Once considered an unprofitable niche, electric vehicles (EVs) are now big business. Sales reached more than 17 million in 2024, and 22% of cars sold were electric, according to the International Energy Agency. The biggest electric car companies have continued increasing production to keep up with demand.
China is leading the way with 5 of the world's top 10 EV manufacturers, but you won't see many of their cars in the United States or the European Union because both impose hefty tariffs on EVs made by Chinese companies. Keep reading for the latest numbers on the largest EV companies.
The largest EV companies
The largest EV manufacturers
Manufacturer | BEV | FCEV | PHEV | Total |
|---|---|---|---|---|
BYD | 1,708,972 | 0 | 2,327,566 | 4,036,538 |
Tesla Inc. | 1,787,944 | 0 | 0 | 1,787,944 |
Geely Auto Group | 711,486 | 0 | 311,588 | 1,023,074 |
GM | 897,164 | 0 | 123,599 | 1,020,763 |
VW Group | 746,180 | 0 | 262,800 | 1,008,980 |
Changan Automobile Group | 307,984 | 0 | 337,816 | 645,800 |
BMW Group | 431,465 | 222 | 164,082 | 595,769 |
Hyundai Motor | 423,718 | 2,865 | 113,206 | 539,789 |
Li Auto (CHJ Automotive) | 11,268 | 0 | 515,085 | 526,353 |
Chery Automobile | 225,212 | 0 | 284,773 | 509,985 |
Stellantis | 281,338 | 0 | 208,780 | 490,118 |
GAC | 378,715 | 0 | 80,535 | 459,250 |
Seres Group | 30,341 | 0 | 396,556 | 426,897 |
Geely-Volvo Car Group | 220,881 | 0 | 176,317 | 397,198 |
Mercedes-Benz Group | 210,331 | 0 | 174,018 | 384,349 |
Great Wall Motors | 67,754 | 0 | 280,543 | 348,297 |
Toyota Motor Corp. | 142,327 | 1,693 | 188,643 | 332,663 |
Dongfeng Motor | 183,238 | 0 | 122,195 | 305,433 |
SAIC | 255,366 | 2 | 46,909 | 302,277 |
R-N-M Alliance | 243,285 | 0 | 49,087 | 292,372 |
1. BYD
OTC: BYDDY
Key Data Points
NASDAQ: TSLA
Key Data Points
- Headquarters: United States
- Founded: 2003
- EVs manufactured in 2024: 1,787,944 (all BEVs)
Auto manufacturer and clean energy company Tesla (TSLA -0.82%) exploded onto the scene to become one of the world's largest companies in less than two decades. In 2021, it became just the sixth company to break a market cap of $1 trillion.
Tesla's vehicles are extremely popular and have set multiple sales records. The Model 3 was the first EV to pass 1 million in global sales. The Model Y was the best-selling car worldwide in 2023 and 2024, and it's the first EV to hold that title.
While Martin Eberhard and Marc Tarpenning incorporated Tesla as Tesla Motors in 2003, the company is more closely associated with CEO Elon Musk. Musk first invested in the company in 2004, becoming the largest shareholder and chairman of the board. He has served as CEO since 2008. Musk also spent part of 2025 as a special government employee for the Trump administration, a move that led to backlash against Tesla, including boycotts.
3. Geely Auto Group
OTC: GELYF
Key Data Points
- Headquarters: China
- Founded: 1989
- EVs manufactured in 2024: 1,023,074 (711,486 BEVs, 311,588 PHEVs)
One of the largest Chinese automobile manufacturers, Geely (GELYF +1.01%), saw its EV sales grow by 92% in 2024. Geely controls quite a few auto brands around the world, with Volvo likely being the most recognizable in the U.S.
Owning Volvo puts Geely in an advantageous position. Because Volvo has European manufacturing operations, Geely is able to manufacture its EX30 there and avoid European import tariffs on Chinese EVs. Volvo also operates a plant in South Carolina that produces the S60 and all-electric EX90.
