Rivian‘s founder and Chief Executive Officer RJ Scaringe praised BYD and Xiaomi for their highly competitive EVs, both in technology and pricing, while also acknowledging that government subsidies give them an important advantage. “Companies like Xiaomi or BYD very much technically demonstrate a lot of leadership, and then from a price point of view, are quite competitive,” the CEO exemplified. Automaker BYD produces both battery electric (BEV) and plug-in hybrid vehicles (PHEV) and has expanded across the globe in the past few years. Xiaomi, a tech giant, has only started producing electric vehicles in early 2024; however, it has quickly outpaced several of its rivals. The main difference is the cost structure, which can be explained by government subsidies and cheaper labor costs in China.