Once considered an unprofitable niche, electric vehicles (EVs) are now big business. Sales surpassed 10 million and 14% of cars sold were electric in 2022, according to the International Energy Agency. 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 10 largest EV companies, including a new company at No. 1.
Key findings
Key findings
- BYD, a Chinese conglomerate, is the largest EV company based on the nearly 1.9 million EVs it manufactured in 2022, according to EV-Volumes. About half of those were plug-in hybrid EVs (PHEVs), and the other half were battery electric vehicles (BEVs).
- Tesla built 1.3 million EVs in 2022, the most by a U.S. company and second most in the world. Tesla built the highest number of battery electric vehicles in 2022.
- Volkswagen, GM, and Stellantis round out the top five EV manufacturers.
Largest EV companies
The largest EV companies
Companies 1-5
1. BYD
- Headquarters: China
- Founded: 1995
- EVs manufactured in 2022: 1,858,363 (913,866 BEVs, 944,497 PHEVs)
Chinese conglomerate BYD Company (OTC:BYDDY), which is short for "Build Your Dreams," is the global leader in EV manufacturing. It produces personal and commercial EVs, as well as 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, which is 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.
2. Tesla
- Headquarters: United States
- Founded: 2003
- EVs manufactured in 2022: 1,314,319 (all BEVs)
Auto manufacturer and clean energy company Tesla (NASDAQ:TSLA) 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.
3. Volkswagen
- Headquarters: Germany
- Founded: 1937
- EVs manufactured in 2022: 839,136 (578,231 BEVs, 260,905 PHEVs)
German auto giant Volkswagen (FRA:VOW) 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.
4. General Motors
- Headquarters: United States
- Founded: 1908
- EVs manufactured in 2022: 584,602 (568,647 BEVs, 15,955 PHEVs)
General Motors (NYSE:GM) 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 it 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 the EVs.
What a difference a few decades makes since General Motors is now one of the top-five largest EV companies in the world. It has also announced plans to exclusively offer EVs and end production of its gas- 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). Its most popular so far has been the Chevrolet Bolt, but it's being phased out to transition to new EV models.
5. Stellantis
- Headquarters: Netherlands
- Founded: 2021
- EVs manufactured in 2022: 529,157 (301,577 BEVs, 227,580 PHEVs)
The youngest automaker on this list, Stellantis (NYSE:STLA) came about from a merger of Fiat Chrysler Automobiles and PSA Group. This company's auto brands include Chrysler, Dodge, Fiat, and Jeep.
While Stellantis was slower than other automakers to prioritize electrification, it's quickly catching up. It has set targets of 100% of its sales in Europe and 50% of its sales in the U.S. to be BEVs by the end of the decade, and it's aiming for 5 million in annual global BEV sales by 2030.
The company’s growing EV lineup contributed to a strong 2022 for Stellantis. The Fiat New 500 was the most-sold EV in Italy and ranked third among EVs in the 10 major European markets. In addition, the Peugeot e-208 was the best-selling EV in France.
Companies 6-10
6. Hyundai Motors
- Headquarters: South Korea
- Founded: 1967
- EVs manufactured in 2022: 509,015 (372,092 BEVs, 11,199 fuel cell EVS (FCEVs), 125,724 PHEVs)
Hyundai Motors (FRA:HYU) was the third-largest automobile manufacturer in the world by sales in 2022, and it came in sixth for EVs manufactured. Its top two brands are Hyundai Motor Company and Kia. It also has a luxury division, Genesis Motors, and an EV sub-brand called Ioniq, which launched in 2020.
The company has set a goal of being a top-three EV manufacturer by 2030 and plans to invest 24 trillion South Korean won (approximately $18 billion) in the domestic EV sector. About $5.5 billion of that is going toward an EV plant to manufacture batteries.
