brand to the European market and believes it has a real shot at stealing sales from premium brands, including Mercedes, which founded the brand with BYD but later walked away. In a recent interview with Car Magazine, BYD boss Stella Li claimed Denza’s new vehicles were ‘ten times better’ than rival products.

Images: Denza

Saudi Aramco, the world’s largest oil producer and fourth-largest company by revenue, knows that the days of relying solely on oil are numbered. In a bid to future-proof itself, the company has entered into a partnership with BYD, the world’s second-largest manufacturer of electric vehicles, to collaborate on new energy vehicle technologies.

A Joint Development Agreement was signed by Saudi Aramco Technology Company and BYD this week. It “aims to foster the development and innovative technologies that enhance efficiency and environmental performance” as they are seeking “new energy vehicle breakthroughs.”

Read: This Tiny Engine Turns EVs Into Gas Hybrids

Limited details have been announced about the partnership, but it could have far-reaching effects across the automotive industry. As two titans of their respective industries, Aramco and BYD have huge amounts of power and can set trends and redefine markets that their competitors will have to follow.

Aramco says it is working to optimize transport efficiency, exploring advanced powertrain concepts and working on lower-carbon fuels. The Saudi giant believes that “multiple approaches” are needed for a practical energy transition.

“At the crossroads of technological innovation and environmental protection, BYD always believes that true breakthroughs come from openness and collaboration,” the company’s senior vice president, Luo Hongbin, said according to a Business Inquire report.

“We expect that SATC and our cutting-edge R&D capabilities in new energy vehicles will break the boundaries of geography and mindset to incubate solutions that combine highly-efficient performance with a lower carbon footprint. We are confident that this will support the world’s efforts to address the climate challenge.”

BYD no longer sells any consumer vehicles without a plug. Last year, it sold 4.27 million new energy vehicles. Of these, roughly 1.7 million were BEVs, while the remaining 2.48 million were PHEVs.

More: BYD’s Concepts Are All About Gold, Dragons, And Video Games

In China, the term new energy vehicles refers to those that are powered in part or primarily with electricity and alternative fuels. They include plug-in hybrids, battery electric vehicles, and fuel-cell EVs. Aramco will logically be eager to grow the reach of BYD‘s plug-in hybrid models, which retain an internal combustion engine running on gasoline.

This partnership with BYD isn’t the only move Aramco is making in the automotive industry. The Saudi juggernaut also owns a stake in Horse Powertrain, the partnership between Renault and Geely that aims to develop and produce innovative new combustion engines. Earlier this week, Horse unveiled a hybrid powertrain concept that can add a small combustion engine to existing electric vehicle platforms.

The 2025 Shanghai Auto Show, kicking off on April 23, promises to be another stage for China’s local automakers to flex their muscles. Among the highlights, BYD is ready to showcase a slew of production vehicles, but it’s the two concept cars inspired by the hit video game Black Myth: Wukong and Chinese mythology that are set to steal the spotlight.

BYD’s collaboration with “Black Myth: Wukong” was announced in October 2024 with the goal of “protecting Chinese ancient monuments and national treasures”. However, this will be the first time that the automaker will present actual models with references to the game.

More: BYD Boss Brags Z9 GT Is ‘Ten Times Better’ Than Premium Euro Rivals

The concepts appear to be based on the BYD Han L sedan and the Denza Z9 GT shooting brake respectively. Starting with the Han L, it features a massive rear wing with a texture that resembles the skin of a dragon. It also features matching canards and splitter on the front bumper, side skirts, mirror caps, and rear bumper extensions, while riding on large-diameter alloy wheels.

The Denza Z9 GT is dressed in gold and brown, looking like a fitting vehicle for a Chinese emperor. The exterior is adorned by dragon sculptures and a livery featuring traditional motifs. We can also see a redesigned front bumper with yellow LEDs, wide fenders, and an aftermarket set of alloy wheels finished in gold.

BYD shared the teasers without much information about the vehicles. However, its fans were able to pinpoint the models they are based on. Judging from the pictures, they will most likely remain one-offs, designed to grab the attention of automotive enthusiasts from the gaming community.

