Introduction
The electric vehicle (EV) market has seen tremendous growth over the last decade, with global sales rising from just 20,000 units in 2010 to over 6.5 million in 2021. Several factors are driving this rapid adoption – improving battery technology leading to cheaper and longer-range EVs, government policies and incentives aimed at promoting clean transport, growing consumer awareness and preference for sustainable options.
As the transition to electric mobility gathers pace, a diverse set of old and new players are vying for a slice of this fast-expanding pie. In this article, we take a look at the 15 largest EV makers worldwide based on their global sales in 2021.
15. Lucid Motors – 125 Units Sold
Founded in 2007, Silicon Valley-based Lucid Motors currently only sells the luxury Lucid Air sedan. Launched in 2021, the ultra-premium model stands out for its industry-leading range of 520 miles per charge. Lucid is aiming to compete squarely with Tesla in the high-end EV space, touting best-in-class design, range and performance. The company has ambitious expansion targets, with plans to launch an electric SUV and develop more affordable models in the coming years.
14. Rivian – 920 Units Sold
This startup founded in 2009 offers adventure-oriented EVs designed for outdoor enthusiasts. Its debut models are the R1T pickup truck and R1S SUV launched last year, perceived as compelling rivals for traditional combustion-engine trucks thanks to their off-road capabilities and innovative design. Rivian has backing from major investors like Ford and Amazon, the latter having ordered 100,000 electric delivery vans from the company.
13. XPENG Motors – 16,000 Units Sold
Chinese automaker XPENG has rapidly gained ground with its smart EVs tailored for tech-savvy youth. It offers three models currently – the budget sedan P5, mid-range sedan P7, and entry-level G3i SUV. XPENG focuses extensively on autonomous driving capabilities, its P7 model becoming China‘s first EV to offer a complete hands-free autonomous highway driving solution.
12. Li Auto – 18,126 Units Sold
Another Chinese EV startup seeing swift success is Li Auto, founded in 2015. Its only model yet – the Li ONE launched in 2019 – is an extended-range electric hybrid SUV with excellent mileage and plenty of high-tech features. Li Auto aims to launch more plug-in hybrid EVs in the coming years, before eventually transitioning fully to battery-electric vehicles sometime next decade.
11. NIO – 25,000 Units Sold
Shanghai-headquartered NIO also specializes in smart, premium EVs like its counterparts XPENG and Li Auto. Its current lineup includes – ES6 and ES8 electric SUVs, ET7 flagship sedan, and the 2-door ET5 set to launch soon. NIO Formula One cars highlight the company‘s expertise in high-performance battery and motor technologies. It also operates over 900 battery swapping stations across China enabling quick recharging for its vehicles.
10. Ford – 27,000 Units Sold
Legacy American automaker Ford has sweeping electrification plans to transform over half its global sales to electric by 2030. Expanding beyond hybrids, Ford now offers all-electric models like the Mustang Mach-E SUV and the E-Transit cargo van catering to various segments. Its iconic F-150 pickup truck also has an electric version launching soon. With its manufacturing prowess and vast distribution network, Ford aims produce over 2 million EVs annually within a few years.
9. Hyundai Motor Group – 168,000 Units Sold
Another auto giant going big on EVs – Hyundai Motor Group (HMG) has committed $16 billion towards electrification over the next few years. HMG sold around 160,000 battery-electric vehicles in 2021 under its Hyundai brand including EV SUVs like Kona Electric, IONIQ 5. Sister brand Kia also sold over 8,500 electric vehicles. With versatile product offerings and aggressive investments, HMG aims to sell 1.87 million eco-friendly vehicles annually by 2030.
8. BMW Group – 328,316 Units Sold
The storied German luxury carmaker has seen EV sales rise steadily, forming over 10% its total sales in 2021. Its electrified lineup includes plug-in hybrids under BMW and Mini brands along with battery-electric BMW iX SUV, iX3 SUV and i3 hatchback. Next year, BMW‘s first electric sedan – the i7 – launches to augment BMW’s EV portfolio targeting higher range vehicles in the premium category.
