Take a look at Tesla's 4 biggest rivals in China's booming, $124 billion electric-vehicle market

Electric vehicles are big business in China.

China's EV market was the largest in the world in terms of passenger car sales in 2020, according to the World Economic Forum, citing data from the European Automobile Manufacturers Association, China Association of Automobile Manufacturers, and EV Volumes. It was worth $124.2 billion in 2021, according to data from Mordor Intelligence — and it's expected to balloon to $799 billion by 2027.

With the exception of Tesla, four out of five of China's top car manufacturers are homegrown. Tesla had the third-largest share in China's EV market from January to May, according to widely cited data compiled by EV Volumes. The US company, run by billionaire Elon Musk, currently holds 6.6% of the market in China, per EV Volumes. It sold 319,102 units in China in 2021.

Unlike Tesla, China's domestic manufacturers do not exclusively produce EVs — they also produce diesel-run automobiles.

Take a look at Tesla's four fiercest homegrown competitors in China. The manufacturers are arranged from smallest to biggest market share in China's EV industry. The manufacturers' market shares reflect data from January to May, sourced from EV Volumes.

Year founded: 1954

Number of units sold in 2021: 535,000

Market share in China from January to May: 4.2%

State-owned manufacturer GAC accounted for 4.2% of China's EV market from January to May, per a report by industry publication Inside EVs, citing data by EV Volumes.

The GAC Aion S is one of the company's most popular models. The compact electric sedan was first produced in 2019, and was the seventh best-selling electric vehicle in China in May. As of 2020, it retails for a starting price of 139,800 Chinese yuan, or $20,891.

Year founded: 1997

Number of units sold in 2021: 109,028

Market share in China from January to May: 4.9%

Chery, a state-owned corporation based in Anhui, was founded in 1997. It held a 4.9% market share in the country from January to May.

Chery is best known for its BHV ultramini hatchback, the Chery QQ Ice Cream. The model is one of the cheapest EVs on the market. It was launched in 2021 and was the ninth-best-selling EV in China from January to May. As of December 2021, the hatchback retailed for 29,900 Chinese yuan.

Year founded: 2002

Number of units sold in 2021: 452,000

Market share in China from January to May: 10.1%

SAIC-GM-Wuling, also known as SGMW, is a joint venture between three companies: SAIC Motor, General Motors, and Liuzhou Wuling Motors Co Ltd. It was founded in 2002.

The company's Wuling Hongguang Mini EV, a microcar, was the best-selling plug-in vehicle in China in 2021. It sold more than 161,500 units from January to May. As of 2021, the model cost at least 28,800 Chinese yuan ($4,104) making it the cheapest electric vehicle in China.

Year founded: 2003

Number of units sold in 2021: 593,743

Market share in China from January to May: 27.9%

BYD is China's top EV manufacturer: The Guangzhou-based conglomerate had a 27.9% market share in China from January to May. BYD Co. Ltd — the manufacturer's parent company — was founded in 1995 by Chinese billionaire Wang Chuanfu.

Five of the 10 best-selling plug-in vehicles in China from January to May were made by BYD. The manufacturer creates both battery-powered electric vehicle, or BEV, and plug-in hybrid electric vehicle, or PHEV, versions of many of its plug-in vehicle models.

The BYD Song, a compact SUV, was the second-best-selling plug-in vehicle in China from January to May.