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In this piece, we will take a look at the 20 biggest electric vehicle companies in the world. For more companies, head on over to 5 Biggest Electric Vehicle Companies in the World.
Courtesy of Elon Musk and Tesla, the electric vehicle segment has become one of the hottest in the world. While electric cars were more in the realm of science fiction just two decades back, now, as Tesla solves some of the hardest manufacturing problems in the world to create a new production system, the electric vehicle space has burgeoned into a growing industry that has captivated governments, consumers, and investors.
This sentiment is also reflected in market research reports which have optimistic growth rates estimated for the industry. A research report from Fortune Business Insights states that the industry was worth $287 billion in 2021 and from then to 2028, it will grow at a compounded annual growth rate (CAGR) of 24.3% to sit at an estimated $1.3 trillion by the end of the forecast period, making it one of the largest industries in the world. The research firm believes that the growth will be aided by governments that are aiding it through incentives, subsidies, and tax exemptions. These include plans by the U.S. government to build electric vehicle charging stations and the European Union's plans to significantly reduce carbon emissions by 2025.
Global electric vehicle sales touched a whopping 6.9 million in 2021, at a time when the world was recovering from the coronavirus pandemic and this marked a stunning 107% annual growth. In comparison, 66.7 million cars were sold all around the globe in the same year, indicating that there is plenty of room left for EV companies to grow and take the share away from their traditional counterparts.
Today's piece will look at the largest electric vehicle companies in the world, out of which the top players are General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F), and Tesla, Inc. (NASDAQ:TSLA).
Our Methodology
We studied the electric vehicle industry in depth to sift out the top players, which were then ranked through their market capitalization.
Biggest Electric Vehicle Companies in the World
20. Arrival (NASDAQ:ARVL)
Market Capitalization as of November 12, 2022: $330 million
Arrival (NASDAQ:ARVL) develops and designs electric vehicles such as cars, buses, and commercial vans. Additionally, the firm also develops electric vehicle manufacturing processes and software. It is headquartered in Luxembourg.
Arrival (NASDAQ:ARVL)'s latest share price is just $0.53 through which has a $330 million market value. Arrival (NASDAQ:ARVL) reported a $310 million net loss for its third fiscal quarter, and the firm expects to end the year with cash ranging between $160 million and $200 million.
Along with Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), and Tesla, Inc. (NASDAQ:TSLA), Arrival (NASDAQ:ARVL) is one of the largest electric vehicle companies in the world.
19. Lordstown Motors Corp. (NASDAQ:RIDE)
Market Capitalization as of November 12, 2022: $400 million
Lordstown Motors Corp. (NASDAQ:RIDE) is an American electric vehicle manufacturer. The firm develops a single line of products, which is its Endurance pickup truck for fleet customers.
The company has partnered up with Foxconn, which is the world's largest contract manufacturer. Foxconn is aiming to expand its manufacturing footprint to electric vehicles as well. The company announced in November 2022 that it had invested another $70 million in the car designer. Lordstown Motors Corp. (NASDAQ:RIDE)'s market capitalization stands at $400 million.
Israel Englander's Millennium Management is Lordstown Motors Corp. (NASDAQ:RIDE)'s largest investor through a $6.3 million stake that comes courtesy of 4 million shares.
18. Hyzon Motors Inc. (NASDAQ:HYZN)
Market Capitalization as of November 12, 2022: $470 million
Hyzon Motors Inc. (NASDAQ:HYZN) focuses exclusively on manufacturing and selling electric vehicles for commercial transportation. Its products include city buses and Class 3, 4, 6, and 8 trucks. The company is headquartered in Honeoye Falls, New York.
As of Saturday, November 12th, 2022, Hyzon Motors Inc. (NASDAQ:HYZN) had a $470 million in market capitalization. The company is yet to file its earnings report for the second quarter, and it has received a notice from the NASDAQ for its failure to do so. It is also investigating revenue recognition issues in China.
Hyzon Motors Inc. (NASDAQ:HYZN)'s largest investor in our database is Israel Englander's Millennium Management which owns 2.4 million shares that are worth $7.1 million.
17. Canoo Inc. (NASDAQ:GOEV)
Market Capitalization as of November 12, 2022: $510 million
Canoo Inc. (NASDAQ:GOEV) is an American company that is an all rounder when it comes to electric vehicles. The firm not only designs its own rather futuristic looking lifestyle and lifestyle delivery vehicles, but it also sells a skateboard chassis for other firms to use in their cars.
