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Electric cars in China

Chinese EV startups' sales accelerate despite pressure from Tesla

Unfazed by US rival's price cuts, Nio, Xpeng and Li Auto seen profitable in 2022

The U.S.-listed shares of Nio, Xpeng and Li Auto have surged over the past year, pushing their valuations higher than some of the world's biggest automakers. (Source photos by AP and Reuters) 

HONG KONG -- China's emerging electric vehicle brands have reported strong sales and narrowed losses last year despite Tesla's aggressive pricing strategy to gain customers in the world's largest auto market.

While overall car sales have declined for three consecutive years in China due to a slowing economy, sales of electric vehicles are still growing strongly. Analysts say more people in China have been enticed to replace their internal combustion engine (ICE) cars with clean-energy models thanks to Tesla's popularity and policy support from Beijing.

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