The new energy vehicle (NEV) industry experienced explosive growth in 2021. In the first ten months of the year, the NEV market penetration rate in China came in at nearly 13%, up 8% from 2020. This robust growth has made NEVs a tantalizing proposition for three major players: traditional vehicle manufacturers, emerging NEV companies, and tech giants. These players are now competing on software R&D, new business models, and branding.

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