We will take a look at the 5 biggest electric car companies in the world. To read our analysis of the recent market trends, you can go to the 15 Biggest Electric Car Companies in the World.
5. Mercedes Benz Group AG
Market Capitalization: $61.8 billion
Stuttgart, Germany-based Mercedes Benz Group AG is one of the leading global suppliers of premium and luxury cars and vans. With a history dating back to 1886, the company sells its vehicles and services in nearly every country of the world and has production facilities in Europe, North and Latin America, Asia, and Africa.
In June 2022, Mercedes Benz Group AG announced its electric drive strategy to go all electric by the end of the decade. The company intends to invest over €40 billion into battery electric vehicles between 2022 and 2030. As part of this plan, the company expects to start production of electric vehicles at seven locations on three continents.
The electric vehicle product lineup Mercedes Benz Group AG is sold under the Mercedes-EQ brand and consists of EQC, a compact SUV; EQV, based on the V-class platform; EQA, a second-generation crossover SUV; and EQB, an all-electric compact SUV. The company sold 37,069 electric vehicles during the third quarter of 2022.
4. Volkswagen AG
Market Capitalization: $74.7 billion
Volkswagen AG, also known as the Volkswagen Group, is a multinational automotive manufacturer based in Wolfsburg, Germany. The Group is made up of twelve brands from seven European countries: Volkswagen, Audi, SEAT, ŠKODA, Bentley, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN.
Founded in 1937, Volkswagen AG operates 120 production plants in 20 European countries and 11 countries in the Americas, Asia and Africa, with a workforce of nearly 630,000 employees. During Q3 2022, the Group delivered nearly 2.2 million vehicles to customers across the world, including 149,300 electric vehicles.
Top selling electric vehicle models of the Volkswagen Group during the first nine months of 2022 include Volkswagen ID.4/ID.5, Volkswagen ID.3, ŠKODA Enyaq iV, Audi e-tron, Audi Q4 e-tron, Volkswagen ID.6, Porsche Taycan and CUPRA Born.
3. BYD Company Limited
Market Capitalization: $83.9 billion
Shenzhen, China-based BYD Company Limited is a multinational manufacturing company with three primary business segments: automobile business which mainly includes new energy vehicles, handset components and assembly business, and rechargeable batteries and photovoltaic business.
BYD Company produced 97,902 electric vehicle units in September 2022, bringing total electric vehicles produced by the company in the first nine months of the year to 590,804 units. Its electric vehicle lineup includes Atto 3, a C-segment crossover/SUV; Han, a sleek and sporty E-segment sedan; and Tang, a 7-seater family SUV.
2. Porsche
Market Capitalization: $90.6 billion
Dr Ing hc F Porsche AG, commonly known as Porsche, recently went public and is an automobile manufacturer based in Stuttgart, Germany, specializing in high-performance luxury sports cars, SUVs, and sedans. The electric vehicle lineup of the company includes four-door sports sedan models such as Taycan, Taycan 4S, Taycan GTS, and others, and luxury SUVs such as Taycan Turbo Cross Turismo, Taycan 4S Cross Turismo, and others.
Porsche delivered 25,073 all-electric Taycan model vehicles during the first nine months of 2022, accounting for more than 11% of its total deliveries during the period. The company intends to increase the share of electric vehicles deliveries to 50% by 2025 and more than 80% by the end of the decade.
1. Tesla, Inc. (NASDAQ:TSLA)
Market Capitalization: $686.5 billion
Based in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA), designs, develops, manufactures, sell and lease fully electric vehicles and energy generation and storage solutions. Its current portfolio of products includes Model 3 and Model S sedans, Model Y and Model X SUVs, while upcoming products include Cybertruck, Tesla Roadster and Tesla Semi – a light commercial vehicle.
Tesla, Inc. (NASDAQ:TSLA) produced over 365,000 vehicles in the third quarter of 2022. The company has six large scale manufacturing facilities across the world, including its first plant in California, and gigafactories across Nevada, New York, Shanghai, Texas, and Berlin.
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