It is not clear if the modified Han L and Denza Z9 GT will feature any performance or chassis upgrades over the standard production models. However, with a healthy output of 952 hp from a trio of electric motors, the Denza Z9 GT doesn’t really need them.

More: BYD’s 1,100HP EV Monsters Promise Insane Charging Speeds

According to Wikipedia, “Black Myth: Wukong” is an action role-playing video game inspired by the classical Chinese novel Journey to the West. It was released on August 2024 by Game Science, and sold 20 million units within the first month. It’s popularity has sparked a tourism craze in historical sites in China, which are presented within the game with great realism.

We will update this story with the official photos of the concepts once they go live tomorrow.

BYD

The World Car Awards have been presented at the New York Auto Show and they were a truly global affair. So much so, that most of the winners aren’t even available in the United States.

While that’s disappointing, the Kia EV3 was named 2025 World Car of the Year. The model beat the BMW X3 and Hyundai Inster to win top honors, earning Kia their second consecutive World Car of the Year award following last year’s crowning of the EV9.

2025 Kia EV3 Review: Everything We Love About The EV9 Made More Affordable

The EV3 isn’t offered in America, but it’s coming as long as tariffs don’t get in the way. That being said, we tested it earlier this year and came away pretty impressed.

Electric vehicles had a strong showing this year as the Volvo EX90 was named 2025 World Luxury Car. It bested the Porsche Macan and Porsche Panamera to take top honors.

The electric crossover starts at $79,995 and features a 111 kWh battery pack as well as a dual-motor all-wheel drive system with 402 hp (300 kW / 408 PS) and 568 lb-ft (769 Nm) of torque. This enables the model to hit 60 mph (96 km/h) in 5.7 seconds and travel up to 310 miles (499 km) on a single charge.

Moving on, the Hyundai Inster / Casper Electric was named World Electric Vehicle. It’s a pint-sized urban crossover that has 113 hp (85 kW / 115 PS) and is primarily offered in the East.

The EV trend continues as the BYD Seagull / Dolphin Mini was named World Urban Car. The hatchback costs less than $10,000 in China and the Seagull Intelligent Driving Edition offers up to 252 miles (405 km) of range.

World Car Design of the Year, unsurprisingly, went to an EV. It was the Volkswagen ID. Buzz, which is interesting as the electric van has been around for a few years now. That doesn’t exactly seem fair, but the model bested the Kia EV3 and Toyota Land Cruiser / Land Cruiser 250 for the title.

Last but not least, there’s the only non-EV to win an award. It was the Porsche 911 GTS, which was named 2025 World Performance Car.

The sports car starts at $169,800 and features a hybridized powertrain that consist of a turbocharged 3.6-liter flat-six, an electric motor, and a small battery pack. This gives the model a combined output of 532 hp (397 kW / 539 PS) and 449 lb-ft (608 Nm) of torque. This enables the coupe to accelerate from 0-60 mph (0-96 km/h) in 2.9 seconds before hitting a top speed of 194 mph (312 km/h).

Launching a new brand into an established market is a brave move with no guarantee of success. But if she has any doubts about Denza’s chances in Europe, BYD boss Stella Li isn’t letting on, claiming in a recent interview Denza’s new vehicles were ‘ten times better’ than than those they aim to outpace, and which include the likes of Mercedes, Audi, BMW, and possibly even Porsche.

BYD’s gains in Europe with its own EVs and PHEVs gives Li reason to be confident. But Denza is shooting for a totally different, more image and status-conscious audience. A premium brand designed to slot between everyman BYD and pricey YangWang, Denza will take on established European names like Mercedes, which could be embarrassing for Benz because Denza started off as a BYD-Daimler co-op before BYD carried on alone.

Related: Chinese Brand Mercedes Created With BYD Is Now Coming For Mercedes In Europe

The Z9 GT is odds-on the first Denza to hit European roads later this year and will offer a more coupe-like alternative to cars like the Audi A6 and A6 e-tron Avant, and BMW 5-series and i5 Touring. A sporty shooting brake whose Porsche Panamera-like profile is the work of former Alfa Romeo and Lamborghini designer Wolfgang Egger, the Z9 is a triple-motor EV with 952 hp (965 PS / 710 kW). An 858 hp (870 PS / 640 kW) 2.0-liter PHEV is also available.

