In this article, we discuss the top 15 EV companies by market share. To skip the detailed analysis of the EV industry, go directly to the Top 5 EV Companies by Market Share.
Alternative fuels for vehicles are quickly taking over fossil fuel sources. In 2022, there were over 10 million electric vehicles sold, including plug-in electric hybrids (PHEV). Around 73% or 7.657 million of them were all electric. Alternative energy vehicles registered a 54% increase in sales compared to 2021, accounting for 14% of all vehicles sold globally. The International Energy Agency (IEA) expects approximately 14 million units in electric vehicle sales by the end of 2023. The IEA believes that renewable energy will significantly lower the need for oil by 2023. IEA’s Executive Director Fatih Birol says:
“The trends we are witnessing have significant implications for global oil demand. The internal combustion engine has gone unrivaled for over a century, but electric vehicles are changing the status quo. By 2030, they will avoid the need for at least 5 million barrels a day of oil. Cars are just the first wave: electric buses and trucks will follow soon.”
In the United States, approximately 300,000 EVs were sold in the second quarter of 2023, up 48.4% year-over-year. Tesla, Inc. (NASDAQ:TSLA) remained the most prominent seller in the country with over 175,000 units. In the first quarter of 2023, the US surpassed Germany to become the second-largest EV market in the world.
Even though Tesla, Inc. (NASDAQ:TSLA) is far ahead of its closest competitor in the US, its global market share has started to decline over the past few years. Despite the fact that it is still the largest EV company in the world by market capitalization, several companies are competing fiercely with it in terms of sales. However, most of the EV market is dominated by China which is also the biggest consumer of electric vehicles. In 2022, 59% of all-electric vehicles were sold in Mainland China. Due to the high demand for electric vehicles, China even surpassed Japan as the world’s largest car exporter in the first half of 2023. China exported 2.34 million vehicles in H1, compared to 2.02 million exported by Japan.
EV companies are not only focusing on renewable energy but are also working towards autonomous driving. Chief Executive Officer of the electric vehicle company Li Auto Inc. (NASDAQ:LI), Xiang Li, said in the company’s Q2 earnings call:
“We made rapid progress in autonomous driving this year. In June 2023, we started test drives for China’s first NOA and commute NOA, which do not rely on high-definition maps in [Wangjing] (ph), known as one of the most complicated traffic zones in Beijing. We also rolled out our city NOA to early bird users in Beijing and Shanghai. On the perception front, we use BEV models enhanced by innovative NPN features and TIN network to perceive complex road structures in real time and comprehend traffic rules. While utilizing occupancy network to identify common obstacles, we also utilized imitation learning and control algorithms to make judgments more akin to human drivers. Test drivers and media have spoken highly of driving safety, efficiency and comfort demonstrated by Li Auto AD Max.”
At Tesla, Inc. (NASDAQ:TSLA)’s Q2 2023 earnings call, the company’s CEO, Elon Musk, also mentioned that the autonomy of vehicles is the next big thing in the automotive market and will “drive volume through the ceiling next level”.
The EV industry has also given rise to the EV infrastructure market. Betting on the industry are major companies from every major sector. For example, the retail giant Walmart Inc. (NYSE:WMT) has 1,300 EV stations at 280 stores and is planning to expand it by thousands more units by 2030. The EV infrastructure growth greatly benefits companies like EVgo, Inc. (NASDAQ:EVGO) and ChargePoint Holdings, Inc. (NYSE:CHPT). The automotive stocks that are expected to boom with the increased demand for electric vehicles are Stellantis N.V. (NYSE:STLA), Tesla, Inc. (NASDAQ:TSLA), and Ford Motor Company (NYSE:F). Ford Motor Company (NYSE:F) has been a huge player in the combustion engine vehicles market and hasn’t captured a significant EV market yet. However, the company is actively transitioning and is expected to become a significant player in the electric vehicle market.
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Our Methodology
For this article, we collected data on electric vehicles sold by each company from different credible sources like Canalys, Inside-EVs, and Electrek, among others. However, we only collected data from these sources if a company had not posted an official report about their sales volume. For companies with variable data, we took an average of all the sources. The companies are listed in ascending order of their all-electric vehicle market share in 2022. This list does not include the sale of PHEVs and calculates the market share of each company according to the 7.657 million all-electric vehicles sold in 2022 figure.
Global EV market share by company: Top 15 Companies
15. NIO Inc. (NYSE:NIO)
All-electric Vehicles Sold in 2022: 122,486
Market share: 1.6%
NIO Inc. (NYSE:NIO) is an electric vehicle manufacturer headquartered in Shanghai, China. The company sold 122,000 electric cars globally in 2022 and celebrated its 300,000th car rolling out of the production line on December 12, 2022. In July 2023, NIO Inc. (NYSE:NIO) made record deliveries of 20,462 vehicles, up 103.6% year-over-year and 91% sequentially.
