The electric vehicle (EV) market has witnessed explosive growth in recent years, with global sales skyrocketing from about 2 million in 2018 to over 10 million in 2022—a staggering increase of over 400%. By 2030, EVs are expected to make up 29.5% of all new car sales, driven by technological advancements, declining battery costs, and supportive government policies. So let’s explore the top 10 best EV companies you should have known sooner!
Here are some fun facts about electric vehicles (EVs):
- The Rimac Nevera, with a top speed of 258 mph (412 km/h), is the fastest electric vehicle in 2024.
- The Lucid Air Dream Edition R offers the longest range of any EV in 2024, boasting up to 520 miles (837 km) on a single charge.
- The world’s first electric vehicle was invented in 1832 by Scottish inventor Robert Anderson, though it was very primitive compared to today’s EVs.
Types of Electric Vehicles
- Battery Electric Vehicles (BEVs): Fully electric cars that run solely on battery power. They require charging from an external source.
- Plug-in Hybrid Electric Vehicles (PHEVs): These have both a battery-powered electric motor and a gasoline engine. They can be charged externally but also rely on gasoline when the battery is depleted.
- Hybrid Electric Vehicles (HEVs): Powered by both an electric motor and a gasoline engine, but they cannot be plugged in for charging. The electric motor assists the engine and regenerates power during braking.
- Fuel Cell Electric Vehicles (FCEVs): These generate electricity using a hydrogen fuel cell, emitting only water vapor. They don’t need charging stations but require hydrogen refueling stations.
Here are the 10 best EV companies:
1. Tesla
- Founded: 2003
- CEO: Elon Musk
- Type of Vehicle: Electric Vehicles (EVs)
- No. of EV Models: 6 (Model S, Model 3, Model X, Model Y, Tesla Semi, Cybertruck)
Founded in 2003 by Elon Musk, Tesla is synonymous with electric vehicles, leading the world in EV production and innovation. Tesla’s unique selling proposition revolves around its cutting-edge battery technology and solar energy integration, therefore making it one of the top 10 EV companies in the world.
As of 2024, Tesla has sold approximately 1.3 million electric vehicles so far this year. The total sales for 2024 is expected to reach around 1.7 million units. The Tesla Model 3 is particularly renowned as one of the best-selling electric vehicles, lauded for its range and affordability.
2. Xiaomi
- Founded: 2010 (Xiaomi Corporation)
- CEO: Lei Jun
- Type of Vehicle: Electric Vehicles (EVs, specifically the SU7 as their first model)
- No. of EV Models: 1 (Xiaomi SU7, launched in March 2024)
Xiaomi Corporation, established in 2010 by Lei Jun, is primarily recognized as a consumer electronics giant but ventured into the EV market in 2021. The company’s first production vehicle, the Xiaomi SU7, was launched in March 2024, showcasing Xiaomi’s commitment to becoming a major player in the automotive sector.
Although it has only released one model so far, Xiaomi aims to use its strong brand presence and technological prowess to achieve a competitive edge in the EV market. It is making sure to reserve its spot to be one of the best Electric Vehicle Companies.
3. Li Auto
- Founded: 2015
- CEO: Li Xiang
- Type of Vehicle: Extended-Range Electric Vehicles (EREVs) and Battery Electric Vehicles (BEVs)
- No. of EV Models: 6 (Li L6, Li L7, Li L8, Li L9, Li Mega MPV, and previously Li One)
Li Auto, founded in 2015 by Li Xiang, specializes in Extended-Range Electric Vehicles (EREVs) and has gained traction through innovative features that enhance user convenience. Li auto has secured its spot as one of the top 10 EV companies in the world today.
The company focuses on offering models with long ranges, catering to consumer concerns about battery limitations. As of September 30, 2024, Li Auto has delivered a total of 341,812 vehicles in 2024. Cumulatively, this EV company has reached 975,176 total deliveries since its inception. The Li L9 SUV has become a flagship model due to strong sales and positive consumer reviews.
4. NIO
- Founded: 2014
- CEO: William Li (Li Bin)
- Type of Vehicle: Electric Vehicles
- No. of EV Models: 8 (ES6, ES8, EC6, ET7, ET5, ET5 Touring, EC7, ES7)
Founded in 2014 by William Li, NIO is a pioneer in premium smart electric vehicles, distinguished by its innovative battery swapping technology. This allows users to exchange depleted batteries at dedicated stations, reducing charging wait times significantly.
As of the end of September 2024, NIO has delivered a total of 598,875 vehicles since the beginning of the year. Overall, the ES6 is NIO’s best-seller, appealing to customers who prioritize luxury and advanced technology in their vehicles. NIO is racing towards being one of the best EV Companies in the world.
5. XPeng
- Founded: 2014
- CEO: He Xiaopeng
- Type of Vehicle: Electric Vehicles
- No. of EV Models: 5 (P5, P7, G6, G9, Mona M03)
Established in 2014, XPeng focuses on smart EV development, weaving together attractive designs and advanced driver assistance systems. This EV company has gained recognition for its ambitious software innovation strategy, which allows firmware updates to enhance vehicle capabilities over time. XPeng is climbing its way up to be one of the top 3 EV Companies in the world.