Canoo Inc. (NASDAQ:GOEV) is aggressively moving towards production, and in its third quarter earnings, it announced that a manufacturing plant in Oklahoma City will start production during the first half of next year and achieve a 20,000 annual run rate by the end of 2023. After being listed on the stock market in 2020, the company has a market capitalization of $510 million.
Canoo Inc. (NASDAQ:GOEV)'s largest shareholder is Jim Simons' Renaissance Technologies which owns one million shares that are worth $1.9 million.
16. Hyliion Holdings Corp. (NYSE:HYLN)
Market Capitalization as of November 12, 2022: $550 million
Hyliion Holdings Corp. (NYSE:HYLN) is a supplier to the electric vehicle industry. It sells systems such as electrified powertrain systems for commercial vehicles and battery management systems plus battery packs. The firm is headquartered in Cedar Park, Texas, the United States.
Hyliion Holdings Corp. (NYSE:HYLN)'s market capitalization stands at $550 million. The company's third fiscal quarter saw it report $500,000 in revenue and -$0.36 in GAAP EPS, in a poor set of results that missed analyst estimates for both metrics.
15. The Lion Electric Company (NYSE:LEV)
Market Capitalization as of November 12, 2022: $700 million
The Lion Electric Company (NYSE:LEV) is involved in the manufacturing and sale of urban electric vehicles such as electric school buses. It is one of the few Canadian electric companies in the world and is based out of Saint Jerome, Canada.
The Lion Electric Company (NYSE:LEV) is building a 900,000 square foot manufacturing facility in Illinois, and a battery manufacturing plant in Quebec. Both these facilities are aiming to commence production by the end of this year. As trading closed on November 12, 2022, The Lion Electric Company (NYSE:LEV) was worth $700 million on the stock market.
The Lion Electric Company (NYSE:LEV)'s largest investor in our database is Ben Levine, Andrew Manuel, and Stefan Renold's LMR Partners. It owns 1.6 million shares that are worth $6.9 million.
14. Gogoro Inc. (NASDAQ:GGR)
Market Capitalization as of November 12, 2022: $800 million
Gogoro Inc. (NASDAQ:GGR) focuses on developing smaller, two wheeled electric vehicles such as electric scooters with cloud connectivity. The firm also has its own powertrain platform and lets the rider analyze vehicle performance through a smartphone application.
Gogoro Inc. (NASDAQ:GGR)'s market capitalization is $800 million. The firm is one of the few small cap electric vehicle stocks that posts a positive net income, as its third quarter results outlined a $102 million revenue and $0.24 in earnings per share.
13. Nikola Corporation (NASDAQ:NKLA)
Market Capitalization as of November 12, 2022: $1.42 billion
Nikola Corporation (NASDAQ:NKLA) is an electric vehicle company that focuses exclusively on developing and manufacturing trucks that are powered by hydrogen and batteries. The company is headquartered in Phoenix, Arizona, and it came into a bit of controversy last year when its chief executive officer was caught falsifying test results
Despite the bad press, Nikola Corporation (NASDAQ:NKLA)'s market capitalization stands at $1.42 billion, making it one of the largest electric vehicle companies in the world. The firm announced in November 2022 that it has partnered with ChargePoint to deliver charging facilities to Nikola Customers.
Nikola Corporation (NASDAQ:NKLA)'s largest investor is Jeff Ubben's Inclusive Capital. It owns 7.4 million shares that are worth $35 million.
12. Proterra Inc. (NASDAQ:PTRA)
Market Capitalization as of November 12, 2022: $1.55 billion
Proterra Inc. (NASDAQ:PTRA) is an American transportation equipment provider that sells products to allow companies to integrate electrification systems and batteries into their commercial vehicles such as trucks and buses. It is headquartered in Burlingame, California.
Proterra Inc. (NASDAQ:PTRA) has a market capitalization of $1.55 billion through a share price of $6.88. Its buses have significant advantages over traditional ones, as they allow mechanics to change the engine in just four hours when compared to 12 hour removal time for a diesel engine. Proterra Inc. (NASDAQ:PTRA)'s engine is also just 90 kilograms in weight, almost one tenth of the standard diesel engine's 800 kilograms.
Cowen Group's Ramius is Proterra Inc. (NASDAQ:PTRA)'s largest shareholder through a $49 million stake that comes via 10 million shares.
