The Chinese electric vehicle industry is having a moment right now, as leading automakers reveal new technologies and deals and a major rival struggles to bounce back.

It’s no secret that the nation’s — heavily subsidized — automakers have been moving at what experts have nicknamed “China speed,” rapidly investing in and improving their tech. Not only is China home to an auto market that’s almost as big as the American and European markets combined, but it’s also the biggest producer and exporter of vehicles.

Global sales of EVs surged last month to 1.2 million units, a 50% year-over-year jump, according to data compiled by Rho Motion. Roughly a quarter of those sales occurred in China. BYD (BYDDY), China’s biggest EV maker, sold 87,473 new energy vehicles last month, including 43,173 all-electric units, an increase of 764% compared to a year earlier.

“Much of the growth continues to come from China which [is] seeing a pure electric renaissance this year compared to the hybrid love affair of 2024,” said Rho Motion data manager Charles Lester. “Despite high tariffs, their domestic brand, BYD, shows no signs of slowing down their home and international expansion.”

BYD has entered more than 70 countries and regions, selling 1.76 million battery EVs — less than Tesla’s (TSLA) 1.79 million —and 4.27 million new energy vehicles throughout 2024. It’s dominated the mass market, selling vehicles for as little as $9,500 or as much as $233,000, while improving key tech.

The automaker has also focused on artificial intelligence, which is expected to be an eventual game-changer for the auto industry.

Most major companies already equip their cars with some level of advanced assisted driving system (ADAS), like Ford Motor Co.’s (F) BlueCruise or Xiaomi’s (XIACF) Hyper Autonomous Driving. Zeekr (GELYF) and Xpeng (XPEV) this week said they would begin selling EVs with tech that lets drivers take their hands off the steering wheel, while Tesla is seeking approval to bring its advanced software to China.

However, those types of systems usually cost additional fees. BYD said last month it would include its “God’s Eye” feature, which includes autonomous overtaking on roads and other features, in all of its vehicles. The company is also working with Uber on autonomous vehicles.

BYD on Monday made its latest major announcement: It’s cracked the code on ultra-fast EV charging.

The company claims its “Super e-Platform” is the fastest charging system of its type for mass-market cars, capable of delivering enough power to its vehicles to travel 292 miles within just five minutes, a tad longer than it takes to fill up a tank of gas. That outperforms rival options from Tesla, Zeekr, Li Auto (LI), and Mercedes-Benz (MBGAF), among others.

BYD Chair Wang Chuanu told Bloomberg News that the company plans to set up 4,000 charging stations, although he didn’t specify a timeline for doing so. China is already home to Tesla’s more than 2,000 charging stations and Nio’s (NIO) extensive network that features almost 2,700 fast-charging stations.

Nio this week also said it would work with CATL, the world’s largest battery maker, to develop “the largest and most advanced” battery-swapping network for passenger cars. Nio already has 3,172 Power Swap Stations across more than 700 cities, with plans to cover more than 2,300 county-level divisions by the end of the year. More than 200 brands use Nio’s network.

Battery-swapping is a service that allows EV drivers to exchange their depleted batteries for charged alternatives in just a few minutes, as opposed to filling up at a charging station. Nio and CATL aim to establish a “lifecycle loop,” where they are involved from the moment a battery is developed to the day it’s recycled for parts.

“Two major events happening on the same day that could be considered two of the top 10 industry events in China in 2025,” said Lei Xing, a Chinese auto industry expert and co-host of the “China EVs & More” podcast, of BYD and Nio’s announcements. “Both far-reaching and consequential.”

Xiaomi is one of the latest entrants to China’s EV industry, better known for its smartphones and consumer tech than high-tech cars. But that didn’t stop it from launching the SU7 last year, a sedan that starts at around $30,000 and has become massively popular.

On Tuesday, the company reported an almost 50% increase in fourth-quarter revenue and raised its target for EV sales to 350,000 units from 300,000. Last year, Xiaomi delivered 136,854 SU7s. Xiaomi has pledged to invest $10 billion to produce cars over a decade

Xiaomi CEO Lu Weibing also announced a plan to begin overseas shipping in 2027. But the company already has an established track record abroad, at least with one very notable customer.

“I don’t like talking about the competition so much, but I drive the Xiaomi,” Ford CEO Jim Farley admitted on a podcast in October. “We flew one from Shanghai to Chicago, and I’ve been driving it for six months now and I don’t want to give it up.”

Xpeng on Tuesday forecasted first-quarter revenue above estimates, citing plans to expand its share of the domestic and global markets, despite the threat of high European Union tariffs on Chinese EVs. Europe, weary of Chinese firms snagging more of its domestic markets, slapped duties as high as 45.3%.

Although those measures were meant to keep Chinese firms from gaining dominance, they’ve also pushed European firms closer to China. Xpeng is working with Volkswagen (VWAGY) on new software, Stellantis (STLA) has teamed up with Leapmotor, and Renault (RNLSY) recently opened a research and development center in Shanghai.

BYD is considering building an assembly plant in Germany, in addition to two already being built in Hungary and Turkey, Reuters reports. Chery Auto, Great Wall Motor (GWLLY), and SAIC-Motor are also in the process of launching new plants in Europe.

“If there are no trade barriers established, they will pretty much demolish most other car companies in the world,” Tesla CEO Elon Musk said in January 2024 of China’s automakers. “They’re extremely good.”

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