Top 5 EV Companies by Market Share

In this article, we discuss the top 5 EV companies by market share. To read the detailed analysis of the EV industry, go directly to the Global EV Market Share by Company: Top 15 Companies.

5. Zhejiang Geely Holding Group Co., Ltd.

All-electric Vehicles Sold in 2022: approx. 495,000 [total number minus Lynk & Co sales which makes PHEVs]

Market share: 6.4%

Zhejiang Geely Holding Group Co., Ltd. is a Chinese automotive company. It was founded in Binjiang District, Hangzhou, Zhejiang, China. The company sold approximately 495,000 units of all-electric vehicles in 2022. We calculated the number after subtracting the sales of the company’s subsidiary, Lynk & Co’s sales from the EV sales volume provided by the company. Lynk & Co’s is Zhejiang Geely Holding Group Co., Ltd.’s internal combustion engine/hybrid vehicles subsidiary.

4. Volkswagen AG (OTC:VWAGY)

All-electric Vehicles Sold in 2022: 572,100

Market share: 7.47%

Volkswagen AG (VWAGY) is a German auto manufacturer. Volkswagen was the first company to manufacture and sell an electric vehicle. From supercars to luxury, the company sells it all under Volkswagen, Audi, Bentley, Lamborghini, and Porsche brands. The company also manufactures ordinary consumer cars under several other brand names. Volkswagen AG (VWAGY)’s BEV deliveries increased by 26% year-over-year to 572,100 units in 2022.

3. SAIC-GM-Wuling Automobile

All-electric Vehicles Sold in 2022: 671,725

Market share: 8.77%

SAIC-GM-Wuling Automobile is a joint venture between the American General Motors Company (NYSE:GM) and Chinese state-owned SAIC Motor Corp., Ltd. A small part of the company is owned by Liuzhou Wuling Automobile Industry Co., Ltd. On August 8, 2022, SAIC-GM-Wuling reached its 1 million EVs sold milestone and became the fastest company to do so in China.

2. BYD Company Limited (OTC:BYDDY)

All-electric Vehicles Sold in 2022: 911,141

Market share: 11.9%

BYD Company Limited (BYDDY) is a Chinese conglomerate mainly focusing on automobiles and electronics. The company started manufacturing automotive after acquiring Tsinchuan Automobile Co Ltd in 2003. As of March 2022, BYD Company Limited (BYDDY) has stopped the production of combustion engine vehicles and only produces all-electric or plug-in hybrid vehicles (PHEV).

BYD Company Limited (BYDDY) sold 1.85 million cars in 2022, 911,141 of which were BEVs. The company’s BEV sales experienced a 184% year-over-year surge in 2022.

1. Tesla, Inc. (NASDAQ:TSLA)

All-electric Vehicles Sold in 2022: 1,313,851

Market share: 17.15%

Tesla, Inc. (NASDAQ:TSLA) leads our top 15 EV companies by market share list. The company sold over 1.3 million out of the 7.657 million total battery-electric vehicles sold in 2022. Tesla, Inc. (NASDAQ:TSLA)’s dominance in the all-electric vehicle segment is due to its high demand in Europe and the USA. In the second quarter of 2023, 295,355 EV units were sold in the US, and Tesla, Inc. (NASDAQ:TSLA) accounted for 59.3% of them. The company’s Q2 2023 sales were up nearly 35% from Q2 2022.

You can also look at the 23 Most Gay Friendly Cities in the US and the 18 Highest Paying Countries for Nurses.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.