In this article, we will discuss the 20 most valuable electric car companies in the world. This article will focus on recent industry trends and the major players in the industry. If you want to skip our analysis, you can proceed to the section highlighting the 5 Most Valuable Electric Car Companies in the World.
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The electric vehicle revolution has disrupted the automotive industry over the past decade. There has been an exponential surge in sales. This growth results from numerous factors, including rising government funding and the spread of charging infrastructure. Key technologies contributing to the growth of the EV market include battery technology, electric motors, and autonomous vehicles. Electric vehicles attract the car community with their remarkable performance, power, and torque. The EV market offers investment opportunities to investors looking for high-growth areas. You can also take a look at our article 12 Best EV Stocks To Buy For .
According to a report by Markets and Markets, the global electric vehicle market was worth $388.1 billion in and is expected to reach $951.9 billion by , growing at a compound annual growth rate (CAGR) of 13.7%. The Asia Pacific region, Middle East, and Africa are expected to drive significant growth in the global electric vehicle market. Moreover, China is expected to remain the world&#;s largest market for EVs.
Manufacturers are introducing EV variations of their most popular car models. On February 7, , Ford Motor Company (NYSE:F) revealed its all-electric Puma Gen-E in the UK, with a starting price of $32,500. BMW (OTC:BMWYY) launched its electric vehicle, the i5, worldwide on February 12, . In the United States, it debuted with a starting price of $66,800. The top-tier model, the i5 Touring, boasts a range of up to 348 miles. Tesla, Inc.'s (NASDAQ:TSLA) Model Y became the world&#;s best-selling vehicle, with 1.2 million units sold in , due to its low sticker price of $45,000. On 24 January , Reuters reported that a new generation Tesla will be launched by the second half of . with a starting price of only $25,000. Due to its affordable price, the new generation Tesla will compete fiercely with cheaper gas-powered cars.
In Q4 , Tesla, Inc.'s (NASDAQ:TSLA) revenue only grew 3%, and its gross profit dropped by 23% year over year. That's primarily due to the price cuts on the vehicles it sells. The mass production of its new Cybertruck model also came with costs, driving gross margins down. High interest rates have also affected the sales of all automobile manufacturers. Tesla, Inc.'s (NASDAQ:TSLA) Chief Financial Officer Vaibhav Taneja talked about CyberTruck's impact on gross margins in the company's Q4 earnings call:
In our vehicle business, we continue to see improvements in our per unit cost despite us being in the early phase of Cybertruck era. As a result, our auto gross margin improved sequentially. That said, predicting auto gross margins is extremely challenging since there are many moving parts to this equation, some of which are out of our control, like the change in tariffs or local incentives, to name a few. While the teams are focused on cost reductions, we are approaching the limits within our current platforms.
Continental Amperex Technology Co. Limited (CATL) (SHE:) has remained the world&#;s largest manufacturer and supplier of lithium-ion batteries used in electric cars, buses and trucks. According to a report by SNE Research, Continental Amperex Technology Co. Limited (CATL) (SHE:) produced 37% of the world&#;s EV batteries in , followed by BYD Company Limited (OTC:BYDDF) at 16%. While lithium-ion batteries currently dominate the market, companies are actively exploring new minerals to lower costs, increase range, and charge faster. Sodium-ion batteries are a safer and lower-cost option than lithium-ion batteries.
BYD Company Limited (OTC:BYDDF), with local conglomerate Huaihai Holding Group, is building a sodium-ion battery plant in Jiangsu, China, with an investment of $1.4 billion. A groundbreaking ceremony was held on January 4, . The plant is expected to have an annual output capacity of 30 GWh.
Stellantis N.V. (NYSE:STLA) is one of the most valuable car manufacturers in the world and is also in on the sodium-ion batteries scene. On January 12, Stellantis Ventures, the corporate venture fund of Stellantis N.V. (NYSE:STLA) announced that it is investing in Tiamat Energy, a French company that is developing sodium-ion battery technology that offers better performance in colder weather, extended range, and quicker charge times.
Not only is Stellantis N.V. (NYSE:STLA) making investments in battery technology, but the group is also set to launch its electric vehicle offerings in the US in . On February 15, CNN reported that the company will roll out its first electric vehicles in the US market this year. Currently, Stellantis N.V. (NYSE:STLA) offers its electric vehicles in Europe, however it is working on bridging the gap between the profit margins of its electric vehicles and traditional ICE-powered offerings. Stellantis N.V. (NYSE:STLA) Chief Executive Officer Carlos Tavares said:
"We are working very, very hard to bring the profit margins of electrified vehicles to the same level as ICEs. We are not there yet. But we are getting closer."
Reaching net zero also means decarbonizing EV charging stations. PairedPower, an innovative manufacturer of solar-powered electric vehicle chargers, has introduced a solar-powered parking canopy designed for electric vehicles, among other off-grid EV charging solutions.