7. BMW
- Headquarters: Germany
- Founded: 1916
- EVs manufactured in 2022: 433,272 (218,882 BEVs, 108 FCEVs, 214,282 PHEVs)
Luxury vehicle manufacturer BMW Group (BMWYY) started researching EVs in 1969. Its first EV was the BMW 1602 Electric, which could reach speeds of 100 kilometers per hour and had a maximum range of about 60 kilometers. Two of these cars were used as support and camera cars during the 1972 Olympic Games in Munich.
The BMW brand has several EVs in its lineup, including the compact executive i4, the i7 sedan, and the iX crossover SUV. Among its other brands, Mini has already launched EVs, and Rolls-Royce is currently working on its first EV, the Rolls-Royce Spectre.
BMW Group is projecting that its share of EVs in total vehicle deliveries could exceed 30% by as early as 2025. It has also set a goal of delivering 10 million EVs to customers in total by 2030.
8. Geely Auto Group
- Headquarters: China
- Founded: 1986
- EVs manufactured in 2022: 351,356 (265,811 BEVs, 85,545 PHEVs)
One of the largest Chinese automobile manufacturers, Geely (OTC:GELYF) saw its EV sales skyrocket by more than 300% in 2022. Geely controls quite a few auto brands around the world, 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.
9. Mercedes-Benz
- Headquarters: Germany
- Founded: 1925
- EVs manufactured in 2022: 336,983 (162,909 BEVs, 174,074 PHEVs)
Mercedes-Benz Group (OTC:MBGY.Y) has long been one of the major luxury automakers, and now it's aiming to be the most desirable luxury EV brand. The company has pledged to go all-electric by 2030. However, it has clarified that it will do that where market conditions allow, meaning it could possibly continue selling gas-powered vehicles in countries with limited EV demand.
To expand its EV footprint, Mercedes-Benz has announced plans for a global high-power charging network across key markets, including the U.S., Canada, Europe, and China. It aims to have the entire network in place by the end of the decade. Mercedes-Benz owners will receive preferential access, but charging stations will be open to all drivers.
Mercedes-Benz offers EVs through its Mercedes-EQ series, which it introduced in 2016. Its best-selling EV in 2022 was the Mercedes-EQA, a subcompact luxury crossover SUV.
10 Renault-Nissan-Mitsubishi Alliance
- Headquarters: Netherlands
- Founded: 2002
- EVs manufactured in 2022: 336,162 (259,164 BEVs, 76,998 PHEVs)
The Renault-Nissan-Mitsubishi Alliance is a strategic alliance between those three automakers. While these companies haven't merged, they have cross-ownership of one another.
So far, the Alliance has invested more than 10 billion Euros in electrification and is planning to invest another 23 billion Euros going forward. It has set goals to reduce battery costs by 50% in 2026 and 65% by 2028 and reach a 220 gigawatt-hour production capacity by 2030.
Investing in EV companies
How to invest in EV companies
The world is moving more and more toward EVs. Many automakers have pledged that they're going all-electric. The federal government and more than 40 states offer EV incentives such as tax credits and rebates. Perhaps most importantly, EVs make up a growing share of total vehicles sold each year.
If you're interested in investing in EV companies, you have several options, including:
- Investing in automotive stocks with strong EV divisions. At this point, there's quite a bit of overlap between the top automakers and the largest EV companies. You'll get at least some exposure to the EV market by investing in any major automaker, but you can also look for those that have pledged to go all-electric or have successful EV lineups.
- Investing in electric car stocks. If you want a greater focus on EVs, go for companies that already have all-electric lineups or those with EVs as their flagship models.
- Investing in EV ETFs. For a broader approach, there are plenty of ETFs (exchange-traded funds) that invest in companies related to the EV market.
- Investing in EV battery stocks. Instead of directly investing in EVs, another option is to invest in the companies that supply the battery since this is the key component.
There are plenty of ways to add EV companies to your portfolio. ETFs are generally the easiest option since they include a large number of stocks that you don't need to choose yourself. If you prefer to pick stocks, the largest EV companies are a good place to start.
Sources
- EV-Volumes
- International Energy Agency (2023). "Global EV Outlook 2023"
- Visual Capitalist (2023). "Visualizing Global EV Production in 2022, by Brand"
