Chinese firms prepare to charge into Europe's electric car market

Tesla boss Elon Musk is not known for admiring his competition, but when Chinese manufacturer Nio made its 100,000th electric car last week, he offered his congratulations. It was a mark of respect from a chief executive who had been through "manufacturing hell" with his own company. Yet it is also a sign of the growing influence of China's electric carmakers. They are hoping to stake out a spot among the heavyweights of the new industry and bring a significant new challenge to Tesla – and to the rest of the automotive industry as it scrambles to catch up. Tesla mania and cheap money have pushed the market valuations of a clutch of electric carmakers to astonishing levels.