14. Hozon Auto New Energy Automobile Co., Ltd.
All-electric Vehicles Sold in 2022: 152,073
Market share: 1.98%
Hozon Auto New Energy Automobile Co., Ltd is a Chinese electric vehicle manufacturer. The company also opened an Autonomous Vehicle Research Centre in Silicon Valley in 2018. The company sold around 2% of all-electric vehicles globally through its brand, Neta. The company’s EV sales increased by 118% year-over-year. Hozon Auto was founded in 2014 and is headquartered in Zhejiang, China.
13. Hyundai Motor Company (OTC:HYMTF)
All-electric Vehicles Sold in 2022: 194,835
Market share: 2.54%
Hyundai Motor Company (HYMTF) is a Korean automotive manufacturer. The company sold 3.94 million cars worldwide and around 5% of those vehicles were electric. The company is aiming to become one of the leading EV manufacturers by 2030. Hyundai plans to produce 3.6 million EVs globally by 2030. For 2023, Hyundai Motor Company (HYMTF) expects to sell around 330,000 EV units.
12. Bayerische Motoren Werke Aktiengesellschaft (OTC:BMWYY)
All-electric Vehicles Sold in 2022: 215,755
Market share: 2.8%
Bayerische Motoren Werke Aktiengesellschaft (BMWYY), simply known as BMW, is known for its luxury vehicles and motorcycles. With its new line of luxury electric vehicles, BMW could become a strong competitor to Tesla, Inc. (NASDAQ:TSLA). The new EV line is called Neue Klasse and will be unveiled on September 2. The Neue Klasse vehicles are expected to enter the market in 2025.
11. Chery Automobile Co. Ltd.
All-electric Vehicles Sold in 2022: Approximately 200,000 [Approximate number because one of its vehicle brands in that total is a PHEV]
Market share: 2.6%
Chery Automobile Co. Ltd. is a Chinese state-owned vehicle manufacturing company founded in 1997. It is one of China’s top vehicle exporters as well as one of the top 15 EV companies in the world by market share. The company is partnering with the Chinese battery manufacturer, Contemporary Amperex Technology Co. Limited (CATL) to build a new line of EVs named, ENER-Q. Chery Automobile will use CATL’s sodium-ion batteries in the vehicles.
10. Chang’an Automobile (Group) Co., Ltd.
All-electric Vehicles Sold in 2022: Approximately 250,000 [Approximate number because one of its vehicle brands in that total is a PHEV]
Market share: 3.13%
Chang’an Automobile (Group) Co., Ltd. is a Chinese state-owned company and is the oldest automaker in China. It was founded in 1862. In April, the company announced that it will invest $285 million to build its first right-hand drive electric vehicle production base outside of China. The facility will be set up in Thailand and is expected to produce over 100,000 EVs every year.
9. Guangzhou Automobile Group Co., Ltd.
All-electric Vehicles Sold in 2022: 271,156
Market share: 3.54%
Guangzhou Automobile Group Co., Ltd., also known as GAC Group, manufactures and sells EVs through its subsidiary, GAC Aion. The company was founded in 1955 and is headquartered in China. GAC Aion estimates that it will be able to sell around 500,000 EVs in 2023, forecasting an almost double growth from 2022.
8. Renault–Nissan–Mitsubishi Alliance
All-electric Vehicles Sold in 2022: 283,000
Market share: 3.7%
Renault–Nissan–Mitsubishi Alliance is a strategic partnership between the French Groupe Renault and Japanese companies, Nissan Motor Co. Ltd. and Mitsubishi Motors Corporation. The alliance crossed its 1 million EVs sold milestone in December 2021. The alliance makes Nissan and Mitsubishi the only Japanese companies in the top 10 EV companies.
7. Stellantis N.V. (NYSE:STLA)
All-electric Vehicles Sold in 2022: 288,000
Market share: 3.76%
Stellantis N.V. (NYSE:STLA) is a Dutch multinational automotive corporation. The company manufactures and sells cars under 16 brand names, including Alfa Romeo, Chrysler, Maserati, Dodge, and Peugeot along with others. In 2022, the company sold 288,000 all-electric vehicles, taking over 3.76% of the total EV market share of the year. In the first half of 2023, Stellantis N.V. (NYSE:STLA) has sold 169,000 battery electric vehicles, representing a 24% YoY increase. Stellantis N.V. (NYSE:STLA) is one of the world’s most profitable car companies in the world.
6. Dongfeng Motor Group Company Limited (OTC:DNFGY)
All-electric Vehicles Sold in 2022: Approximately 346,145
Market share: 4.52%
Dongfeng Motor Group Company Limited (OTC:DNFGY) is a Chinese state-owned automotive company that manufactures passenger and commercial vehicles. The company’s 2022 BEV sales increased by 115% year-over-year to 346,145 units. With a 4.52% market share, it takes the 6th spot on our list of top EV companies.
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Disclosure. None. Global EV market share by company: Top 15 Companies is originally published on Insider Monkey.