In Depth: New Battle Lines Emerge in China’s Shifting NEV Market

As China winds down the generous consumer subsidies which helped its market for new-energy vehicles surpass that of any other country, the landscape is shifting.

While the largest players — Tesla and homegrown giant BYD — look set to hold onto their leading position for now, the second tier of companies is facing increasing challenges.

The U.S.-listed trio of firms that make up the second-string — Nio, Xpeng and Li Auto — are seeing their first-mover advantage erode.