Top 6 EV Companies by Capitalization
Paul Young
Experience Senior Financial Planning, Analysis and Reporting SME seeking P/T or F/T job.
In 2021, nearly one in every ten cars sold globally was an EV. In 2022, global EV sales were up 62% in the first half of the year compared to 2021, and in 2023, 1.4 million plug-in vehicles were sold in the U.S., up 50% year over year.
By 2030, it’s estimated that the global EV market size will reach over 39,000 units , a 22% compound annual growth rate over eight years. As sales continue to boom, a few companies are making their mark in the EV market.
Below, we explore six of the largest global EV companies by market capitalization . To keep things simple, we have only listed pure EV companies rather than major automotive manufacturers that produce both EVs and traditional combustion-engine-powered vehicles.
Editor’s Note: Numbers are subject to change — accurate on the date of publication.
1. Tesla
With a market cap of over $665 billion, Tesla is the largest EV manufacturer in the world. Various attributes differentiate Tesla from other automakers, but the most notable is its supply chain. What makes the Texas-based company stand out from the rest is its in-house software management, limited SKUs, and manufacturing agility. While Tesla is notoriously secretive about where it sources its materials, what makes its EV chips unique is the use of silicon carbide.
Despite a relatively slow year, Tesla remains at the top of the proverbial EV food chain and doesn’t appear to be budging anytime soon.
2. Xiaomi
Xiaomi is a Chinese company that designs and manufactures consumer electronics and automobiles. It has a current market cap of over $59 billion.
3. Li Auto
Li Auto, a China-based EV manufacturer, follows Tesla with a market cap of $22 billion. According to the automaker, it prides itself on pioneering large-scale extended-range EVs (EREVs) in China, a segment that Tesla has mostly ignored.
The company’s Li ONE is a six-seater EREV SUV and the automaker’s first model. Relative to pure EVs, the vehicle has an impressive range and high engine performance. The company is often touted as "China’s Toyota.”
4. Rivian
Like Li Auto, California-based Rivian found success by plugging the gaps in the EV market.
Rivian has a market cap of $14 billion and cut some big deals in 2022. For example, Amazon rolled out Rivian electric delivery vehicles in 2022, with plans to bring 100,000 custom electric delivery vehicles to various cities throughout the U.S. by 2030.
The automaker also has a unique take on camping vehicles. The EV maker’s latest update introduces software for its electric trucks designed to make camping more comfortable called "camp mode .”
5. Lucid Motors
Lucid Motors, an EV startup company that also supplies batteries to the Formula E racing series, has a market cap of $9 billion.
Earlier this year, the company announced plans to expand its Arizona plant , and officials said the expansion would accommodate the vertical integration of numerous manufacturing processes.
6. NIO
NIO, another Chinese EV manufacturer, has a market cap of $8 billion and a dynamic lineup of vehicles. This includes several sleek sedans alongside both mid- and full-sized SUVs. NIO’s EP9 supercar set a record in 2017 as the world’s fastest-production electric car, before being overtaken by the Rimac Nevera in 2022.
NIO has set up battery-swapping facilities throughout China, in which consumers can go to a service station and switch their drained battery for a fully-charged one. The entire process takes only three minutes, and the company already has more than 300 stations around China, with plans for 100 more.
The EV Market Is Growing
While Tesla remains the largest EV company in the world, other companies are breaking into the rapidly growing EV market by targeting niche customer bases. This approach has enabled them to gain a foothold in their respective markets, but they will likely face increased competition from both Tesla and other automakers that have added EVs to their vehicle lineups.
In the future, environmentally conscious customers and those in search of more fuel-efficient vehicles will have even more vehicle options.
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Paul Young CPA CGA (1996)
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Paul is a former IBM Customer Success Manager that has deployed over 300 data and AI solutions across industry and geographies for the past 8 years. Paul is a Financial Planning, Analysis, and Reporting SME working with data including integration of macro and micro indicators as part of the integrated business planning and reporting cycle.
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