Chinese brands are dominating the new energy vehicle market in China, causing global car brands like Volkswagen, Nissan, and Hyundai to struggle. China's transition away from internal combustion engines to electric vehicles has resulted in new energy vehicles accounting for over one-third of new passenger car sales in the country this year. While Volkswagen remains a major player in the Chinese car market, it has not gained much traction in the electric car space. Chinese brands like BYD are quickly gaining market share, and China is on track to become the world's biggest exporter of cars.

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