Shenzhen-based BYD is one of the world’s most vertically integrated EV producers—meaning it makes the batteries, many of the vehicle components, and the cars themselves—but it actually started out as a battery company. Its biggest rival in the Chinese battery space is Contemporary Amperex Technology, a company that in 2021 was the world’s largest EV battery producer, with a 32.6 percent market share. This was largely due to CATL dominating the Chinese market with a 52 percent share.
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