Geely has multiple EV-only brands, including luxury EV brand Zeekr and Swedish Polestar. Geely Auto offers entry-level EVs through its Geometry product line and upscale hybrids and EVs through its Geely Galaxy brand.
4. General Motors
NYSE: GM
Key Data Points
- Headquarters: United States
- Founded: 1908
- EVs manufactured in 2024: 1,020,763 (897,164 BEVs, 123,599 PHEVs)
General Motors (GM +1.04%) dipped its toe in the EV waters in the 1990s when it produced the General Motors EV1. It was the first modern EV from a major manufacturer, and it was only available through lease agreements. Although it was popular with drivers, General Motors didn't expect EVs to be profitable, so it discontinued the program and destroyed most of the EVs.
A few decades later, General Motors is one of the top five largest EV companies in the world. It also previously announced that it would exclusively offer EVs and end production of gas- and diesel-powered vehicles by 2035, although its plans appear to have changed. In June 2025, the automaker announced a $4 billion investment to increase production of gas-powered vehicles.
General Motors has launched (or announced plans to launch) EVs across all its core auto brands (Chevrolet, Buick, GMC, and Cadillac). Its most popular so far has been the Chevrolet Bolt, but it's being phased out to transition to new EV models.
5. Volkswagen
FRA: VOW
Key Data Points
6. Changan Automobile Group
- Headquarters: China
- Founded: 1862
- EVs manufactured in 2024: 645,800 (307,984 BEVs, 337,816 PHEVs)
While some automakers on this list have only been around for a few decades, Changan Automobile Group has been around for more than 150 years. This state-owned automaker was originally a military supply company before starting auto manufacturing in 1959.
Changan's EV brands are Changan Nevo, an entry-level line, Deepal, and Avatr Technology, a premium EV brand and joint venture with multiple other companies. Its most popular EV is the Changan Lumin, which was one of the top 10 best-selling EVs in China in 2024.
7. BMW
OTC: BMWYY
Key Data Points
FRA: HYU
Key Data Points
- Headquarters: South Korea
- Founded: 1967
- EVs manufactured in 2024: 539,789 (423,718 BEVs, 2,865 FCEVs, 113,206 PHEVs)
Hyundai Motors (FRA:HYU) was the third-largest automobile manufacturer in the world by sales in 2024 and the eighth largest when just counting EVs. Its top two brands are Hyundai Motor Company and Kia. It also has a luxury division, Genesis Motors, and an EV subbrand called Ioniq, which launched in 2020.
The company has set a goal of being a top-three EV manufacturer by 2030. In March 2024, it announced an investment of 68 trillion South Korean won (about $50.5 billion) in South Korea, part of which will go toward building three new EV factories.
9. Li Auto
NASDAQ: LI
Key Data Points
- Headquarters: China
- Founded: 1997
- EVs manufactured in 2024: 509,985 (225,212 BEVs, 284,773 PHEVs)
Chery Automobile is one of China's top automakers. Owned by the Wuhu municipal government, it has several brands under its umbrella and sold 2.6 million vehicles in 2024.
Chery New Energy is this car company's EV subsidiary, with models that include the Arrizo e, eQ1, and QQ Ice Cream. Chery also has a hybrid line, Chery Fulwin, and it has several other brands that sell EVs, including iCar, Exeed, and Jetour.
Global EV sales
EV sales and their share of total vehicle sales worldwide have grown rapidly in recent years. Since 2020, global EV sales have increased by about 3.6 million per year, and EV sales share is 5 times higher. Projections by the International Energy Agency anticipate that EV sales will accelerate even more over the rest of this decade.
