In this article, we will discuss the 20 most valuable electric car companies in the world. This article will focus on recent industry trends and the major players in the industry. If you want to skip our analysis, you can proceed to the section highlighting the 5 Most Valuable Electric Car Companies in the World.
The electric vehicle revolution has disrupted the automotive industry over the past decade. There has been an exponential surge in sales. This growth results from numerous factors, including rising government funding and the spread of charging infrastructure. Key technologies contributing to the growth of the EV market include battery technology, electric motors, and autonomous vehicles. Electric vehicles attract the car community with their remarkable performance, power, and torque. The EV market offers investment opportunities to investors looking for high-growth areas. You can also take a look at our article12 Best EV Stocks To Buy For 2024.
An Analysis of the EV Industry
According to a report by Markets and Markets, the global electric vehicle market was worth $388.1 billion in 2023 and is expected to reach $951.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.7%. The Asia Pacific region, Middle East, and Africa are expected to drive significant growth in the global electric vehicle market. Moreover, China is expected to remain the world’s largest market for EVs.
Manufacturers are introducing EV variations of their most popular car models. On February 7, 2024, Ford Motor Company (NYSE:F) revealed its all-electric Puma Gen-E in the UK, with a starting price of $32,500. BMW (OTC:BMWYY) launched its electric vehicle, the i5, worldwide on February 12, 2024. In the United States, it debuted with a starting price of $66,800. The top-tier model, the i5 Touring, boasts a range of up to 348 miles. Tesla, Inc.'s (NASDAQ:TSLA) Model Y became the world’s best-selling vehicle, with 1.2 million units sold in 2023, due to its low sticker price of $45,000. On 24 January 2024, Reuters reportedthat a new generation Tesla will be launched by the second half of 2025. with a starting price of only $25,000. Due to its affordable price, the new generation Tesla will compete fiercely with cheaper gas-powered cars.
In Q4 2023, Tesla, Inc.'s (NASDAQ:TSLA) revenue only grew 3%, and its gross profit dropped by 23% year over year. That's primarily due to the price cuts on the vehicles it sells. The mass production of its new Cybertruck model also came with costs, driving gross margins down. High interest rates have also affected the sales of all automobile manufacturers. Tesla, Inc.'s (NASDAQ:TSLA) Chief Financial Officer Vaibhav Taneja talked about CyberTruck's impact on gross margins in the company's Q4 2023 earnings call:
In our vehicle business, we continue to see improvements in our per unit cost despite us being in the early phase of Cybertruck era. As a result, our auto gross margin improved sequentially. That said, predicting auto gross margins is extremely challenging since there are many moving parts to this equation, some of which are out of our control, like the change in tariffs or local incentives, to name a few. While the teams are focused on cost reductions, we are approaching the limits within our current platforms.
Developments in EV Battery Technology
Continental Amperex Technology Co. Limited (CATL) (SHE:300750) has remained the world’s largest manufacturer and supplier of lithium-ion batteries used in electric cars, buses and trucks. According to a reportby SNE Research, Continental Amperex Technology Co. Limited (CATL) (SHE:300750) produced 37% of the world’s EV batteries in 2023, followed by BYD Company Limited (OTC:BYDDF) at 16%. While lithium-ion batteries currently dominate the market, companies are actively exploring new minerals to lower costs, increase range, and charge faster. Sodium-ion batteries are a safer and lower-cost option than lithium-ion batteries.
BYD Company Limited (OTC:BYDDF), with local conglomerate Huaihai Holding Group, is building a sodium-ion battery plant in Jiangsu, China, with an investment of $1.4 billion. A groundbreaking ceremony was held on January 4, 2024. The plant is expected to have an annual output capacity of 30 GWh.
Stellantis N.V. (NYSE:STLA) is one of the most valuable car manufacturers in the world and is also in on the sodium-ion batteries scene. On January 12, Stellantis Ventures, the corporate venture fund of Stellantis N.V. (NYSE:STLA) announced that it is investing in Tiamat Energy, a French company that is developing sodium-ion battery technology that offers better performance in colder weather, extended range, and quicker charge times.
Not only is Stellantis N.V. (NYSE:STLA) making investments in battery technology, but the group is also set to launch its electric vehicle offerings in the US in 2024. On February 15, CNN reported that the company will roll out its first electric vehicles in the US market this year. Currently, Stellantis N.V. (NYSE:STLA) offers its electric vehicles in Europe, however it is working on bridging the gap between the profit margins of its electric vehicles and traditional ICE-powered offerings. Stellantis N.V. (NYSE:STLA) Chief Executive Officer Carlos Tavares said:
"We are working very, very hard to bring the profit margins of electrified vehicles to the same level as ICEs. We are not there yet. But we are getting closer."
