As big tech enters the race, PE-VCs look for next big thing in China’s growing EV market

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A few years after investing in China’s electric vehicle (EV) market, and witnessing its ups and downs, investment veteran James Mi is finally buying himself an electric car. His first EV purchase, he told DealStreetAsia, “will definitely be a domestic brand”.

Mi, the founding partner of venture capital (VC) firm Lightspeed China Partners, and his team made their initial bets in China’s EV industry in 2018, by when the country, driven by years of generous government subsidies, had become the world’s biggest EV market, accounting for over half of global EV sales.

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