Top 10 Leading Electric Car Companies in the World 

Electronic vehicles are now a big business, and everyone anticipates having one electric vehicle. To prove it, the International Energy Agency gathered data where they found that in 2022, car sales surpassed 10 million, of which 14% are electric. With this increasing demand, the biggest electric vehicle automakers have also increased their production by doubling their annual volume. Here is the list of top 10 electric car companies shaping the future of electric vehicles and contributing continuously towards sustainability.

Key Highlights 

1. Electronic vehicles are environmentally friendly and are good alternatives to non-renewable and pollution-causing energy sources.
2. BYD is a Chinese company that is the largest electronic Vehicle company, manufacturing about 1.9 Million Electronic vehicles in 2022.
3. Tesla, the second largest electronic vehicle manufacturer, has built 1.3 Million Electronic vehicles. It is also a company that built the most electronic vehicles in 2022.
4. There are many companies that have pledged to go fully electric by 2030, like Mercedes Benz.

Which Are the Top 10 Electric Car Companies? 

Explore the top 10 electric car companies that are driving the future of transportation towards a greener and more efficient world

1. BYD

BYD Auto Company Limited is a subsidiary of BYD Company, which is publicly listed and headquartered in China. It was founded in January 2003 by Wang Chuanfu. BYD manufactures vehicles like cars, trucks, and electric bikes. They also create forklifts and batteries for electric vehicles. BYD manufactures cars that are either fully electric or plug-in hybrids where electricity or gas is used to run. In 2022, BYD became the largest plug-in vehicle manufacturer in the world by overtaking Tesla. However, it is still behind Tesla in the battery-electric vehicles segment. 

2. Tesla

Tesla is an auto manufacturer and a clean energy company that has become the world's largest company in less than two decades. In 2021, Tesla became the sixth company to break the one trillion market cap. Tesla is the most popular electric vehicle company around the world and has set multiple sales records. The Model 3 was the first EV that surpassed one million global sales. In 2023, the test class model became the best-selling car worldwide, which made it the first EV to hold this title. Tesla is the world's most valuable company of 2023 and the world's most valuable automaker. In 2022, the company's market share in battery-electric vehicles will be 18%. Tesla is on its mission to create products that help accelerate the world's transition to sustainable energy.

3. Volkswagen

Volkswagen was founded in 1937 and started its EV manufacturing in 2022. However, not all are aware that Volkswagen began developing electric vehicles in 1970 through its Centre for Future Research, which Dr Adolf Kalberlah led. It officially announced in 2007 that it would focus on the consumer market. In 2017, it took Toyota as the world’s top manufacturer in global sales. Currently, Volkswagen aspires to build 50 variants of electric vehicles by 2025. So now, it is the world's third-largest electric vehicle producer, covering over 10% of the global market.

4. General Motors

General Motors is headquartered in the United States and was founded in 1908. It started manufacturing electric vehicles in 1990 when General Motors first produced General Motors EV1. The first electronic vehicle manufactured by General Motors was only available through lease agreements. General Motors expected its EV vehicles to be something other than its property, so it discontinued the program and destroyed all its EVs. However, a few decades later, General Motors is still one of the world's top 5 largest EV companies and has announced a plan to end production of its gas and diesel-powered vehicles by 2035. General Motors has announced its plan to launch EVs across all its important brands like Chevrolet, Buick, GMC and Cadillac. 

5. Stellantis

Stellantis is headquartered in the Netherlands and was founded in 2021, which makes it the youngest automaker on the list. It is a merger of Fiat Chrysler Automobile and PSA Group. Its core brands include Chrysler, Dodge, Fiat and Jeep. Despite being the slower automaker to do electrification, it is still catching up. It has set a target of 100% sales in Europe and 50% in the United States. The company contributes majorly towards its EV line and has built a strong foundation in 2022. The popularity is evident because its Fiat New 500 was Italy's most-sold electronic vehicle and ranked 3rd in 10 major European markets. 

6. Hyundai Motors

Hyundai was founded in 1967 and is headquartered in South Korea. It was the third-largest automobile manufacturer in the world by sales in 2022. In the same year, it became the world's 6th largest electronic vehicle manufacturer. It comprises two important brands, Hyundai Motor Company and Kia. Hyundai Motor aims to become a top three electronic vehicle manufacturer by 2030 and to fulfil this goal; it has also invested $18 billion in its domestic EV sector. Out of it, $1.5 billion is allotted towards an electric vehicle plant to manufacture batteries. Kiya and Hyundai together contribute 6.5% of the global market.

7. BMW

Luxurious vehicle manufacturer BMW was founded in 1916 and is headquartered in Germany. BMW started researching electronic vehicles in 1969. Its first electronic vehicle was the BMW 160, which had a speed of 100 km per hour and a maximum range of 60 km. In December 2019, BMW sold 500,000 electric vehicles, which comprised BMWi performance, Xdrive and mini models. BMW Group is also working on a hydrogen fuel cell-powered vehicle, the BMW I hydrogen in next. BMW was once a major player in the EV industry before the arrival of Tesla. 

8. Geely Auto Group

Geely Auto Group is a Chinese automobile manufacturer that was founded in 1986. It is a major player in the electronic vehicle industry, as in 2022, its sales skyrocketed by more than 300%. It has a few known auto brands around the World, Like Volvo, which is the most recognizable brand in the US. It also has EV-only brands that are luxurious EV brands like Zeekr and Swedish Pole Star.

9. Mercedes Benz

Mercedes Benz is one of the major luxury automakers. It was founded in 1929 and is headquartered in Germany. It now aims to build Mercedes Benz as the most desirable luxury electronic vehicle brand. The company aims to go all-electric by 2030. However, it has also clarified that it will keep in mind the market condition, which implies that if it is possible to continue selling gas-powered vehicles in other countries, it will continue to do it. It also announced the opening of high-power charging networks in key areas like the United States, Canada, Europe and China. It means it has aimed to expand its electronic vehicle footprints.

10. Renault Nissan Mitsubishi Alliance

Renault Nissan Mitsubishi Alliance is a strategic alliance between three major automakers. With this Alliance, these companies have cross-ownership of one another. After its Alliance, it has invested over 10 billion Euros in going electric and plans to invest 23 billion Euros to solidify its status. They plan to reduce battery costs by 50% in 2026 and 65% by 2028. They also aim to reach a 220 gigawatt production capacity by 2030. With this coalition, they have become a global leader. By 2022, Renault aims to provide at least 12 electrified and all-electric vehicles to the world. 

What Year Are All Car Companies Going Electric?

As the demand for electric vehicles continuously grows globally, the world's major car brands are also transitioning towards EVs. They are going electric very quickly. These world-class companies are improving their EV technology and charging infrastructure. Companies are promising all new electric cars built on dedicated EV platforms. It is also true that many iconic vehicles will also go electronic sooner or later. However, for now, only some makers have promised to go 100% electric, but some have announced that they will go electric in the coming years. By roughly 2040, every car manufacturer will go electric due to demand for electric cars, shifting attitudes towards climate change, and bans on combustion engines.

Conclusion

Every company worldwide is working towards making their product more sustainable, and car manufacturers are no exception. Companies are now concerned about the environmental impact of their gas and diesel-powered engines. Therefore, they are taking a major transition towards fully electric car companies, which is an efficient alternative. If we look at the data, the electronic vehicle market is expected to reach $561 billion in 2023. This great number shows that worldwide, people are looking for electric vehicles not only because they are sustainable but also because they are now considered a luxury. 

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