China’s electric vehicle (EV) space is growing at a rapid pace.
While BYD Company (SGX: HYDD) has long captured the attention of global investors, a new wave of Chinese EV makers is quickly rising to prominence.
Here are three companies that are not just riding the EV wave, but are at the forefront of it.
XPENG Inc (NYSE: XPEV)
XPeng specialises in smart EVs with advanced autonomous driving and navigation systems driven by artificial intelligence (AI).
In the first quarter of 2025 ending on 31 March 2025 (1Q 2025), XPeng reported a revenue growth of 141.5% year-on-year (YoY) to RMB15.8 billion.
Despite the sharp revenue growth, XPeng reported a net loss of RMB660 million during this quarter.
However, this was a stark improvement of 51.5% compared to 1Q 2024 which had a net loss of RMB1.4 billion.
This growth was driven by a surge in deliveries of 94,008 vehicles which was a 330.8% YoY.
Management also highlighted cost reductions as one of the reasons for the improvement in net losses.
On 1 January 2025, XPeng and Volkswagen Group China announced a Memorandum of Understanding (MOU) for the joint construction of 20,000 charging stations in over 420 cities in China.
This MOU should result in increased operational efficiency as cost and resources are shared with a global automobile powerhouse.
The collaboration also expands XPeng’s charging network which increases convenience, thereby enhancing customer engagement.
Li Auto Inc (NASDAQ: LI)
Li Auto focuses on extended-range electric vehicles which mainly includes high-tech sport utility vehicles for families.
In 1Q 2025, Li Auto reported a climb in total revenue of 1.1% YoY to RMB25.9 billion.
The firm also saw a rise in net profit of 9.4% YoY to RMB646.6 million.
This robust performance was due to the increase in vehicles delivered by 15% YoY to 92,864 units combined with effective cost management.
On 29 July 2025, Li Auto released the Li i8, a six-seat battery electric family SUV.
The Li i8 features the ternary lithium 5C battery pack which has a 500-kilometer driving range with only ten minutes of charging, which gives the vehicle an edge over its competitors because of its convenience.
The Li i8 Max and Ultra models will also have the Li AD Max assisted driving system which uses reinforcement learning to enable the system to be an increasingly intuitive personal driver.
The rolling out of the Li i8 line allows Li Auto to tap into the demand for luxury EVs and improve its bottom line.
Zeekr Intelligent Technology Holding Ltd (NYSE: ZK)
Zeekr is a Chinese luxury EV manufacturer with advanced integrated software in its vehicles.
In 1Q 2025, Zeekr reported a revenue growth of 1.1% YoY to RMB22 million.
The company also saw an improvement in net losses of 60.2% from RMB1.9 billion in 1Q 2024 to RMB763 million in 1Q 2025.
This strong showing can be attributed to the acquisition of Lynk & Co, a Chinese-Swedish EV manufacturer of software-integrated pure and hybrid EVs, which expanded Zeekr’s global user base to 1.9 million users.
For 1Q 2025, management also stated that enhanced platform integration and tight supply chain control were the drivers for profitability.
On 23 April 2025, the Zeekr 9X model was unveiled at the 2025 Shanghai Auto Show.
The Zeekr 9X is the firm’s first hybrid model with new benchmarks across multiple aspects.
These include the integration of Contemporary Amperex Technology Co Ltd or CATL’s (SHE: 300750) Xiaoyao battery which delivers the longest all-electric range for all hybrid SUVs globally.
The SUV also debuts Zeekr’s latest G-Pilot H9 autonomous driving system which enables L3-level driving capabilities.
L3-level driving capabilities include hands-off autonomous driving with minimal human intervention.
The release of Zeekr 9X expands its product offerings from solely producing pure EVs and strengthens its technological innovation moat.
Get Smart: Rising powerhouses shaping China’s EV future
China’s EV companies are rapidly closing the gap with global incumbents through innovation and strategic expansion.
Although BYD often steals the spotlight, the three rising players above are proving that they have what it takes to lead the wave of electric mobility.
It is important that Smart Investors do not let these firms fly under the radar.
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Disclosure: Gabriel Lim does not own shares in any of the companies mentioned.