Reaching net zero also means decarbonizing EV charging stations. PairedPower, an innovative manufacturer of solar-powered electric vehicle chargers, has introduced a solar-powered parking canopy designed for electric vehicles, among other off-grid EV charging solutions.
Advancements in battery technology and electric vehicles are expected to drive the growth of the global electric vehicle industry. Investors stand to gain by learning about the biggest electric vehicle companies in the world. With that said, here is the list of the 20 most valuable electric car companies in the world.
20 Most Valuable Electric Car Companies in the World
20 Most Valuable Electric Car Companies in the World
Our Methodology
To make our list of the most valuable electric vehicle companies in the world, we went over several sources, including industry reports, our own rankings, and multiple similar rankings. We also scanned the Finviz and Yahoo Finance stock screeners. For public companies, we checked each company's market capitalization, as of February 20, 2024, on Yahoo Finance. The market caps for foreign companies were converted to US dollars based on the exchange rates of the respective country. To quantify the "value" or "size" of private companies, we selected either the estimated valuation, or the annual revenue available for the most recent fiscal year, or the number of employees, subject to availability of data. The estimated valuation was sourced from major media reports based on the private companies' latest funding round. The annual revenue or number of employees were sourced from official statements by the company and the company's website. Since no private company made it to our list, we have ranked the most valuable electric vehicle companies in the world in ascending order of their market capitalization, as of February 20, 2024.
Note: While we prioritized ranking pure-play electric car companies, we also considered traditional automakers with larger electric vehicle divisions than many new and emerging pure-play EV companies.
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20 Most Valuable Electric Car Companies in the World
20. Guangzhou Automobile Group Co., Ltd. (OTC:GNZUF)
Market Capitalization: $10.03 Billion
Guangzhou Automobile Group Co., Ltd. (OTC:GNZUF) (GAC) produces and sells vehicles under its own branding, such as Trumpchi, Aion, and Hycan as well as under foreign-branded joint ventures. Aion and Hycan are its dedicated vehicles EV brands. It also manufactures electric vehicles under certain other brands. While the sales figures for electric vehicles they sold are not provided separately, the total sales volume for January 2024 was 131,970 units. It has a market cap of $10.03 billion as of February 20, 2024 and ranks 20th among the most valuable electric car companies in the world.
19. Geely Automobile Holdings Limited (OTC:GELYY)
Market Capitalization: $10.25 Billion
Geely Automobile Holdings Limited (OTC:GELYY) manufactures and sells vehicles under its own brands, including Geely, Geometry, Livan, and Zeekr, as well as through foreign subsidiaries such as Volvo Cars and Polestar. 2023 annual sales report shows its brands sold a total of 2.79 million units, of which more than 980,000 were electric vehicles, a 51% increase year over year. As of February 20, 2024, Geely Automobile Holdings Limited (OTC:GELYY) has a market capitalization of approximately $10.25 billion and is one of the most valuable electric car companies in the world.
VinFast Auto Ltd.'s (NASDAQ:VFS) value is based on investments by its parent company, Vingroup, the largest conglomerate in Vietnam. It sold 13,513 electric vehicles globally in Q4 2023. VinFast Auto Ltd. (NASDAQ:VFS) sells cars with a subscription plan, allowing customers to rent their vehicles' batteries to keep consumer costs down. By 2026, it is expected to produce 150,000 electric vehicles annually. The company has a market cap of $12.76 billion as of February 20, 2024.
Rivian Automotive, Inc. (NASDAQ:RIVN) is an all-electric vehicle manufacturer known for its stylish off-road truck and SUV. It has already produced 57,000 vehicles. It has a market cap of $15.43 billion as of February 20, 2024, and is one of the most valuable electric car companies in the world.
16. Chongqing Changan Automobile Company Limited (SHE:000625)
Market Capitalization: $16.15 Billion
Chongqing Changan Automobile Company Limited (SHE:000625) is a major player in China's automotive industry and is one of the biggest electric car companies in the world. It is known for its diverse range of electric vehicles, including sedans, SUVs, and commercial vehicles. As of February 20, 2024, the company has a market cap of $16.15 billion.
15. Great Wall Motor Company Limited (OTC:GWLLY)
Market Capitalization: $20.98 Billion
Great Wall Motor Company Limited (OTC:GWLLY) (GWM) has successfully captured the attention of consumers worldwide with its flagship brands, such as Haval, Wey, Ora, and Poer. Great Wall Motor Company Limited's (OTC:GWLLY) monthly sales data for January 2024 revealed that the sales of electric vehicles reached 25,030 units, a year-on-year increase of 295.48%. As of February 20, 2024, Great Wall Motor Company Limited (OTC:GWLLY) has a market capitalization of $20.98 billion.
