We will take a look at the 15 biggest electric car companies in the world. To skip our analysis of the recent market trends, you can go directly to see the 5 Biggest Electric Car Companies in the World.
Adaptation and demand for electric vehicles has picked up in recent years with deteriorating climate conditions caused by high carbon emissions. Federal and local governments across multiple nations have introduced regulations to reduce the carbon footprint and incentives to accelerate the shift towards clean energy vehicles.
The European Union has set a target to reduce net greenhouse gas emissions by at least 55% by the end of the decade. As part of this target, the European Union is aiming for at least 50% share for electric vehicles for vehicle sales by 2030. The United States government has also announced a similar target for the country. McKinsey expects electric vehicle adoption to gain a 45% share on a global level by 2030 while Europe is expected to reach 75% electric vehicle share by the same time.
Global electric vehicle sales have shown strong growth during the last couple of years. The trend has continued in 2022 with 4.3 million battery electric vehicles (BEV) and plugin hybrid electric vehicles (PHEV) delivered during the first half of the year, 62% more than the first half of 2021. The share of electric vehicles in the global light vehicles market increased to 11.3% during the six months, as compared to 6.3% in H1 2021. Tesla, Inc. (NASDAQ:TSLA) sold the highest number of BEVs during the first half of the year, followed by BYD Co, GM, VW Group, and Hyundai Motor, respectively.
We have picked the top 15 EV companies based on their market capitalization. Some of these companies have made their mark on the automotive industry in recent years and only manufacture pure electric vehicles, such as Tesla, Inc. (NASDAQ:TSLA), Rivian Automotive, Inc. (NASDAQ:RIVN), Lucid Group, Inc. (NASDAQ:LCID), NIO Inc. (NASDAQ:NIO), and Li Auto. We also picked well-established automotive brands that have recently forayed into the electric vehicle segment, such as BMW, Ford, GM, and Mercedes, among others.
Biggest Electric Car Companies in the World
15. Li Auto Inc. (NASDAQ:LI)
Market Capitalization: $14 billion
Beijing, China-based Li Auto Inc. (NASDAQ:LI) is a leader among electric vehicle companies in China. The company designs, develops, manufactures, and sells premium smart electric vehicles. It had 271 retail stores in 119 cities, as well as 316 servicing centers and authorized body and paint shops operating in 226 cities in China.
Li Auto Inc. (NASDAQ:LI) holds the pioneering position for commercialization of extended-range electric cars in China. Its product portfolio includes Li ONE, a six-seat, large premium smart electric SUV, and Li L9, a six-seat, full-size, flagship smart SUV. It started volume production of its cars in November 2019 and has delivered a cumulative total of 211,015 vehicles as of September 2022.
14. NIO Inc. (NYSE:NIO)
Market Capitalization: $15.7 billion
NIO Inc. (NASDAQ:NIO), based in Shanghai, China, is a leading company in the premium smart electric vehicle market. Founded in 2014, the company designs, develops, jointly manufactures, and sells premium smart electric vehicles with advanced capabilities in autonomous driving, digital technologies, electric powertrains, and batteries.
NIO Inc. (NASDAQ:NIO) began deliveries of its first model in June 2018 and has since made cumulative deliveries of 249,504 vehicles, as of September 2022. Its product portfolio comprises ES8, a six- or seven-seater flagship SUV; the ES7, a five-seater SUV; the ES6, a five-seater high-performance SUV; the EC6, a five-seater coupe SUV; the ET7, a flagship sedan; and the ET5, a mid-size sedan.
NIO Inc. (NASDAQ:NIO) has set itself apart from its competitors through its battery swapping technologies. All of its vehicles support battery swapping which allows users to swap batteries for fully charged ones within minutes. As of December 31, 2021, the company had 777 power swap stations across 183 cities in China, which had completed 5.5 million battery swaps cumulatively as of the same date.
13. Lucid Group, Inc. (NASDAQ:LCID)
Market Capitalization: $23.3 billion
Newark, California-based Lucid Group, Inc. (NASDAQ:LCID) is an electric vehicles company founded in 2007. Its first car, Lucid Air, is a luxury sedan with a sleek design that features luxurious full-size interior space. The car was named the 2022 MotorTrend Car of the Year due to its superior proprietary powertrains and race-proven battery technology. It features an estimated 516 miles of range or 1,050 horsepower, which is significantly superior to other electric cars in the market.
Lucid Group, Inc. (NASDAQ:LCID) completed the construction of its first electric vehicle factory, located in Casa Grande, Arizona, in December 2022. The plant had initial capacity to produce 10,000 cars per year with room for over 300,000 per year through planned expansions. In February 2022, the company announced that it had signed agreements with Saudi Arabia for the construction of its second factory in the country with a capacity of 155,000 electric vehicles.
12. Hyundai Motor Company
Market Capitalization: $26.5 billion
Hyundai Motor Company is a leading automobile manufacturer based in Seoul, South Korea, with a history dating back to 1967. The company offers a world-class vehicles and mobility services in more than 200 countries and employs around 120,000 personnel worldwide.
