BYD is the only new energy comprehensive solution provider from China that entered the list.

Time recognized BYD's battery-electric bus manufacturing business and cited the "revving up" of BYD's electric passenger car business, including the popularity of the new luxury sedan, Han,launched in China in July.

The article also mentioned the company's business in the United States and Europe, as well as a partnership to build Japan's first pure electric bus-loop line.

The magazine said China owns the world's largest automobile market, and the country's EV market has been rapidly developing in recent years.

The report released on Wednesday by Beijing-based app tracker Analysys Qianfan showed there were more than 400 EV manufacturers in China. By February, there were 288 pure EVs for sale, making the country the largest in the world in terms of variants.

Also, according to the report, China's pure EV sales volume in March doubled the level in the same period in 2020, while quadrupling that in March 2017, demonstrating the rapid development of the sector in recent years.

China's 2021 Government Work Report said China will make concrete efforts to achieve peak carbon emissions by 2030 and carbon neutrality by 2060.

The country will draw up an action plan for carbon emissions to peak by 2030 and improve its industrial structure and energy mix, the report said.

"We are honored Time recognized BYD for its contributions to the transportation business worldwide," said Stella Li, executive vice-president of BYDand president of BYD Motors Inc.

The company said that as an industry leader, it will continue to leverage its innovative technology for cars, buses, trucks, forklifts and rail systems to combat climate change, setting an example for other industry players in the country.