Year | EV Sales | EV Sales Share |
|---|---|---|
2020 | 2,970,000 | 4.4% |
2021 | 6,600,000 | 9.3% |
2022 | 10,200,000 | 15.0% |
2023 | 13,700,000 | 18.0% |
2024 | 17,500,000 | 22.0% |
2030* | 40,000,000 | 42.0% |
However, the U.S. EV market appears to be slowing down. Sales ticked up by a modest 130,000 in 2024, the slowest growth in three years, and EV sales share of all automobile sales only increased by 0.5%. Europe didn't fare any better. Its EV sales declined by 20,000 in 2024, and its EV sales share didn't move.
China is the worldwide leader for EV sales and sales share, and it's not a particularly close race. It had 11.3 million EVs sold last year, 48.0% of its total vehicle sales. That's nearly two-thirds of total EV sales worldwide.
Year | U.S. EV Sales | U.S. EV Sales Share | China EV Sales | China EV Sales Share | Europe EV Sales | Europe EV Sales Share |
|---|---|---|---|---|---|---|
2020 | 294,000 | 2.3% | 1,140,000 | 5.7% | 1,380,000 | 10.0% |
2021 | 630,000 | 4.7% | 3,250,000 | 15.0% | 2,300,000 | 17.0% |
2022 | 990,000 | 7.4% | 5,900,000 | 29.0% | 2,600,000 | 21.0% |
2023 | 1,390,000 | 9.5% | 8,100,000 | 38.0% | 3,200,000 | 22.0% |
2024 | 1,520,000 | 10.0% | 11,300,000 | 48.0% | 3,180,000 | 22.0% |
2030* | 3,370,000 | 21.0% | 21,200,000 | 82.0% | 9,500,000 | 58.0% |
Average EV prices
Drivers pay a premium for EVs, at least in terms of the up-front price. The average transaction price for a new electric vehicle was $57,734 in May 2025, according to Kelly Blue Book data. For gas-powered vehicles, it was $48,799.
While there's still a difference, the price gap between conventional and electric car brands is shrinking. In the United States, it decreased from 60% in 2019 to 21% in 2023. China has eliminated the "electric premium," as its EVs were 6% cheaper than its conventional cars as of 2023.
The electric premium: The average cost of an EV as a percentage of the average cost of a gas-powered car
Region | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
United States | 57% | 60% | 47% | 45% | 48% | 21% |
China | 49% | 21% | 32% | 22% | 5% | -6% |
Europe | 34% | 52% | 44% | 38% | 40% | 38% |
How to invest in EV companies
The world is moving more and more toward EVs. Many automakers have pledged that they're going all-electric. The federal government offers an EV Tax Credit, and every state has EV laws or incentives on the books, according to the U.S. Department of Energy. And even though U.S. sales aren't growing as quickly as before, EV sales are still increasing, and they're making up a larger share of total vehicles sold each year.
If you're interested in investing in EV companies, you have several options, including:
- Investing in automotive stocks with strong EV divisions. At this point, there's quite a bit of overlap between the top automakers and the largest EV companies. You'll get at least some exposure to the EV market by investing in any major automaker, but you can also look for those that have pledged to go all-electric or have successful EV lineups.
- Investing in electric car stocks. If you want a greater focus on EVs, go for companies that already have all-electric lineups or those with EVs as their flagship models.
- Investing in EV ETFs. For a broader approach, there are plenty of ETFs (exchange-traded funds) that invest in companies related to the EV market.
- Investing in EV battery stocks. Instead of directly investing in EVs, another option is to invest in the companies that supply the battery since this is the key component.
There are plenty of ways to add EV companies to your portfolio. ETFs are generally the easiest option since they include a large number of stocks that you don't need to choose yourself. If you prefer to pick stocks, the largest EV companies are a good place to start.
FAQs
Sources
- EV-Volumes (2025). Data provided via email.
- International Energy Agency (2024). "Battery electric car price premium compared to internal combustion engine cars, 2018-2023."
- International Energy Agency (2025). "Global EV Outlook 2025."
- Kelley Blue Book (2025). "How Much Are Electric Cars?"
About the Author
Lyle Daly has positions in Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends BYD Company, General Motors, and Volkswagen Ag. The Motley Fool has a disclosure policy.