Hyundai’s portfolio of electric vehicles include GV60, a coupe crossover utility vehicle; IONIQ 5, an award-winning SUV; and IONIQ 6, a recently launched sedan with a range of up to 382 miles. The company sold nearly 52,000 units of these models during Q3 2022, which accounted for 5.1% of its total sales volume.
On October 25, Hyundai officially broke ground on its new manufacturing plant at Bryan County, Georgia site. The dedicated electric vehicle and battery plant is expected to start commercial production in H1 2025 with annual capacity of 300,000 units.
11. Great Wall Motors
Market Capitalization: $27.8 billion
Baoding, China-based Great Wall Motor Company Limited is China’s largest SUV and pickup manufacturer, selling more than 1.0 million SUVs a year through four vehicle manufacturing bases. The company owns four brands: HAVAL, WEY, GWM Pickup, and an all-electric vehicles brand, ORA.
The all-electric vehicle lineup of Great Wall Motors, built on its ME platform, consists of three models: iQ, R1 and R2. iQ. The first model of ORA is a new generation compact cross-SUV. The R series models are small new generation electric cars designed for intra-city travel. The company produced 76,707 units of ORA models during the first eight months of 2022.
10. Rivian Automotive, Inc. (NASDAQ:RIVN)
Market Capitalization: $30.4 billion
Rivian Automotive, Inc. (NASDAQ:RIVN), based in Irvine, California, designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers. Founded in 2009, the company has launched three vehicles so far, R1T and R1S adventure vehicles, and EDV – an electric delivery van custom-designed for Amazon.
Rivian Automotive, Inc. (NASDAQ:RIVN) produced 7,363 vehicles at its manufacturing facility in Normal, Illinois and delivered 6,584 vehicles during Q3 2022. In December last year, the company announced plans to expand its manufacturing operations through its second plant in the state of Georgia. The plant is slated to begin production by 2024 with capacity of up to 400,000 vehicles per year.
9. Stellantis N.V. (NYSE:STLA)
Market Capitalization: $43.3 billion
Stellantis N.V. (NYSE:STLA) is a leading multinational automaker based in Amsterdam. Its vehicles brands include Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, and Vauxhall.
Stellantis N.V. (NYSE:STLA) sold nearly 136,000 electric vehicles globally during the first half of 2022. The company offers 20 fully electric vehicles with plans to launch an additional 28 models through 2024. Leading electric vehicles in the lineup of Stellantis include Fiat New 500, Peugeot e-208, Opel Corsa-e, Peugeot e-2008, Citroen C4 and DS 3 Crossback.
Stellantis N.V. (NYSE:STLA) announced its electrification strategy in July 2021. As part of the strategy, the company aims to increase the share of electric vehicles in its sales across Europe to 100% and U.S. to 50% by the end of this decade. It plans to introduce more than 75 new EV models and reach global annual EV sales of 5 million units during this period.
8. BMW Group
Market Capitalization: $51.9 billion
Munich, Germany-based Bayerische Motoren Werke AG, known as the BMW Group, is the world’s leading premium manufacturer of automobiles and motorcycles. Founded in 1916, BMW Group owns four brands: BMW, MINI, Rolls-Royce and BMW Motorrad, and has a workforce of more than 118,000 employees. Its production network comprises 31 production and assembly facilities in 15 countries.
BMW Group delivered 128,196 units of electric vehicles to its customers across the globe during the first nine months of 2022. Its electric vehicle lineup includes BMW i3, MINI Electric, BMW iX3, BMW iX, BMW iX1, BMW i3, BMW i4, and BMW i7.
7. Ford Motor Company (NYSE:F)
Market Capitalization: $53.3 billion
Dearborn, Michigan-based Ford Motor Company (NYSE:F) is a global automobile manufacturing company that offers trucks, sport utility vehicles commercial vans and cars and Lincoln luxury vehicles, as well as connected services. The company was founded in 1903 and has since grown significantly. It currently employs more than 175,000 personnel worldwide.
The electric vehicle lineup of Ford Motor Company (NYSE:F) consists of Ford-150 Lightning pickup truck, Ford Mustang Mach-E all-electric SUV, and Ford E-Transit commercial van. The company has set up four electric vehicle manufacturing plants in the North America and benefits from an extensive dealership network in the U.S. with more than 2,300 EV-certified dealers across all 50 states – plus 644 EV-certified commercial vehicle centers
6. General Motors Company (NYSE:GM)
Market Capitalization: $56.0 billion
General Motors Company (NYSE:GM) is a leading multinational automotive company focused on manufacturing and sale of trucks, crossovers, cars and automobile parts and accessories across the globe. Major brands such as Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, and Wuling fall under its wings. It has more than 110 facilities and above 4,000 dealers in the US. Based in Detroit, Michigan and sold 2.86 million vehicles in 2021.
The electric vehicle lineup of General Motors Company (NYSE:GM)consists of GMC Sierra EV Denali, Cadillac CELESTIQ, Chevrolet Equinox EV, Chevrolet Blazer EV, GMC HUMMER EV Pickup, GMC HUMMER EV SUV, Cadillac LYRIQ, Chevrolet Silverado EV, and Cruise Origin. The company is targeting 1.0 million EV annual production capacity by 2025.
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Disclosure: None. 15 Biggest Electric Car Companies in the World is originally published on Insider Monkey.