11. Fisker Inc. (NYSE:FSR)
Market Capitalization as of November 12, 2022: $2.64 billion
Fisker Inc. (NYSE:FSR) is an American electric vehicle manufacturer. The firm is headquartered in Manhattan Beach, California and it engages in designing electric vehicles for its own sales as well as providing a platform for other companies to use.
Fisker Inc. (NYSE:FSR) is seeing strong interest and demand for its Ocean SUV. So far, the firm has received 62,000 reservations and it aims to start production later this year. The company's market capitalization stands at $2.64 billion.
10. Zhejiang Leapmotor Technology Co., Ltd. (HKSE:9863.HK)
Market Capitalization as of November 12, 2022: $2.64 billion
Zhejiang Leapmotor Technology Co., Ltd. (HKSE:9863.HK) is a Chinese electric vehicle manufacturing company. The firm offers different kinds of electric vehicles, such as a smart sedan, a sports utility vehicle, a sedan, and a smart electric vehicle. It also sells components for its vehicles.
Zhejiang Leapmotor Technology Co., Ltd. (HKSE:9863.HK) total market capitalization is equal to $2.64 billion as of November 12, 2022.
9. XPeng Inc. (NYSE:XPEV)
Market Capitalization as of November 12, 2022: $7.26 billion
XPeng Inc. (NYSE:XPEV) is a smart vehicle manufacturer that is headquartered in the People's Republic of China. The company manufactures and sells a variety of vehicles such as sports and family sedans. It also provides leasing, insurance, and charging services.
XPeng Inc. (NYSE:XPEV)'s latest market capitalization sits at $3.03 billion, and the firm shipped 5,101 electric vehicles in China in October 2022. This led it to deliver a total of 103,654 vehicles during the first ten months of the year, for a 56% annual increase at a time when the Chinese economy is still struggling to manage a zero covid policy.
Chase Coleman and Feroze Dewan's Tiger Global Management LLC is XPeng Inc. (NYSE:XPEV)'s largest investor in our database through a $138 million stake that comes courtesy of 4.3 million shares
8. Polestar Automotive Holding UK PLC (NASDAQ:PSNY)
Market Capitalization as of November 12, 2022: $11.62 billion
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is a Swedish firm that manufactures electric vehicles. The firm currently has three cars in its portfolio and it is headquartered in Gothenburg, Sweden.
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) has an $11.62 billion market capitalization. The firm performed strongly in its third quarter, as it reported $300 million in net income and $435 million in revenue, for an outstanding 104.5% growth in the latter. Polestar Automotive Holding UK PLC (NASDAQ:PSNY) also delivered 30,424 vehicles during the first nine months of this year.
7. Li Auto Inc. (NASDAQ:LI)
Market Capitalization as of November 12, 2022: $18.97 billion
Li Auto Inc. (NASDAQ:LI) is a Chinese company that manufactures and sells electric vehicles. The firm's Li ONE is a sports utility vehicle (SUV) and it is also developing autonomous driving capabilities.
Li Auto Inc. (NASDAQ:LI) managed to weather the tricky Chinese macroeconomic environment, as it announced in November 2022 that it had delivered 10,052 vehicles in the prior month. This marked a strong 31% annual growth at a time when other Chinese companies were struggling to grow their deliveries. The firm has an $18.97 billion market capitalization.
Li Auto Inc. (NASDAQ:LI)'s largest investor is Jim Simons' Renaissance Technologies. It owns six million shares that are worth $230 million.
6. NIO Inc. (NYSE:NIO)
Market Capitalization as of November 12, 2022: $19.31 billion
NIO Inc. (NYSE:NIO) is another Chinese electric vehicle manufacturer and seller. The firm sells electric sedans and sports utility vehicles. Additionally, it also manufactures powertrains and battery packs, alongside providing after sales support to its customers.
NIO Inc. (NYSE:NIO) market capitalization sits at $19.31 billion. The firm is aiming to deliver between 43,000 and 48,000 vehicles during the current quarter, an estimate through which it expects to mark annual growth ranging between 71.% to a massive 91.7%. NIO Inc. (NYSE:NIO) also aims to rake in at least $2.2 billion in revenue this year, for a 75% annual growth.
Jim Simons' Renaissance Technologies is NIO Inc. (NYSE:NIO)'s largest investor in our database. It owns 17 million shares that are worth $385 million.
General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F), Tesla, Inc. (NASDAQ:TSLA) and NIO Inc. (NYSE:NIO) are among the biggest electric vehicle firms in the world.
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Disclosure: None. 20 Biggest Electric Vehicle Companies in the World is originally published on Insider Monkey.
