Trystan Casey
Electric vehicles (EVs) are becoming increasingly popular, with global sales reaching 14 million in 2023, and 18% of cars sold being electric. China is the global leader in EV sales and production, with 8.1 million EVs sold in 203, accounting for 40% of its total vehicle sales. The country is home to several top EV manufacturers, including BYD, which is the global leader in EV manufacturing, and NIO, which produces the world's fastest electric car. However, Tesla, a US-based company, remains the largest EV manufacturer in the world by market cap, with extremely popular models such as the Model 3 and Model Y. Other notable EV companies include California-based Rivian, which has a partnership with Amazon for electric delivery vehicles, and BMW, which is working towards delivering 10 million EVs by 2030. While China leads in EV sales and production, Norway and its Scandinavian neighbours are the leaders in EV adoption, with eight out of ten passenger car sales in Norway being electric in 2022.
| Characteristics | Values |
|---|---|
| Global Leader in EV Manufacturing | China |
| Leader in EV sales and sales share | China |
| Top EV company | BYD |
| Largest EV manufacturer | Tesla |
| Best-selling EV | Tesla Model Y |
| First EV to exceed 1 million global sales | Tesla Model 3 |
| Country adopting electric vehicles fastest | Norway |
| Country with most top EV companies | China |
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What You'll Learn
China's BYD
BYD Auto manufactures passenger battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), collectively known as new energy vehicles (NEVs) in China, as well as electric buses and trucks. The company sells its vehicles under its main BYD brand and its high-end brands, Denza, Fangchengbao, and Yangwang. BYD's most popular vehicles come from its Dynasty series, and the BYD Qin was one of four BYD vehicles to make the Top 10 Electric Cars list. The manufacturer ceased production of internal combustion engine vehicles in 2022 to focus solely on EVs.
BYD has experienced substantial sales growth since 2020, driven by the increasing market share of new energy vehicles in China. The company has expanded sales of electric passenger cars into overseas markets, mainly Europe, Southeast Asia, Oceania, and the Americas. BYD's overseas shipments jumped 71.9% last year, making up 10% of overall car sales. In the fourth quarter of 2023, BYD was the top-selling battery-electric vehicle manufacturer in the world, ahead of Tesla. BYD is also the third most valuable car manufacturer in the world based on market capitalization. The company's extensive vertical integration leverages the BYD group's expertise in producing batteries and other related components, such as electric motors and electronic controls.
In 2006, BYD established the Electric Vehicle Research Institute, an internal entity dedicated to the research and development and trial production of parts for new energy vehicles, including battery-electric and plug-in hybrid vehicles. In 2008, BYD launched its first plug-in hybrid electric vehicle, the BYD F3DM, and in 2009, it introduced its first battery-electric vehicle, the BYD e6. BYD's net profit leapt 73.1% in the fourth quarter of 2024 to a record 15 billion yuan ($2.1 billion), with revenue up 52.7% at 274.9 billion yuan. For the whole of 2024, BYD's profit rose 34% to a record 40.3 billion yuan on 29% revenue growth.
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Tesla's global popularity
Tesla is the largest EV manufacturer in the world by market cap, which stood at over $665 billion in 2024. The company's vehicles are extremely popular and have set multiple sales records. The Tesla Model 3 was the first EV to pass 1 million in global sales, selling 300,075 units in 2019, over 100,000 more than its closest competitor. It was also the 10th best-selling car in the world in 2021. In the first quarter of 2023, the Model Y became the best-selling car worldwide, making it the first EV to hold that title. In 2023, Tesla sold 1.81 million cars globally, with the company averaging around 400,000 unit deliveries per quarter. In 2024, Tesla sold 1.79 million cars globally, making $97.7 billion in revenue.
In China, the most popular Tesla model in 2023 was the Model Y, with 456,394 units sold. The Model Y was the second most-bought EV in China in 2023, with the BYD Song taking the top spot. In 2023, Tesla ranked #2 for EV sales in China with a 7.5% market share, with BYD at 33.8%. In the US, the Tesla Model Y was the best-selling EV in Q3 2024, and it topped the UK EV sales chart in 2023. The Model Y was the highest-ranked small SUV in the Euro NCAP safety assessment.
Tesla's success has helped boost EV popularity in the US, increasing competition in its domestic market. However, the company faces increasing competition from Chinese manufacturers, who are closing the gap with Tesla, partly due to the size of China's EV market. In 2022, Tesla was overtaken in sales by BYD, which boosted EV production by 200% that year. In 2023, BYD sold over one million more EVs than Tesla.
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Norway's high adoption rate
Norway is one of the coldest regions globally, with geographical features such as fjords that make some areas difficult to access. Given the concerns about the performance of EV batteries in low temperatures and their shorter range compared to gasoline vehicles, Norway would seemingly be one of the last places to adopt EVs. However, Norway and its Scandinavian neighbours, including Iceland and Sweden, are leaders in EV adoption. In 2022, eight out of ten passenger car sales in Norway were electric vehicles, with a total of 150,000 sold.
