"The pace of innovation in China is simply astonishing. E-mobility is now a day-to-day commodity, as the sector is thoroughly industrialized," he said.

"China is also full of tech-savvy consumers. They demand products with advanced connectivity, social networking and entertainment capabilities."

Nio, a startup listed in New York, entered Europe in 2021, starting out in Norway. Last year, it expanded into four other European countries, including Germany and Sweden.

Within a month of setting up in Germany, the company's ET7 electric sedan became the first Chinese model to win the much-coveted Golden Steering Wheel award in the country where modern vehicles were invented.

Defeating rivals such as the Mercedes-Benz EQE and the Citroen C5 X, the ET7 was named best model in the Medium and Upper Class category.

The Golden Steering Wheel is one of the most prestigious and oldest awards in the automotive industry. It has been won by the best new car models in Germany since 1976, and usually the awards go to European and Japanese models.

Since reaching the global market last year, BYD's Atto 3 has added another two successes to its long list of awards.

Last month, the model was named Best EV SUV at the Car of the Year 2023 awards ceremony in Thailand. The same month, it was named Best Electric Vehicle Under $70,000 at the 2023 Drive Car of the Year awards in Australia.

Late last year, SIXT, a rental car company in Germany, ordered thousands of Atto 3s as part of a six-year deal that involves buying about 100,000 vehicles from BYD.

Zhao, from SAIC International, said one of the keys to its success in overseas markets is to offer competitive products based on an understanding of local customers' demands.

"Every week, I have a four-hour meeting with our research and development colleagues," said Zhao, who provides feedback acquired from direct exchanges with overseas car buyers and potential customers.