Advancements in battery technology and electric vehicles are expected to drive the growth of the global electric vehicle industry. Investors stand to gain by learning about the biggest electric vehicle companies in the world. With that said, here is the list of the 20 most valuable electric car companies in the world.
20 Most Valuable Electric Car Companies in the World
20 Most Valuable Electric Car Companies in the World
Our Methodology
To make our list of the most valuable electric vehicle companies in the world, we went over several sources, including industry reports, our own rankings, and multiple similar rankings. We also scanned the Finviz and Yahoo Finance stock screeners. For public companies, we checked each company's market capitalization, as of February 20, , on Yahoo Finance. The market caps for foreign companies were converted to US dollars based on the exchange rates of the respective country. To quantify the "value" or "size" of private companies, we selected either the estimated valuation, or the annual revenue available for the most recent fiscal year, or the number of employees, subject to availability of data. The estimated valuation was sourced from major media reports based on the private companies' latest funding round. The annual revenue or number of employees were sourced from official statements by the company and the company's website. Since no private company made it to our list, we have ranked the most valuable electric vehicle companies in the world in ascending order of their market capitalization, as of February 20, .
Note: While we prioritized ranking pure-play electric car companies, we also considered traditional automakers with larger electric vehicle divisions than many new and emerging pure-play EV companies.
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Market Capitalization: $10.03 Billion
Guangzhou Automobile Group Co., Ltd. (OTC:GNZUF) (GAC) produces and sells vehicles under its own branding, such as Trumpchi, Aion, and Hycan as well as under foreign-branded joint ventures. Aion and Hycan are its dedicated vehicles EV brands. It also manufactures electric vehicles under certain other brands. While the sales figures for electric vehicles they sold are not provided separately, the total sales volume for January was 131,970 units. It has a market cap of $10.03 billion as of February 20, and ranks 20th among the most valuable electric car companies in the world.
Market Capitalization: $10.25 Billion
Geely Automobile Holdings Limited (OTC:GELYY) manufactures and sells vehicles under its own brands, including Geely, Geometry, Livan, and Zeekr, as well as through foreign subsidiaries such as Volvo Cars and Polestar. annual sales report shows its brands sold a total of 2.79 million units, of which more than 980,000 were electric vehicles, a 51% increase year over year. As of February 20, , Geely Automobile Holdings Limited (OTC:GELYY) has a market capitalization of approximately $10.25 billion and is one of the most valuable electric car companies in the world.
Market Capitalization: $12.76 Billion
VinFast Auto Ltd.'s (NASDAQ:VFS) value is based on investments by its parent company, Vingroup, the largest conglomerate in Vietnam. It sold 13,513 electric vehicles globally in Q4 . VinFast Auto Ltd. (NASDAQ:VFS) sells cars with a subscription plan, allowing customers to rent their vehicles' batteries to keep consumer costs down. By , it is expected to produce 150,000 electric vehicles annually. The company has a market cap of $12.76 billion as of February 20, .
Market Capitalization: $15.61 Billion
Rivian Automotive, Inc. (NASDAQ:RIVN) is an all-electric vehicle manufacturer known for its stylish off-road truck and SUV. It has already produced 57,000 vehicles. It has a market cap of $15.43 billion as of February 20, , and is one of the most valuable electric car companies in the world.
Market Capitalization: $16.15 Billion
Chongqing Changan Automobile Company Limited (SHE:) is a major player in China's automotive industry and is one of the biggest electric car companies in the world. It is known for its diverse range of electric vehicles, including sedans, SUVs, and commercial vehicles. As of February 20, , the company has a market cap of $16.15 billion.
Market Capitalization: $20.98 Billion
Great Wall Motor Company Limited (OTC:GWLLY) (GWM) has successfully captured the attention of consumers worldwide with its flagship brands, such as Haval, Wey, Ora, and Poer. Great Wall Motor Company Limited's (OTC:GWLLY) monthly sales data for January revealed that the sales of electric vehicles reached 25,030 units, a year-on-year increase of 295.48%. As of February 20, , Great Wall Motor Company Limited (OTC:GWLLY) has a market capitalization of $20.98 billion.
Market Capitalization: $23.51 Billion
SAIC Motor Corporation Limited (SHA:) holds significant stakes in several joint ventures, including those with General Motors Company (NYSE:GM) and Volkswagen AG (OTC:VWAGY). For the 18th consecutive year, SAIC Motor Corporation Limited (SHA:) remained the leading domestic automaker in China by selling 5.02 million vehicles in . According to their monthly sales report released on December 6, , SAIC Motor Corporation Limited (SHA:) sold 515,000 electric vehicles in November . As of February 20, , the company has a market cap of $23.51 billion and is placed 14th among the most valuable electric car companies in the world.
