In 2023, electric vehicles (EVs) are now the major player in the auto market. In mid-2023, EV sales surpassed 12 million. In this article, we will check the major EV companies, including a new company at No. 1. BYD, a Chinese auto tech giant is the largest EV company based on the nearly 2 million EVs it manufactured in 2022, as reported by EV-Volumes. About half of those were plug-in hybrid EVs (PHEVs), and the other half were battery electric vehicles (BEVs). Tesla built 1.3 million EVs in 2022. Tesla built the highest number of battery electric vehicles in 2022.
Top 10 EV Makers Q2 2023
In terms of Q2 2023, Tesla ranked first as the major electric car maker in the world in Q2, with BYD closing the gap. Tesla delivered 466,000 EVs in the second quarter of 2023.
Tesla 21.7% market share
BYD 16.2% market share
GAC Aion 6.0% market share
Volkswagen 4.7% market share
SAIC-GM-Wuling 4.4% market share
Hyundai 3.6% market share
BMW 3.6% market share
Mercedes-Benz 2.8% market share
Kia 2.0% market share
Audi 1.9% market share
As per the TrendForce report, Tesla was the top EV maker through the second quarter of 2023, with 21.7% of the pie, while BYD is catching up at 16.2%.
Largest EV manufacturers in the world [2022 Report]
BYD
Headquarters: China
Founded: 1995
EVs manufactured in 2022: 1,858,363 (913,866 BEVs, 944,497 PHEVs)
For your information, BYD Co Ltd was founded by Chinese chemist Wang Chuanfu in 1995. In the beginning, BYD Co Ltd used its products in cellular phones, laptops, and electronic consumer goods.
Back in 2008, the US billionaire investor, Warren Buffet bought into the company with a 10% stake, citing BYD Auto as ‘’one day becoming the largest player in a global automobile market that was inevitably going electric.’’
- In 2008, BYD launched the F3DM, China's first mass-produced plug-in hybrid vehicle.
- In 2010 BYD launched the e6.
- In 2015 BYD introduced the Tang, a midsize SUV boasting a powerful plug-in hybrid system.
- In 2020 BYD unveiled the Han, electric sedan for the global market.
- In 2020, BYD introduced the Blade Battery, a revolutionary lithium iron phosphate (LiFePO4) battery technology.
BYD also introduced electric buses that have made a notable impact in the United Kingdom, where eco-friendly public transportation solutions are in high demand.
Tesla
Headquarters: United States
Founded: 2003
EVs manufactured in 2022: 1,314,319 (all BEVs)
Volkswagen
Headquarters: Germany
Founded: 1937
EVs manufactured in 2022: 839,136 (578,231 BEVs, 260,905 PHEVs)
General Motors
Headquarters: United States
Founded: 1908
EVs manufactured in 2022: 584,602 (568,647 BEVs, 15,955 PHEVs)
Stellantis
Headquarters: Netherlands
Founded: 2021
EVs manufactured in 2022: 529,157 (301,577 BEVs, 227,580 PHEVs)
Hyundai Motors
Headquarters: South Korea
Founded: 1967
EVs manufactured in 2022: 509,015 (372,092 BEVs, 11,199 fuel cell EVS (FCEVs), 125,724 PHEVs)
BMW
Headquarters: Germany
Founded: 1916
EVs manufactured in 2022: 433,272 (218,882 BEVs, 108 FCEVs, 214,282 PHEVs)
Geely Auto Group
Headquarters: China
Founded: 1986
EVs manufactured in 2022: 351,356 (265,811 BEVs, 85,545 PHEVs)
Mercedes-Benz
Headquarters: Germany
Founded: 1925
EVs manufactured in 2022: 336,983 (162,909 BEVs, 174,074 PHEVs)
Renault-Nissan-Mitsubishi Alliance
Headquarters: Netherlands
Founded: 2002
EVs manufactured in 2022: 336,162 (259,164 BEVs, 76,998 PHEVs)
EV sales in India [November 2023]
In November 2023, India's electric vehicle sales were 152,610 units, up 26% year on year (November 2022: 121,598 units). EV sales are rapidly increasing in the Indian market and exceeded the 100,000-unit sales mark in a row.
Automakers currently manufacturing EVs in India
If we look at the Indian electric vehicle market growth. In 2023, the domestic EV market was dominated by Tata Motors (72 percent), followed by MG Motors (10.8 percent) and Mahindra (9 percent).
In the top four-wheeler electric car market, Tiago, Nexon and Tigor from Tata Motors performed well. While the MG ZS and Mahindra XUV400 also received positive repsponse. This is followed by Citroen’s eC3 EV at 3.5 percent market share.
EV production facilities in India
Greaves Electric Mobility Private Limited - Ranipet, Tamil Nadu
Ather Energy Private Limited - Bengaluru, Karnataka; Hosur, Tamil Nadu
ATUL Auto Limited - Shapar, Gujarat
Bajaj Auto Limited - Waluj and Chakan in Maharashtra; Pant Nagar in Uttaranchal; Akurdi in Pune, Maharashtra
Electrotherm (India) Limited - Ahmedabad, Gujarat
Hero Electric Vehicles Pvt. Ltd. - Near Ludhiana, Punjab (new facility); Mahindra facility at Pithampur, Madhya Pradesh
Hyundai Motor India Ltd (HMIL) - Sriperumbudur near Chennai, Tamil Nadu; Talegaon factory in Maharashtra (starting operations in 2025)
JBM Group - Multiple locations in India and other countries
Mahindra & Mahindra Limited - Pune, Maharashtra; Zaheerabad, Telangana
MG Motor India Private Limited - Halol, Gujarat
Okinawa Autotech International Private Limited - Bhiwadi and Karoli, Rajasthan
Olectra Greentech Limited - Seetharampur, Hyderabad – Telangana
Piaggio & C. S.p.A. - Baramati, Pune district – Maharashtra
Tata Motors Ltd. - Tata Group facility at Sanand, Gujarat; Ford’s Sanand facility
TVS Motor Company - Hosur, Tamil Nadu
VE Commercial Vehicles Limited - Indore, Madhya Pradesh
The Indian automaker Tata Motors is the leading electric vehicle maker with a total of 72 percent market share, and according to the seveeral reports, the comapny sold 34,000 EVs in the first half of 2023. The company’s popular models are the Tata Tiago, Tata Nexon, and Tata Tigor. Tata Motors is expected to introduce four more EV brands in 2024 and is planning to transition 50 percent of its staff to EV manufacturing by 2027.
