Here’s how China beat everyone to be world leader in electric vehicles

In the race to reduce carbon emissions, countries from the US to New Zealand are doling out incentives to spur electric-vehicle sales — tactics China used for years as it turned into the biggest EV market on Earth.

Beijing’s success is breathtaking. EVs accounted for a quarter of all passenger cars sold in China last year, far ahead of the roughly one in seven in the US and one in eight in Europe. And the pace is accelerating. HSBC expects the EV penetration rate in the world’s second-largest economy to reach 90% by 2030.