BYD has overtaken Tesla as the world’s biggest selling electric vehicle maker, and other Chinese manufacturers will soon join it as they lead the electric revolution at the expense of their Western competitors.

“We believe BYD and other leading Chinese [manufacturers] are set to conquer the world market with high-tech, low-cost EVs for the masses, hereby accelerating global EV adoption,” investment bank UBS said in a report.

UBS and other experts said only Tesla can keep pace with the Chinese.

Europe will be the main target and exclude the U.S., at least for now, according to the Wall Street Journal.

“Western countries are getting anxious about cheaper Chinese EVs flooding their markets. Europe has launched an anti-subsidy probe into EVs from China, while the Biden administration is considering raising tariffs on Chinese EVs,” said the WSJ’s Heard on the Street columnist Jacky Wong.

No Chinese EVs are sold in the U.S. because of rules excluding batteries and other components produced by Chinese manufacturers from its supply chain under the Inflation Reduction Act.

BYD accelerated past Tesla to claim the title of the world’s biggest seller of EVs in 2023’s fourth quarter, selling about 530,000, beating Tesla’s 485,000.

UBS said EV demand in Europe will remain lackluster in 2024, with the Chinese adding up to 200,000 vehicles to the total market reaching about 1,950,000. But after that, watch out Europe.

“We expect Chinese [manufacturers] to own one-third of the global [EV] car market by 2030. Europeans most at risk,” UBS said.