12 Biggest EV Stocks In the World Heading into 2025

2. Toyota Motor Corporation (NYSE:TM)

Number of Hedge Fund Holders: 18

Market Capitalization: $268.2 Billion

Toyota Motor Corporation (NYSE:TM) produces and sells passenger cars, commercial vehicles, and related accessories worldwide. Operating under the Toyota and Lexus brands, it offers a range of vehicles, including compact cars, SUVs, minivans, trucks, and buses. It also provides services, including retail and wholesale financing, leasing, insurance, and credit cards.

While the company takes the second biggest EV stock by market cap spot, most of the company’s revenue is generated from ICEs. The company sold less than 200,000 EVs in the first nine months of 2024 compared to Tesla’s 1.3 million. Most of those sales were attributed to hybrid EVs. However, the company is scaling its operations to catch up to the growing EV market. According to the company’s recent 2024 North American Environmental Sustainability Report, 77% of Toyota and Lexus vehicles currently offered for sale or lease in North America come with an electrified option, with additional models expected soon.

Apart from electric cars, Toyota (NYSE:TM) is also collaborating with Joby Aviation to develop electric air taxis for commercial passenger services. In November, the companies announced the completion of Joby’s first international exhibition flight in Japan, held at Toyota’s Higashi-Fuji Technical Center near Mount Fuji. Toyota engineers have been working alongside Joby in California, and in 2023, they signed a long-term agreement for Toyota to supply key components for Joby’s aircraft. Moreover, Toyota also committed an additional $500 million investment in Joby to support the air taxi’s commercial production, bringing its total investment to nearly $900 million.