‘This car is really ten times better than the competition,’ Li told Car Magazine at the Denza brand launch at Milan Design Week. ‘We have a lot of unique features the other legacy brands do not have.’

Tech-Forward, Price-Savvy Strategy

Those features are not limited to aggressive pricing, though you can be sure Denza’s cars will offer more standard equipment at a much lower cost than than their rivals to help hook buyers in. Technology is a big focus: the Z9 will crab-walk and slow-motion drift into parking spaces and round tight turns, tricks you won’t find on premium Western cars (check out the video below).

‘We are confident that buyers will find distinctive, unique appeal in the car’s mix of sophisticated, elegant design, strong performance and astounding technology,’ Li said, adding that Denza’s superior customer service will be key to it carving market share.

European pricing hasn’t been confirmed yet, but in China, the Z9 GT starts at 334,800 yuan and tops out at 414,800 yuan (around $45,800 to $56,800). That’s a serious value play when you consider the Panamera Sport Turismo and Taycan Cross Turismo start at 1,008,000 yuan ($138,000) and can balloon past 1,500,000 yuan ($205,000) depending on options.

Credit: BYD/Denza

BYD has launched a pair of new EVs in China underpinned by its innovative new Super e-Platform. Although BYD seems to release a new EV every other week, the Han L sedan and Tang L SUV are particularly significant because they promise charging times almost on par with filling up an ICE-engined car with gas. If the automaker’s charging speed claims are accurate, the Han L and Tang L could solve one of the last remaining headaches of EV ownership.

The Super e-Platform is a 1000-volt architecture and was only announced back in March. In the case of the Han L sedan, all versions of it use an 83.2 kWh Blade battery, while the Tang L has a larger 100.5 kWh pack. According to BYD, the Han L can charge from 10-70% in just 6 minutes. Yes, that’s not a typo: six minutes. It can also gain 248 miles (400 km) of range in five minutes and takes just 20 minutes to charge the battery from 0-100%.

Read: BYD’s New 1,000 kW EVs Fill Up As Fast As Gas Cars

The Tang L EV also benefits from stupendous charging speeds. It can get 230 miles (370 km) over range in 5 minutes and needs just 30 minutes to charge from 0-100%. Admittedly, these charging speeds can only be achieved when using one of BYD’s new 1,000 kW fast chargers that were also unveiled in March. The company wants to install 4,000 of these chargers across China, but has not provided a timeline of when they’ll be available.

BYD Tang L

Prices for the Tang L start at 219,800 yuan (~$30,000) for the LiDAR Premium model and increase to 239,800 yuan or (~$32,700) for the LiDAR Flagship. Both of these versions have a 671 hp and 310 lb-ft (420 Nm) electric motor driving the rear wheels and can travel up to 436 miles (701 km) on a single charge. Those seeking even more performance can opt for the AWD LiDAR Flagship for 279,800 yuan (~$38,100). It has dual electric motors with 778 hp and 373 miles (601 km) of CLTC range.

Three versions of the BYD Tang L have also been announced, and prices vary between 229,800 yuan (~$31,200) and 289,900 yuan (~$39,400). It easily outmuscles the sedan, with the base rear-wheel drive packing 788 hp and the dual-motor AWD version rated at 1,100 hp. Depending on the specification, local media quotes driving ranges between 348 miles (560 km) and 416 miles (670 km).

BYD Han L

As Chinese automakers continue to test Europe’s appetite for newcomers, BYD is making a move to stake its claim in the premium segment. The company has officially launched its Denza brand in Europe, aiming to grow its footprint in the region and challenge established luxury manufacturers. The first model to hit European streets will be the Z9 GT, with sales expected to begin by the end of the year.

Denza was originally formed as a joint venture between BYD and Mercedes-Benz back in 2011. But despite the star power behind it, the brand struggled to gain traction, selling just 23,000 vehicles in its first decade. Mercedes-Benz began scaling back its involvement in 2022, reducing its stake to just 10 percent before fully exiting the partnership last year. Denza is now entirely under BYD’s control.

