By 2023, the global electric vehicle (EV) market wasn’t the future, it was the present—and competition among automakers was accelerating. In China, the battle for primacy was shaping up between the local Build Your Dreams (BYD) company and Tesla, the fast-charging American firm. This case centers on an investment proposal a young financial adviser is preparing for a client considering a major investment in BYD. The undisputed market leader in China was BYD—but did it have the technological expertise and capabilities to compete internationally with not only Tesla but global giants Volkswagen AG and General Motors Company? The adviser felt certain that the outcome of the contest between Tesla and BYD in China would signal who would lead the global EV market in the long run. The stakes were high for her client—and for her. This case has been assigned in an advanced strategy seminar on competitive dynamics at the University of Virginia Darden School of Business.