Chinese EV makers zooming by pioneer Tesla

Granted, Tesla’s share price has bounced on short covering and the return of perennial optimism after dropping by more than 40% since the beginning of the year.

But the Beijing International Automotive Exhibition should serve as a reminder that rivals in growing numbers have caught up with the electric vehicle (EV) pioneer – and are increasingly making it look like an ordinary car company.

About 1,500 makers of new energy vehicles (NEVs) and components are exhibiting at the exhibition – also called Auto China 2024 – that runs from April 25 to May 5. NEVs include battery-powered electric vehicles, electric motor and internal combustion engine hybrids and hydrogen fuel cell-powered vehicles.

The organizers of the event report that 278 NEVs including 117 new models are on display. Of the new models, 30 are from foreign companies – indicating a level of interest at variance with Western politicians’ hostility toward China.

Chinese exhibitors include top NEV brands BYD, Geely and Changan; battery EV specialists GAC Aion, Li Auto, Nio and Xpeng; and Xiaomi, a cell phone maker and software company that has started selling connected cars.

Component makers include Huawei and autonomous driving specialist Horizon Robotics, which ranks second to Nvidia in autonomous driving computing systems in China.

Foreign exhibitors include VW Group brands Audi, Porsche and Volkswagen, BMW and Mercedes-Benz, Hyundai and its affiliate Kia, Ford and Japan’s top three automakers, Toyota, Nissan and Honda.

Tesla is not there.

On April 25, Toyota and Tencent announced plans to collaborate in the development of electric vehicles for sale in China. Tencent, which has expertise in cloud computing, data processing and high-volume internet services, has