Read: BYD’s Denza Z9 GT Rivals Porsche’s Panamera And Taycan For A Fraction Of The Price

The Chinese maker launched the Denza brand at a special event in Milan, Italy, earlier this week. According to BYD’s special advisor for Europe, Alfredo Altavilla, Denza will target traditional premium car buyers and younger customers with a keen focus on technology.

Back in China, BYD operates Denza alongside two other premium sub-brands, Fang Cheng Bao and Yangwang. According to ArenaEV, BYD plans to consolidate Fang Cheng Bao into the Denza lineup for Europe, starting with the Fang Cheng Bao Leopard 5, which will be rebadged as a Denza. It remains unclear whether Yangwang models will also be brought under the Denza umbrella for the European market.

Denza has not announced prices for its European lineup. However, while speaking with Reuters, Altavilla said the Z9 GT will be followed up by the luxurious D9 van at the end of the year. Both models will be built in and exported from China, even though the automaker plans to start building cars at its new plant in Hungary from October.

On paper, the Z9 GT is aimed at the likes of Porsche’s Taycan Sport Turismo, though it beats the German EV on size. It’s over 7.8 inches (200 mm) longer and rides on a wheelbase that’s 8.8 inches (225 mm) longer. Power comes from three electric motors producing a combined 952 horsepower, fed by a 100.1 kWh lithium-iron phosphate battery pack. In China, the company also offers a PHEV version that combines a 2.0-liter turbo engine and three electric motors for 858 hp.

The Z9 GT’s performance numbers may place it in the same conversation as Porsche’s offerings, but its pricing in China suggests a very different customer base. There, Denza’s model is priced between 334,800 and 414,800 yuan (roughly $45,800 to $56,800), while Porsche’s comparable models, like the Panamera Sport Turismo and Taycan Cross Turismo, start around 1,008,000 yuan ($138,000) and stretch well beyond 1,500,000 yuan ($205,000), depending on trim and powertrain.

As Canada braces for the impact of steep 25% tariffs on vehicles it exports to the United States, a missed opportunity is coming back into focus. Chinese automaker BYD reportedly expressed interest in investing in Canadian manufacturing but backed off after encountering significant pushback. With Trump’s new tariffs set to take effect on April 2, some are now wondering if Canada might need BYD more than it realized.

More: Canada Freezes Musk’s $43M Tesla EV Rebate Claim After Rapid-Fire Sales, Bans Future Subsidies

China’s ambassador to Canada, Wang Di, said moves made by the Canadian government have “seriously dampened” the confidence of Chinese companies to invest locally. For example, three Chinese mineral firms have been ordered to divest their assets, TikTok’s Canadian branch has been closed, and AI firm DeepSeek has been banned, all in the name of national security.

Why Canada Shut the Door on BYD

This hardline approach toward Chinese firms—including BYD—has been framed as a move to protect domestic industry, ensure national security, and align with US concerns. American officials, including former President Biden, had warned that Chinese automakers might try to use Canada as a backdoor into the US market. But with President Trump reimposing tariffs, the rationale for walling off Chinese investment may be shifting.

A recent report by The Logic suggests that if US-Canada trade alignment is no longer a priority, Canada might do well to reconsider its position. Letting BYD invest could bring clear benefits, especially with Canadian auto jobs now potentially at risk.

“BYD had carefully thought about coming to Canada to make investment. But they met huge difficulties, restrictions and obstruction, and they had to give up the idea of investing in Canada. And I heard that they have moved to other countries, and they have been very successful there,” Wang Di told The Globe and Mail.

Read: Chinese-Owned EV Brands Gain Momentum In Europe, Collectively Outsell Tesla

“If BYD was successful in investing in Canada, then I think the result would be the Canadian consumers would have been able to enjoy the EVs with the latest technology, with very good quality and with a cheaper price. Isn’t that a good thing?,” he added.

Too Little, Too Late?

If Trump’s tariffs force car manufacturers to shift more of their production to the United States, countless jobs could be lost throughout Canada’s auto manufacturing sector. Now, it’s Canada that may need BYD more than the Chinese automaker needs it.

However, that ship might have already sailed. According to BYD spokesperson Frank Girardot, BYD does not have any plans for manufacturing in Canada and will simply continue to service the company’s buses that some transit operators in the country use.