XPeng delivered 98,155 vehicles in 2021, and its flagship model, the P7, is celebrated for its robust features and competitive pricing, making it a favorite among consumers in the mid- to high-end market. As of the end of September 2024, XPeng has achieved total deliveries of 98,755 Smart EVs for the year.
6. Rivian
- Founded: 2009
- CEO: RJ Scaringe
- Type of Vehicle: Electric Pickup Trucks and SUVs
- No. of EV Models: 2 (R1T, R1S)
Founded in 2009, Rivian has carved a niche in the adventurous EV sector, emphasizing outdoor-ready designs and sustainable practices. The company has received significant funding from major investors, including Amazon, which has placed orders for 100,000 electric delivery vans.
Rivian’s R1T pickup truck and R1S SUV, launched in 2021, have gained popularity for their unique features and capabilities tailored for rugged environments, positioning Rivian as a distinctive player in the Electric Vehicle space. As of October 2024, Rivian has delivered a total of 108,770 electric vehicles since it began production therefore making it one of the best EV companies in the world.
7. VinFast Auto
- Founded: 2017
- CEO: Le Thi Thu Thuy
- Type of Vehicle: Electric SUVs
- No. of EV Models: 6 (VF 3, VF 5, VF 6, VF 7, VF 8, VF 9)
VinFast, launched in 2017, has rapidly established itself in the EV market as Vietnam’s first global automobile brand. Moreover, the company aims to provide a diverse range of electric vehicles to cater to various segments.
VinFast delivered 21,800 vehicles in the first half of 2024, reflecting a substantial 92% year-over-year increase. The VF 8 SUV stands out as a notable model, integrating advanced technology with competitive pricing, and is poised for growth in international markets. This makes VinFast Auto reserve its spot as a top EV company in the world.
8. Lucid Motors
- Founded: 2007
- CEO: Peter Rawlinson
- Type of Vehicle: Luxury Electric Vehicles
- No. of EV Models: 1 (Lucid Air, with an upcoming SUV named Gravity)
Lucid Motors, founded in 2007 and initially known as Atieva, has emerged as a luxury EV manufacturer focusing on high-end electric sedans. The Lucid Air Dream Edition, which offers an impressive range of 520 miles, has positioned the company as a formidable competitor in the luxury segment.
The company has received substantial investments, including $1.5 billion from the Public Investment Fund of Saudi Arabia, allowing it to expand and enhance its production capabilities. Lucid Motors has rightly secured its spot in the list of top EV Companies in the world.
9. Zeekr
- Founded: 2021
- CEO: An Conghui
- Type of Vehicle: Electric Vehicles
- No. of EV Models: 4 (Zeekr 001, Zeekr 007, Zeekr 009, Zeekr X)
Launched in 2021 and owned by Geely Automobile Holdings, Zeekr focuses on premium electric vehicles designed for the modern consumer. The company aims to provide high-quality electric vehicles at competitive prices, leveraging Geely’s extensive resources and experience.
The Zeekr 001 model has been well-received, combining stylish design with advanced technology. As of the end of September 2024, Zeekr has delivered 142,873 electric vehicles year-to-date, marking an 81% growth from last year. In September alone, it delivered 21,333 vehicles, a 77% year-over-year increase. Due to this, Zeekr has stolen the 9th position in the list of the biggest EV Companies.
10. Yadea Group
- Founded: 2001
- CEO: Dong Jinggui
- Type of Vehicle: Electric Two-Wheelers (including e-bikes and scooters)
- No. of EV Models: Numerous models including motorcycles, e-scooters, and e-bikes
Established in 2001, Yadea Group is a leading manufacturer of electric two-wheelers, including e-scooters and electric bicycles. With a significant market presence, Yadea ranked number one in global sales for seven consecutive years, selling over five million electric bicycles in 2018 alone. This EV company focuses on innovation and affordability, making it an attractive option for urban commuters seeking eco-friendly transportation solutions. Therefore, Yadea ends our list of the top 10 EV companies globally.
By reading this blog, you may have learned about the recent growth of the automotive industry and EV companies due to new players and the increasing demand for environmentally-friendly vehicles. We encourage you to follow us to stay updated on the latest developments. We hope this blog has provided insight into the top 10 EV companies worldwide. Thank you for reading until the end.
Keep Reading! Keep Growing!
FAQs
- Who is the leading EV Company?
Tesla is the leading EV Company of the world, having sold more than 1.3 million electric vehicles in 2024.
- Who is Tesla’s biggest EV competitor?
Xiaomi, Li Auto, NIO, XPeng are Tesla’s biggest competitors Globally.
- What are the top EV Companies in the world?
Tesla, Xiaomi, Li Auto, NIO, XPeng, Rivian, VinFast Auto, Lucid Motors, Zeekr, and Yadea Group are the top EV Companies in the world based on Market Cap 2024.
Our Magazines →
