Xi'an, a city in northwest China's Shaanxi Province, on Feb. 25, 2020.
Liu Xiao Xinhua—eyevine/Redux

The auto market in China is the world’s largest, and the race is on to make inroads with electric vehicles. While Tesla is the market leader globally, Chinese BYD—backed by Warren Buffett—is revving up. Although the company’s sales of battery-powered electric passenger cars fell 11% in 2020, demand for its electric luxury sedan, launched in July, is steadily rising. BYD also manufactures electric buses in the U.S. and Europe and has entered into a partnership to help build Japan’s first pure electric bus-loop line. Among its other businesses: rail systems, batteries—for consumer goods as well as renewable-energy storage­—and components for handheld electronics. The company’s Hong Kong–listed shares are up more than 300% over the past 12 months.

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Write to Amy Gunia at amy.gunia@time.com.