Market Capitalization: $32.47 Billion
Li Auto Inc. (NASDAQ:LI) is a Chinese electric vehicle manufacturer headquartered in Beijing. Li Auto Inc. (NASDAQ:LI) gained attention because of its stylish design and extended range. It sold 376,030 EVs in . It has a market cap of $32.47 billion as of February 20, .
Market Capitalization: $34.19 Billion
Kia Corporation (KRX:) is the second largest car manufacturer in South Korea. According to its sales report, Kia Corporation (KRX:) achieved high sales for its electric vehicles, with the EV6 selling over 96,000 units, the Niro EV surpassing 169,000 units, the Soul reaching 68,000 units, and the EV9 achieving 35,000 units. As of February 20, , Kia Corporation (KRX:) has a market cap of $34.19 billion.
Market Capitalization: $39.51 Billion
In , Dr Ing hc F Porsche AG (OTC:DRPRF) delivered 40,629 units of its all-electric Tycan, and sales increased by around 17% compared to . On January 25, , Dr Ing hc F Porsche AG (OTC:DRPRF) presented the electric variant of its popular SUV, the Macan, at Germany's world premiere. As of February 20, , Dr Ing hc F Porsche AG (OTC:DRPRF) has a market cap of $39.51 billion and is one of the most valuable electric car companies in the world.
Market Capitalization: $44.67 Billion
General Motors Company (NYSE:GM) owns and manufactures Chevrolet, GMC, Cadillac and Buick. It was the world&#;s largest automaker by volume till . General Motors Company (NYSE:GM) sold 19,469 electric vehicles in Q4 and introduced electric variants of its popular models including Blazer, Bolt, Silverado, Hummer and Equinox. It has a market cap of $44.67 billion as of February 20, .
Market Capitalization: $45.76 Billion
Hyundai Motor Company (OTC:HYMTF) aims to optimize profitability and global sales. In Q4 , global electric vehicle sales stood at 268,785 units. Hyundai Motor Company (OTC:HYMTF) has its dedicated EV brand, IONIQ. According to a report, IONIQ sales reached 47,000 in . As of February 20, , Hyundai Motor Company (OTC:HYMTF) has a market cap of $45.76 billion.
Market Capitalization: $48.87 Billion
Ford Motor Company (NYSE:F) did record sales of about 26,000 electric vehicles in the United States in Q4 , up 18% from the previous quarter. Ford Motor Company (NYSE:F) has a great range of models, and its F-150 Lightning is the most-sold electric truck in the United States. Other popular electric models include the Mustang Mach-E and E-Transit van. As of February 20, , Ford Motor Company (NYSE:F) has a market cap of $48.87 billion and is ranked among the most valuable electric car companies in the world.
Market Capitalization: $69.47 Billion
Volkswagen AG (OTC:VWAGY) is known for its reliability, innovation and popular models like the Beetle and Golf. Volkswagen AG (OTC:VWAGY) excels in the electric vehicle industry and delivered 394,000 fully electric vehicles globally in , up 21.1% compared to . As of 20 February , it has a market cap of $69.47 billion. Volkswagen AG (OTC:VWAGY) is ranked 6th among the most valuable electric car companies in the world.
Market Capitalization: $70.95 Billion
BYD Company Limited (OTC:BYDDF) sold more than 200,000 electric vehicles in January , a significant 33.14% year-over-year increase in sales of electric vehicles. As of February 20, , it has a market cap of $70.95 billion. It is one of the leading players in the automotive sector, specializing in electric buses, trucks, and passenger vehicles. BYD Company Limited (OTC:BYDDF) is one of the most valuable electric car companies in the world.
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Disclosure: None. 20 Most Valuable Electric Car Companies in the World is originally published on Insider Monkey.
The electric vehicle (EVs) market has enjoyed a boost over the last decade as the push towards sustainability influences the cars people drive. From 120,000 EVs sold in , the number jumped to 6.6 million in , representing 10% of the total car sales, according to data from International Energy Agency (IEA).
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In , 4.3 million new EVs were sold during the first half-year &#; a 62% increase compared to , according to EV Volumes.
What are the biggest electric vehicle companies and how many cars do they sell every year? Read on as we look into the world&#;s largest electric car manufacturers and break down their numbers.
Before moving forward with the list of the largest electric car manufacturers, it is important to clarify the criteria used to choose each of these companies. We will be ranking each manufacturer by market capitalisation, so only publicly traded firms will be included. The market cap data was sourced from CompaniesMarketCap as of 22 February .
The companies that make up our list are pure-play EV firms, meaning that they do not produce fossil fuel-powered cars, such as, for example, Toyota (TM) or Hyundai (HYMTF).
