Over the last decade, the electric vehicle (EV) market has experienced historic growth. In 2021, nearly one in every ten cars sold globally was an EV. The global EV sales in 2022 were up 62% in the first half of the year compared to 2021, and more than two million EVs were sold in Q1 of 2022 alone. As the energy landscape changes, so do many other industries. The automotive sector is in the spotlight now for its transition to electric vehicles (EVs) and is heavily invested in the future of the energy sector.
With that in mind, more and more car companies are shifting to electric propulsion, and new businesses are entering the arena to showcase their exciting innovations that are more energy-efficient and digitally advanced. Once considered an unprofitable niche, electric vehicles (EVs) are now big business. According to the International Energy Agency, sales surpassed 10 million, and 14% of cars sold were electric in 2022. The biggest EV automakers have also significantly increased production, with some more than doubling their annual volume.
That has led to a shakeup at the top of the rankings for this year. Here are the 5 largest EV companies worldwide, including a new company at No. 1.
- BYD
Chinese conglomerate BYD Company, short for “Build Your Dreams,” is the global leader in EV manufacturing. It produces personal and commercial EVs, monorail systems, and mobile phone components. Multiple Chinese automakers ramped up EV production in 2022, and BYD was one of them. Its EV volume grew by more than 200%, allowing it to jump several places and take the top spot on this list.
BYD’s most popular line of vehicles is its Dynasty Series, named after China’s imperial dynasties. Models include the BYD Qin, at one point the best-selling EV in the world, and the automaker’s flagship sedan, the BYD Han. The Chinese upstart, now market leader, soars above Tesla in the first quarter of 2023 and achieves a market share of 21.1%.
The company has been navigating pivotal changes in the industry, which have affected the supply chains between China and the US. With both countries looking to retain their markets to allow their local industries to grow, China’s BYD is driving more adoption across all areas and has seen a great reception of its latest electrified car models.
In 2022, BYD produced an incredible number of new energy vehicles, amounting to a total of 3.34 million units and a revenue of US$43.26 billion (CNY 324.7 billion).
Auto manufacturer and clean energy company Tesla exploded onto the scene to become one of the world’s largest companies in less than two decades. In 2021, it became just the sixth company to break a market cap of $1 trillion. Tesla’s vehicles are extremely popular and have set multiple sales records. The Model 3 was the first EV to pass 1 million in global sales. In the first quarter of 2023, the Model Y became the best-selling car worldwide, making it the first EV to hold that title.
While Martin Eberhard and Marc Tarpenning incorporated Tesla as Tesla Motors in 2003, the company is more closely associated with CEO Elon Musk. Musk first invested in the company in 2004, becoming the largest shareholder and chairman of the board. He has served as CEO since 2008. Still not giving away the leading position easily, Tesla remains one of the top brand choices for EV drivers, with a 16% share of the overall market in the first quarter. This year, they also marked great strides for the company as the first to produce the Tesla Semi for the fleet sector, introducing the updated base Model Y.
The company’s CEO, Elon Musk, was heralded as the world’s richest man again in July 2023, and the company announced further excitement as the Tesla Electric business looks to develop further supply chains globally. Also, news of the company’s innovation base in India is set to raise the profile of EVs further across the country.
German auto giant Volkswagen has a longer history with EVs than many people realize. It started developing EVs in 1970 through its Centre for Future Research, led by Dr. Adolf Kalberlah. The first all-electric Volkswagen was called the Elektro Transporter, with a range of 43.5 miles and a 10-hour charge time. While Volkswagen experimented with EVs for decades, it announced in 2017 that it was making them a focus for the consumer market. The ID. series is its current EV lineup, including the ID.3 hatchback, the ID.4 crossover SUV, and the ID.7 sedan.
The traditional German OEM is leading the way among all heritage car companies as it takes the top spot for the businesses’ transitions from ICE vehicle ranges to all-electric ones. Achieving an overall EV market share of 6.88%—as recorded by the research organization Counterpoint and its Global Passenger Electric Vehicle Model Sales Tracker—Volkswagen is well on its way to becoming fully electric.
The company has also gained the attention of one of London’s most prestigious fleet businesses as the primary transition partner for Addison Lee, and the company is now scaling back production of its ICE vehicles to make room for more EVs.
- General Motors
General Motors dipped its toe in the EV world in the 1990s when it produced the General Motors EV1. It was the first modern EV from a major manufacturer and was only available through lease agreements. Although it was popular with drivers, General Motors didn’t expect EVs to be profitable, so it discontinued the program and destroyed most of them. What a difference a few decades make since General Motors is now one of the top-five largest EV companies in the world. It has also announced plans to offer EVs and end the production of its gas-only and diesel-powered vehicles by 2035.
General Motors has launched (or announced plans to launch) EVs across all its core auto brands (Chevrolet, Buick, GMC, and Cadillac). The Chevrolet Bolt is the most popular so far, but it’s being phased out to transition to new EV models.
Daring to be different, the US-based automotive giant is climbing up the chain as it brings its heritage automobiles into the world of electrified ones. One of the company’s most intuitive models is the Hummer EV, which showcases some technological details that can be applied to make an out-of-this-world electric car. Achieving a 4.71% share of the EV market, the company’s CEO, Mary Barra, is keen to drive positive change through electrification.
- GEELY
One of the largest Chinese automobile manufacturers, GEELY, saw its EV sales skyrocket by more than 300% in 2022. Geely controls quite a few auto brands worldwide, with Volvo likely being the most recognizable in the U.S. Geely has multiple EV-only brands, including luxury EV brand Zeekr and Swedish Polestar. Geely Auto offers entry-level EVs through its Geometry product line and upscale hybrids and EVs through its Geely Galaxy brand.
Experiencing significant growth in 2022, GEELY is now operating more in the EV space. With the launch of the latest brand, Zeekr, and the transition of its UK-based company, Lotus, some major changes are happening for the organization to acquire a 5.86% market share. The company attributes this growth to the number of automotive brands making tracks in the market, including the growth and innovation of Volvo and Polestar, as well as new pure-play EV brands like Lynk & Co and the taxi arm of the business, LEVC.
In conclusion, the global EV market is expanding rapidly, and these five companies are leading the charge. These have all significantly contributed to the EV industry’s growth and development. With their innovative technologies, increased production volumes, and commitment to sustainability, these companies are shaping the future of transportation and driving the transition toward a more electric and sustainable future.