7. Nissan – 184,033 Units Sold
This Japanese automaker is credited with pioneering mass-market EVs, launching its affordable Leaf EV hatchback back in 2010. The 2nd generation Leaf and e-NV200 electric van make up Nissan‘s EV sales currently, along with its new Ariya electric crossover set to launch soon. Nissan aims for EVs to account half its global sales by 2030, leveraging knowledge gained over a decade selling battery electric vehicles.
6. SAIC-GM-Wuling – 400,000+ Units Sold
A Chinese joint venture between SAIC, GM and Liuzhou Wuling Motors, SGMW has topped EV sales charts helped massively by one tiny vehicle – the Hongguang Mini EV. The compact two- or four-seater, priced at just $5,000 is the best-selling electric car in China having moved over 300,000 units in 2021 alone. Beyond this micro EV, SGMW also sells GM manufactured hybrid and electric models across different brands.
5. Volkswagen Group – 452,900 Units Sold
The German auto conglomerate has set aside $100 billion towards electric mobility among the largest such outlays by legacy carmakers. VW Group‘s EV sales are currently led by European models – premium Audi e-tron SUV, Porsche Taycan sportscar, VW ID electric hatchbacks and Skoda‘s Enyaq iV electric SUV launching globally. Leveraging its enormous scale and array of brands, VW aims make 50% of its sales all-electric by 2030 as it rapidly ramps up EV production.
4. General Motors – 516,600 Units Sold
Among America‘s ‘Big 3‘ automakers, GM has revealed the most aggressive timeline for electrification buoyed by strong initial reception for its models. The Chevy Bolt has led GM‘s EV sales so far, but an array of new EVs across brands are on the horizon. New Chevrolet, Cadillac and GMC branded EVs are set to launch in quick succession over 2023-2025. Via its Ultium platform and battery partnership, GM is investing $35 billion towards 1 million EV annual production capacity by 2025.
3. BYD – 593,743 Units Sold
Chinese battery and EV maker BYD leads domestic sales by a huge margin having sold over 93,000 pure-electric cars in November 2022 alone. BYD leverages its expertise as a battery manufacturer toward building affordable, mainstream EVs like Qin and Han sedans, Song SUV and Tang crossover. BYD also manufactures electric buses, commercial vehicles and supplies EV components to other automakers. With a diverse product mix and cost advantages, further growth seems inevitable although BYD has little presence abroad currently.
2. Toyota Motor Corp – 976,547 Units Sold
Toyota was relatively slow to embrace full electrification but has now put its might behind battery-electric vehicles. Toyota‘s EV sales are primarily from the C+pod ultracompact quadricycle and i-Road micro mobility vehicle albeit both meant for city use only. More critically, Toyota recently launched its first global electric mid-size crossover – the bZ4X signaling more long-range models on the horizon. Given Toyota‘s scale, existing hybrid leadership and new billion dollar investments in battery capacity and supply, it seems destined to be a major force in EVs.
1. Tesla Inc. – 936,172 Units Sold
And finally, leading the pack by far is the electric car company – Tesla, which revolutionized EVs as stylish, high-tech vehicles with strong brand cachet. Its Model 3 and Y account for majority of sales, competing fiercely with conventional premium sedans and SUVs. More affordable models are expected from Tesla going forward even as it leads in self-driving tech and battery innovations like million-mile cells. Though demand far outstrips supply currently, Tesla continues expanding capacity aiming to sell over 1.5 million EVs in 2023, cementing its position as the global EV leader.
Outlook for the Surging EV Market
As seen above, incumbent automakers and new EV brands alike are charging ahead to capture share in the high-growth electric mobility arena. Startups have vitalized the industry with radical innovations while big manufacturers are leveraging production muscle, market knowledge and brand reputation. Consequently, forecasts predict electric vehicles could make up over 65% of all new automobile sales within this decade.
With more models arriving offering better performance, styling and pricing, the gap with conventional vehicles is shrinking rapidly. Stricter emissions regulations worldwide and growing alarms over climate crisis are also compelling adoption. Falling lithium-ion costs have likewise enabled mass-market EVs that can compete on sticker price. Such strong tailwinds signal we are firmly entering the electric age of transportation.