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RankCompanyTickerMarket capCountry1TeslaTSLA$629.52bnUS2Li AutoLI$23.21bnChina3Lucid MotorsLCID$19.98bnChina4NIONIO$17.25bnUS5RivianRIVN$16.75bnUSTesla (TSLA) is the undisputed leader among the biggest electric car companies by market capitalisation.
The EV giant produced over 439,000 and delivered over 405,000 vehicles in the fourth quarter of . In , its deliveries were 1.31 million while production increased to 1.37 million, according to the firm&#;s latest full-year results.
Li Auto (LI) is a Chinese EV manufacturer that offers two SUVs &#; the Li ONE and the Li L9. The company started producing vehicles at scale in November . During the first three quarters of , it delivered 86,927 vehicles with revenues amounting to $4.11bn.
As of 30 November , Li Auto had 276 retail stores in 119 cities, as well as 317 servicing centres and Li Auto-authorised body and paint shops operating in 226 cities.Li Auto operates a manufacturing facility in the city of Changzhou. It is building a second plant in Beijing.
Lucid Motors (LCID) specialises in manufacturing high-end electric-powered cars. Lucid&#;s first working vehicle was the Lucid Air, a luxury sedan with a starting price of $87,400. The Air has a range of 520 miles and offers the largest &#;frunk&#; in the market &#; or so the company says. A frunk is the frontal trunk of an EV.
In full year, the firm produced 7,180 vehicles and delivered 4,369 vehicles.
NIO (NIO) is next on our list of top electric car companies. The Chinese EV manufacturer offers six different car choices, including two sedans (ET7 and ET5) and four SUVs (ES7, EC6, ES8 and ES6). Its first vehicle was the ES8. NIO began delivering its first units in .
During the first three quarters of , NIO delivered a total of 82,434 vehicles and generated revenues of $4.93bn. Its most recent forecasts indicated that the firm is aiming to deliver between 38,500 and 39,500 vehicles in the fourth quarter of .
NIO&#;s primary manufacturing facility is in the Hefei Economic and Technological Development Area (HETA) in China. The firm&#;s CEO is William Li. By the end of , Nio employed 15,204 full-time workers, the majority of which were based in China.
Rivian (RIVN) was founded in and is headquartered in Irvine, California. The firm&#;s CEO Robert J. Scaringe is also the company&#;s founder.
The firm made headlines in November when it debuted on the Nasdaq Stock Exchange, valued at over $100bn. Rivian raised roughly $12bn for its operations and has been using that cash to build the required infrastructure to scale its manufacturing capacity.
Rivian currently manufactures two EVs &#; a pick-up truck (the R1T) and an SUV (the R1S).
During the first three quarters of , it delivered 12,278 vehicles and generated revenues of $995m along with a net loss of $5bn.
Rivian is best known as an Amazon (AMZN)-backed EV manufacturer. The e-commerce giant owned 16.6% of the firm by the end of and has placed an initial order of 100,000 units for the company&#;s yet-to-be-launched electric delivery vans (EDVs).
The following five companies round up the top 10 biggest electric vehicle companies by market capitalisation:
#6. Polestar (PSNY) &#; $10.96bn
#7. XPeng (XPEV) &#; $8.08bn
#8. Leapmotor (.HK) &#; $4.01bn
#9. Fisker (FSR) &#; $2.01bn
#10. Nikola Corporation (NKLA) &#; $1.18bn
The EV market is still a relatively small segment of the massive auto industry and companies within it are competing to position their products and technologies.
As of the time of writing, Tesla remained the winner. The EV firm has scaled up operations rapidly, and its products have proven reliable in terms of performance, autonomy and technological advancement.
It&#;s yet to be seen which one of the firms will be Tesla's biggest competitor. However, now that many of these companies have started delivering their first working vehicles, it&#;s only a matter of time before the best-performing EV firms start to shine.
It&#;s important to note that this article does not constitute financial or investment advice. Before choosing an EV stock to trade, you should conduct your own research on the best electric car companies in the world, looking at the latest news, a wide range of commentary, technical and fundamental analysis.
Remember that your decision should be based on your attitude to risk, your expertise in the market, the spread of your portfolio and how comfortable you feel about losing money. And never invest money you cannot afford to lose.
Tesla (TSLA) was the world&#;s largest electric vehicle company by market capitalisation as of 22 February.
When it comes to pure-play electric vehicle (EV) companies, Li Auto (LI) is the closest rival of Tesla. It delivered 86,927 vehicles during the first three quarters of .
There are dozens of companies that produce electric-powered vehicles, including battery-powered and plug-in units. Tesla is the dominant force in the space, but there are at least 30 more firms, including legacy automakers, such as Toyota and Volkswagen, and pure-play EV manufacturers, like Rivian and Li Auto.
Tesla remains the leader in the EV market. In , its deliveries amounted to 1.31 million vehicles while production increased to 1.37 million.
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