As of December 2023, China had the largest stock of plug-in electric passenger cars with 20.4 million units, almost half of the global fleet in use. China also dominates in deployment of plug-in light commercial vehicles and electric buses. In 2019, more than 500,000 electric buses and almost 250,000 electric light commercial vehicles were operating in the country. That’s 98 percent of the global stock of electric buses and 65 percent of the global fleet of electric commercial vehicles.

One of the newest EV OEMs in China is Hycan Automotive Technology Co. Ltd. Headquartered in Guangzhou, China, the company was formed in April 2018 as a joint venture between GAC Group (the fifth largest automobile manufacturer in China) and Chinese EV startups GAC Aion and Nio Inc.