The Real Story Behind China's EV Rise

How did China build a world-leading EV industry? China didn't just pick winners. Local governments and private entrepreneurs played a critical role alongside a broader national push into batteries and electric vehicle technology.

In this episode, I talk with Fengming Lu, an assistant professor at Australian National University, about China's decades-long effort to build a world-class auto industry, its pivot to EVs, and what lessons other countries might learn.

We discuss:

• How Chinese local governments act like VC investors

• What China learned from foreign automakers like GM, Volkswagen

• The rise of upstarts like Geely, Chery, and BYD

• What caused a wave of Chinese EV startups like NIO, Xpeng, Li Auto

• The "Hefei model"

Links:

• The Rise of China’s Electric Vehicle Industry: Strategic Alliances Between Local Governments and Private Capital

• Fengming's personal website

• Fengming on Twitter / X

For transcripts and more information, check out the High Capacity newsletter.

Follow host Kyle Chan on Twitter / X