Electric vehicles might be the future, but profitability? That’s still a rare luxury in the EV world. An interesting study has revealed that just four EV-only brands are currently operating at a profit, while many others continue to bleed money at impressive rates. It probably won’t shock anyone that Tesla and BYD are leading the charge, but some of the other top-performing names are a bit less expected.

Read: Only 1 In 7 Of Today’s Chinese EV Brands Will Be Profitable By 2030, Analysts Claim

The study examined the operating income ratios of major EV brands and found that in 2024, Tesla reported an operating margin of 7.2%, putting it just ahead of BYD at 6.4%. However, while Tesla’s margin has declined since 2023, BYD’s has been climbing. If that trajectory holds, as many analysts expect, BYD could soon surpass Tesla in operating profitability.

Vertical Integration Pays Off

Key to the growth of both of these brands is that they are vertically integrated, helping them to scale and reach profitability sooner. The only other two brands analyzed by the study to have reached profitability are China’s Li Auto and the Series Group, which includes the Seres, Aito, and Landian brands.

While none of the other EV brands analyzed turned a profit in 2024, a few are edging closer. Zeekr, part of the Geely group, reported an operating margin of -8.5% last year. But with sales on the rise, it may soon begin delivering profits for its parent company. Xpeng and Leapmotor are also moving in the right direction, having more than halved their losses between 2023 and 2024.

Nio is another important player in China’s EV market, but not a profitable one. Its 2024 operating margin came in at over -30%, suggesting it still has a long climb ahead before it sees black ink on its balance sheet.

Tesla Stands Alone Outside China

Tesla remains the only non-Chinese EV brand to hit profitability. Polestar hasn’t crossed that threshold yet, though it did manage to reduce its losses in 2024. Similarly, Rivian also remains in the red, though like Polestar, it continues to receive substantial external funding.

At the other end of the spectrum, Lucid holds the dubious honor of running the steepest losses in the EV sector. According to data from Rho Motion, its 2024 operating margin was -374%. That’s an improvement from over -500% the year before, but still, not exactly a sign of financial health. Heavy backing from Saudi Arabia is helping Lucid stay afloat despite the massive shortfalls.

What a difference a year makes. Rewind the clock to early 2024 and Tesla’s European arm was basking in the glory of becoming the best-selling electric brand in the region for the whole of 2023, and the first company to put an EV – the Model Y – on top of the the overall sales chart.

Now, fresh sales data from 28 key markets, including the EU, the UK, Norway, and Switzerland, shows that not only are Tesla’s sales down, but the American EV brand is also being collectively outperformed by Chinese-owned automakers.

Related: Tesla’s European Sales Have Collapsed, Down 45% As EV Market Surges 31%

Figures from Jato Dynamics reveal Tesla sold 15,700 cars in February 2025, down from 28,100 a year earlier, a drop of 44 percent against an EV market that was up by 26 percent to 164,100 units. Chinese-owned brands clocked up 19,800 sales this February, throwing serious shade in Tesla’s direction and leaving us in no doubt that China is making serious inroads into the European car market. And it’s only just started.

Tesla’s Market Share Takes a Hit

Tesla’s poor performance cut its market share to 9.6 percent, its worst February showing for five years, and the automaker’s year-to-date market share is down from 18.4 percent to 7.7 percent compared with 2024’s numbers. One partial explanation for that is the arrival of the facelifted Model Y ‘Juniper,’ which was revealed in January of this year, but wasn’t immediately available in Europe. It’s only natural that buyers would want to wait for the new-look SUV.

Model Y sales fell 56 percent to 8,800 units, while Model 3 sales fell by a less extreme (but still worrying) 14 percent to 6,800 units, which Jato says indicates Tesla’s overall slide is less to do with anti-Elon Musk sentiment than the imminent arrival of the the new Y.

EV Sales by Brand, Feb 25

VW, Chinese Brands, and the New Wave

Whether the new model can fully reverse the slide remains to be seen, but we doubt it. The Juniper changes aren’t that comprehensive and Chinese brands (and legacy Western ones) are only increasing their attack on Tesla. BYD’s sales grew 94 percent to 4,436, Polestar was up 84 percent to 2,405, and newcomer XPeng logged 1,034 sales, representing an increase of 259 percent from February 2024.

