Abstract: A paradigm shift will open windows of opportunity as well as bring high uncertainty. What catch-up paths should latecomer firms choose to catch up with leading ones in such a situation? For this question, the paradigm shift driven by new energy vehicles’ development is taken as the research context, and typical automobile enterprises are selected from China’s market; and then according to the comparative firm advantage (CFA) view, a theoretical model is built by including technologies and products of new and old paradigm, leading firms and latecomer ones. Based on the analysis three catch-up paths are identified and named phased, plunge, and hybrid respectively. These paths are significantly different in operation ways, requirements to firms’ CFAs and competitive advantages, and critical factors to catch-up fulfillment. At present, phased and plunge catch-up paths are the favorite alternatives of most Chinese enterprises. However, hybrid catch-up path should also be a future option of Chinese enterprises, especially of the state-owned enterprises.