The Largest EV Companies in 2024

Once considered an unprofitable niche, electric vehicles (EVs) are now big business. Sales reached more than 14 million in 2023, and 18% of cars sold were electric, according to the International Energy Agency. The biggest electric car companies have continued increasing production to keep up with demand.

China now has three of the world's top 10 EV manufacturers, but you won't see many of their cars in the United States or the European Union. Both have recently imposed hefty tariffs on EVs made by Chinese companies. Keep reading for the latest news on the largest EV companies.

Largest EV companies

The largest EV companies

Companies 1-5

1. BYD

• Headquarters: China
• Founded: 1995
• EVs manufactured in 2023: 3,014,692 (1,572,983 BEVs, 1,441,709 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.

BYD took the top spot on this list in 2022, when it (and other Chinese automakers) ramped up EV production. While it doesn't have any U.S. factories, BYD has plans for global expansion. It announced plans for its first European production factory, in Hungary, at the end of 2023.

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 2023: 1,811,088 (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 2023: 1,010,263 (758,210 BEVs, 252,053 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 2023: 659,954 (641,162 BEVs, 18,792 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 2023: 654,438 (348,422 BEVs, 48 fuel cell EVs [FCEVs], 305,968 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.

This vehicle company's growing EV lineup has contributed to impressive year-over-year growth. Its global BEV sales increased by 21% in 2023, and it was No. 1 in the United States for PHEV sales. Its EVs are also highly popular in Europe -- the Fiat 500e is one of Italy's best-selling EVs, and the Peugeot e-208 was the most-sold EV in France during the first quarter of 2024.

Companies 6-10

6. Geely Auto Group

• Headquarters: China
• Founded: 1986
• EVs manufactured in 2023: 599,445 (420,480 BEVs, 178,965 PHEVs)

One of the largest Chinese automobile manufacturers, Geely (OTC:GELYF), saw its EV sales grow by 21% year-over-year in the first quarter of 2024. Geely controls quite a few auto brands around the world, with Volvo likely being the most recognizable in the U.S.

Owning Volvo puts Geely in an advantageous position. Because Volvo has U.S. manufacturing operations, it can sell EVs that are made in China, including the EX30, while avoiding the hefty tariffs normally charged on Chinese EV exports.

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.

7. BMW

• Headquarters: Germany
• Founded: 1916
• EVs manufactured in 2023: 562,921 (378,722 BEVs, 151 FCEVs, 184,048 PHEVs)

Luxury vehicle manufacturer BMW Group (OTC: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. Hyundai Motors

• Headquarters: South Korea
• Founded: 1967
• EVs manufactured in 2023: 552,203 (418,632 BEVs, 4,868 FCEVs, 128,703 PHEVs)

Hyundai Motors (FRA:HYU) was the third-largest automobile manufacturer in the world by sales in 2022, and it came in eighth for EVs manufactured. Its top two brands are Hyundai Motor Company and Kia. It also has a luxury division, Genesis Motors, and an EV subbrand called Ioniq, which launched in 2020.

The company has set a goal of being a top-three EV manufacturer by 2030. In March 2024, it announced an investment of 68 trillion South Korean won (about $50.5 billion) in South Korea, part of which will go toward building three new EV factories.

9. GAC

• Headquarters: China
• Founded: 1954
• EVs manufactured in 2023: 524,501 (499,495 EVs, 25,006 PHEVs)

Guangzhou Automobile Group (OTC:GNZUF), also known as GAC, is China's third-largest EV manufacturer. Its EV arm, GAC Aion, has seen significant sales growth, going from 271,156 vehicles sold in 2022 to 480,003 vehicles sold in 2023. It didn't quite reach its target of 500,000 units sold, but it was close, and it still grew sales by 77%.

Like most Chinese automakers, GAC hasn't been able to break into the U.S. market yet. It doesn't produce or sell EVs in the United States. It has expanded into North America, though, as EVs from its Aion brand are now available in Mexico.

10. Mercedes-Benz

• Headquarters: Germany
• Founded: 1925
• EVs manufactured in 2023: 405,065 (244,149 BEVs, 160,916 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.

Even though its EV sales have grown, they're still far behind the German automakers' targets. So in early 2024, it tempered expectations, stating that it would likely continue selling gas-powered vehicles well into the 2030s.

Mercedes-Benz isn't the only car company to deal with slower EV sales recently. On a positive note, it's developing a global high-power charging network across key markets, with plans to have over 2,000 by the end of the decade.

Global EV sales

Global EV sales

EV sales and their share of total vehicle sales worldwide have grown rapidly in recent years. Since 2020, global EV sales have increased by about 3.6 million per year, and EV sales share is more than 4 times higher. Projections by the International Energy Agency anticipate growth accelerating rapidly over the next decade.

China is the worldwide leader for EV sales and sales share, and it's not a particularly close race. It had 8.1 million EVs sold last year, 38.0% of its total vehicle sales.

The United States is currently lagging behind not just China but also Europe in its EV numbers. The difference in sales is understandable -- Europe and especially China both have larger population sizes. But the United States also has a far smaller EV sales share.

Average EV prices

Average EV prices

Drivers pay a premium for EVs, at least in terms of the up-front price. The average transaction price for electric cars was $55,242 in April 2024, according to Cox Automotive data. For gas-powered vehicles, it was $44,989.

While there's still a difference, the price gap between conventional and electric cars is shrinking. In the United States, it decreased from 80% in 2018 to 59% in 2022. China has eliminated the "electric premium," as its EVs were 14% cheaper than its conventional cars as of 2022.

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 15 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.

FAQs

Sources

Sources

• EV-Volumes (2024).
• International Energy Agency (2024). "Global EV Outlook 2024."
• Kelley Blue Book (2024). "How Much Are Electric Cars?"