The best-performing brand in terms of EV sales, however, was VW, whose registrations boomed 180 percent to 19,600. The German brand’s ID.4 was the third-best-selling EV behind the Model 3 and Model Y, and VW,’s ID.7 and ID.3 were in fifth and sixth spot, separated from the ID.4 by Renault’s Car of the Year-winning 5.

EV Sales by Model, Feb 25

The latest crop of EVs have almost combustion-like driving ranges, and now BYD is attempting to remove one of the other major barriers preventing some ICE car drivers from making the switch. Electric vehicles built around its new Super E-Platform are able to ‘fill up’ as quickly as you can tank-up your petrol vehicle.

Launched this week in China the new architecture and matching chargers use their 1,000-volt technology to pump out/accept a peak of 1,000 kW. That enables EV drivers to add 249 miles (400 km) of additional driving miles in only 5 minutes.

Related: Xpeng’s New G6 Can Add 280 Miles Of Range In Just 10 Minutes

Even those with only as passing interest in EVs will know that is insanely rapid. In the West most EVs still rely on 400-volt tech and can’t handle more than 200 kW of juice. The few that can, like cars using Hyundai-Kia’s E-GMP platform, have 800-volt electrics, and are able to make sense of of 350 kW chargers, though they never actually draw that many watts.

The announcement came during a livestream event held at BYD’s Shenzen HQ when founder Wang Chuanfu committed to the rollout of more than 4,000 megawatt charging units across China, without giving any kind of timeframe.

Drivers of 350 kW cars in the West will be aware that you can’t always make use of your 800-volt EV’s maximum charging capabilities so BYD will need to get those chargers out quickly, which is easier said than done. Dropping in 1 MW chargers is a lot more complicated than adding a 50 kW unit, and costs a ton more money due to the infrastructure upgrades needed. 

BYD also debuted the Han L and Tang L EVs, which make use of the Super E-Platform. The Han sedan and Tang SUV lineups both start with a single rear motor making 500 kW (670 hp / 680 PS) for less than $40k, while dual-motor AWD versions generate 810 kW (1,086 hp / 1,101 PS), Car News China reports.

Images: BYD

BYD’s Ocean series continues to grow and will soon include a new EV, known as the Seal 06. The Chinese car manufacturer already sells a hybrid version of this same model, but this new electric variant is arguably even more important for the brand. Pricing and available details have yet to be confirmed.

Unlike many other electric sedans on the market, BYD has not installed a massive battery pack in the Seal 06 EV to try and eke out as much range as possible. Chinese data reveals the base model only has a small 46.08 kWh battery pack, which is only a tiny bit larger than the 45 kWh battery offered in the small BYD Dolphin hatchback. Meanwhile, the flagship Seal 06 EV features a larger 56.6 kWh pack, which is still relatively small.

Read: BYD Wants To Work With Tesla To Shift Industry To EVs

Models equipped with the 46.08 kWh pack offer a quoted range of 292 miles (470 km), while the 56.6 kWh option boosts that figure to 339 miles (545 km) on the CLTC cycle. While the relatively small battery pack does somewhat limit the driving range of the EV, the upside is that the packs weigh in at just 772 lbs (350 kg) and 904 lbs (410 kg) each, meaning the car’s curb weight varies between 1,670 kg – 1,800 kg (3,682 lb – 3,968 lb). That’s still plenty of heft, but it is relatively light for an electric sedan of this size.

The sedan is 4,720 mm (185.8 inches) long, 1,880 mm (74 inches) wide, and stands 1,495 mm (58.8 inches) tall with a 2,820 mm (111-inch) wheelbase. By comparison, the regular Seal introduced a couple of years ago and sold internationally is 4,800 mm (189 inches) long, 1,875 mm (73.8 inches) wide, and 1,460 mm (57.4 inches) tall, with a larger 2,920 mm (115-inch) wheelbase.

Visually, the Seal 06 EV looks very similar to the DM-i plug-in hybrid model, with a few refinements taking on the front fascia. It also has similar taillights and a rear light bar to that model, as well as the BYD Seal 06 GT hatchback.