14. SAIC Motor Corporation Limited (SHA:600104)
Market Capitalization: $23.51 Billion
SAIC Motor Corporation Limited (SHA:600104) holds significant stakes in several joint ventures, including those with General Motors Company (NYSE:GM) and Volkswagen AG (OTC:VWAGY). For the 18th consecutive year, SAIC Motor Corporation Limited (SHA:600104) remained the leading domestic automaker in China by selling 5.02 million vehicles in 2023. According to their monthly sales report released on December 6, 2023, SAIC Motor Corporation Limited (SHA:600104) sold 515,000 electric vehicles in November 2023. As of February 20, 2024, the company has a market cap of $23.51 billion and is placed 14th among the most valuable electric car companies in the world.
Li Auto Inc. (NASDAQ:LI) is a Chinese electric vehicle manufacturer headquartered in Beijing. Li Auto Inc. (NASDAQ:LI) gained attention because of its stylish design and extended range. It sold 376,030 EVs in 2023. It has a market cap of $32.47 billion as of February 20, 2024.
12. Kia Corporation (KRX:000270)
Market Capitalization: $34.19 Billion
Kia Corporation (KRX:000270) is the second largest car manufacturer in South Korea. According to its 2023 sales report, Kia Corporation (KRX:000270) achieved high sales for its electric vehicles, with the EV6 selling over 96,000 units, the Niro EV surpassing 169,000 units, the Soul reaching 68,000 units, and the EV9 achieving 35,000 units. As of February 20, 2024, Kia Corporation (KRX:000270) has a market cap of $34.19 billion.
11. Dr Ing hc F Porsche AG (OTC:DRPRF)
Market Capitalization: $39.51 Billion
In 2023, Dr Ing hc F Porsche AG (OTC:DRPRF) delivered 40,629 units of its all-electric Tycan, and sales increased by around 17% compared to 2022. On January 25, 2024, Dr Ing hc F Porsche AG (OTC:DRPRF) presented the electric variant of its popular SUV, the Macan, at Germany's world premiere. As of February 20, 2024, Dr Ing hc F Porsche AG (OTC:DRPRF) has a market cap of $39.51 billion and is one of the most valuable electric car companies in the world.
General Motors Company (NYSE:GM) owns and manufactures Chevrolet, GMC, Cadillac and Buick. It was the world’s largest automaker by volume till 2008. General Motors Company (NYSE:GM) sold 19,469 electric vehicles in Q4 2023 and introduced electric variants of its popular models including Blazer, Bolt, Silverado, Hummer and Equinox. It has a market cap of $44.67 billion as of February 20, 2024.
9. Hyundai Motor Company (OTC:HYMTF)
Market Capitalization: $45.76 Billion
Hyundai Motor Company (OTC:HYMTF) aims to optimize profitability and global sales. In Q4 2023, global electric vehicle sales stood at 268,785 units. Hyundai Motor Company (OTC:HYMTF) has its dedicated EV brand, IONIQ. According to a report, IONIQ sales reached 47,000 in 2023. As of February 20, 2024, Hyundai Motor Company (OTC:HYMTF) has a market cap of $45.76 billion.
Ford Motor Company (NYSE:F) did record sales of about 26,000 electric vehicles in the United States in Q4 2023, up 18% from the previous quarter. Ford Motor Company (NYSE:F) has a great range of models, and its F-150 Lightning is the most-sold electric truck in the United States. Other popular electric models include the Mustang Mach-E and E-Transit van. As of February 20, 2024, Ford Motor Company (NYSE:F) has a market cap of $48.87 billion and is ranked among the most valuable electric car companies in the world.
7. Volkswagen AG (OTC:VWAGY)
Market Capitalization: $69.47 Billion
Volkswagen AG (OTC:VWAGY) is known for its reliability, innovation and popular models like the Beetle and Golf. Volkswagen AG (OTC:VWAGY) excels in the electric vehicle industry and delivered 394,000 fully electric vehicles globally in 2023, up 21.1% compared to 2022. As of 20 February 2024, it has a market cap of $69.47 billion. Volkswagen AG (OTC:VWAGY) is ranked 6th among the most valuable electric car companies in the world.
6. BYD Company Limited (OTC:BYDDF)
Market Capitalization: $70.95 Billion
BYD Company Limited (OTC:BYDDF) sold more than 200,000 electric vehicles in January 2024, a significant 33.14% year-over-year increase in sales of electric vehicles. As of February 20, 2024, it has a market cap of $70.95 billion. It is one of the leading players in the automotive sector, specializing in electric buses, trucks, and passenger vehicles. BYD Company Limited (OTC:BYDDF) is one of the most valuable electric car companies in the world.