Another factor contributing to Norway's high EV adoption rate is the country's commitment to environmental sustainability. Norwegians are environmentally conscious, and the government has implemented policies to reduce greenhouse gas emissions and improve air quality. As a result, there is a strong social and cultural acceptance of electric vehicles in Norway, with a growing awareness of the benefits of electric vehicles over traditional combustion engines.
Furthermore, Norway's high standard of living and purchasing power have played a role in the country's high EV adoption rate. The country's strong economy and high average income have made it possible for Norwegians to invest in electric vehicles, which often have a higher upfront cost than traditional cars. This, coupled with the government incentives and the growing awareness of the long-term economic benefits of electric vehicles, has made them an attractive option for many Norwegians.
Lastly, Norway's success in EV adoption can also be attributed to the country's innovative approach to transportation. The country has a history of embracing new technologies and has been an early adopter of electric ferries, buses, and taxis. This openness to innovation has likely contributed to the widespread acceptance of electric vehicles among Norwegians.
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BMW's transition to electric
BMW is one of many major automotive manufacturers that produce both electric vehicles (EVs) and traditional combustion-engine-powered vehicles. The company is currently working towards delivering 10 million EVs by 2030 across its brands, which include BMW, Mini, and Rolls-Royce.
BMW's CFO has stated that the company reached a "tipping point" in its transition to electric vehicles in 2024. In 2023, the company achieved a 15% sales share in all-electric vehicles, with the aim of increasing this to 33% by 2026 and 50% by the end of the decade. BMW is launching six new models in its "Neue Klasse" EV-only line to support this goal. The "Neue Klasse" vehicle platform will be launched in 2025 and will serve as the foundation for the company's next-generation EVs, offering improved range, performance, and affordability.
BMW is committed to its electrification strategy and is investing in electrification and developing innovative solutions to meet the demands of a changing market. The company's electric vehicles, such as the i4 and i5, offer far-reaching ranges, reliability, safety, and luxury. The built-in navigation system in BMW's electric vehicles, BMW Maps, optimizes routes and incorporates charging stations, making long trips more seamless. Additionally, BMW Charging provides one of the largest public charging networks in North America and convenient home solutions.
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California-based Rivian
Rivian's facility in Plymouth, Michigan, focuses on vehicle engineering, prototyping, supply chain management, and accounting. Meanwhile, its facility in Palo Alto, California, specializes in software development and engineering, including self-driving features. The company also has a presence in Carson, California, and Woking, England, where they work on electric power conversion and advanced engineering, respectively.
Rivian has experienced significant growth in its employee base, starting with 250 employees in 2018 and expanding to over 9,000 employees by November 2021. The company became the first automaker to bring a fully electric pickup, the R1T, to the consumer market in September 2021, beating established companies such as GM, Ford, and Tesla. The R1T offers impressive range capabilities, with three battery size options, and was named the Motor Trend Truck of the Year in December 2021. In 2022, Rivian announced the elimination of the base model of the R1T due to low customer demand, choosing to emphasize the Adventure model to streamline supply chain issues.
Rivian has also secured notable deals, including with Amazon, which rolled out Rivian electric delivery vehicles in 2022, with plans to bring 100,000 custom electric delivery vehicles to various US cities by 2030. Rivian has a unique take on camping vehicles, introducing "camp mode" software for its electric trucks to enhance the camping experience. The company has a strong focus on sustainability and has signed the Climate Pledge, committing to net-zero carbon emissions by 2040, 10 years ahead of the Paris Agreement. Rivian prioritizes accurate impact reporting, life cycle design, and recycling, with battery packs designed for easy removal and reuse or recycling.
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Frequently asked questions
China is the global leader in electric vehicle sales and sales share. It sold 8.1 million EVs in 2022, which was about 38% of its total vehicle sales. China also produces more than 60% of the world's electric cars and 80% of the batteries that power them.
The Chinese company BYD is the global leader in electric vehicle manufacturing. It built more electric cars than Tesla in 2024. In 2022, BYD produced 3.34 million new energy vehicles, with a revenue of US$43.26 billion.
Norway is one of the leaders in electric vehicle adoption. Eight out of 10 passenger car sales in Norway were all-electric vehicles in 2022, with 150,000 sold in total. Norway has consistently promoted electric vehicles since 1990, and it has a target to phase out internal combustion engine vehicle sales by 2025.
Tesla is the brand most synonymous with electric vehicles for many. It has set multiple sales records, with its Model 3 being the first electric vehicle to pass 1 million in global sales. Tesla's Model Y also became the best-selling car worldwide in the first quarter of 2023, making it the first electric vehicle to hold that title.
China is pulling ahead to become the leader in electric vehicles. It sold nearly 13 million fully electric and hybrid vehicles in 2024, about four times as many as the United States. China now has three of the world's top 10 EV manufacturers.
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