Table of Contents:

EV Market Update: H1 2024 in Review EV Market Forecast: Top Trends That Will Affect EVs in 2025 Top 10 Electric Vehicle Stocks to Watch

EV Outlook 2025

​Table of Contents

EV Market Update: H1 2024 in Review

EV Market Forecast: Top Trends That Will Affect EVs in 2025

Top 10 Electric Vehicle Stocks to Watch

EV Market Update: H1 2024 in Review

Electric vehicles (EVs) are a key part of the green transition, but 2023 brought slower growth in adoption and led market watchers to make lower predictions for EV sales heading into the new year.

However, with 2024 now half over, trends have emerged that show the outlook may not be quite so simple.

What factors are at play this year, and what are the key EV trends to watch? Here the Investing News Network takes a look at what's moving the EV market in 2024, as well as what’s on the horizon for the EV sector longer term.

Global EV sales up in H1 2024

While EV sales looked rough early in the year from a month-on-month perspective, they were up significantly year-on-year. According to EV market research firm Rho Motion, January sales dropped by 26 percent from December to 1.1 million vehicles sold, only to fall another 25 percent month-on-month in February to 0.8 million vehicles sold.

However, taking a look at year-on-year figures shows that combined EV sales for the first two months of the year were actually up by 32 percent over the January/February period in 2023.

Sales for EVs pushed past the million mark once again in March and in the months that followed. By the end of May, more than 5 million EVs had been sold around the world in the first five months of the year.

Compared to the same period last year, the number of EVs purchased was up by 20 percent.

This growth isn't even across the board, though. One of the key trends to watch in this year’s EV market landscape is the marked difference in growth trajectories for the three major regional markets.

EV market trends in China, North America and Europe

China continues to lead the world in EV adoption rates, based on Rho Motion’s data.

The Chinese EV market grew by 31 percent in the January to May period versus 2023, compared to just 5 percent growth in North America (excluding Mexico) and 4 percent in Europe.

Looking at May alone, China’s sales were up 36 percent year-on-year. The numbers were not so hot for the other two key markets, which were down by 3 percent and 9 percent, respectively.

The US and Canada, states a mid-June report from Charles Lester, Rho Motion’s leading EV data analyst, are “suffering a blow to sales figures this year as Tesla (NASDAQ:TSLA) struggles to get back into the fast lane and President Biden announces tariffs for Chinese EV and battery imports.”

The world’s largest EV manufacturer is China’s BYD (OTC Pink:BYDDF,HKEX:1211), which launched an affordable EV model priced below US$10,000 earlier this year. The company plans to grow its annual sales by 20 percent to reach 3.6 million EVs in 2024, with a goal of selling about 500,000 units internationally.

Rho Motion reports that BYD’s market share in Europe has reached 1 percent, up from about 0.5 percent in 2023, and the company sold 176,000 units overseas in the first five months of the year. These cheaper Chinese EV models pose a problem for the other two major auto markets, North America and Europe, which are already grappling with trying to grow their own domestic EV industries to challenge China’s overwhelming dominance in the global EV market.

In May, the Biden administration effectively quadrupled tariffs on Chinese EVs to 100 percent, and disqualified imported EVs from the US$7,500 federal tax credit, in a move to protect the US auto industry.

Shortly after, the European Union (EU) imposed its own tariffs on Chinese EVs, which Reuters reports range from 17.4 percent for BYD to 38.1 percent for SAIC Motor Company (SHA:600104), another major Chinese EV maker.

This is on top of the standard 10 percent car duty.

Lester warned against the tariffs on Chinese EV imports imposed by the EU. “If they hope to achieve their ambitious climate goals, they will want to maintain good trade relations with the fastest-growing EV market,” he said.

In late June, the Canadian government said it is also looking to protect its investments in the country’s burgeoning EV industry through new tariffs on China EV imports.

"A surge of low-cost EV imports from China will undermine everything being done right now to rebuild and grow a strong and truly national auto industry," Unifor President Lana Payne said.

In the US, the apparent stagnation in EV sales so far this year is largely a reflection of falling demand for Tesla vehicles. In its Q1 earnings report, the company reported a 13 percent drop in revenue compared to last year, which was attributed to a more competitive EV market and more consumers choosing hybrid models over pure EVs. Tesla deliveries declined by 9 percent year-on-year, while total revenue dropped to US$21.3 billion from US$23.3 billion.

Tesla CEO Elon Musk told shareholders that more affordable Tesla models are in the works and could be brought to market in “early 2025, if not late this year.” However, in May his company laid off 10 percent of its global workforce.

Tesla sales lag as other US EV brands grow

The roadblock Tesla is struggling to overcome hasn’t led other major US EV brands to hit the brakes, according to Bloomberg, which shared data from US auto industry authority Cox Automotive. The graph below shows that six of the 10 top brands saw EV sales growth in the US of over 50 percent year-on-year in the first quarter.

Q1 2024 year-on-year EV sales growth by brand in the US.

Chart via Cox Automotive and Bloomberg Green.

The companies in the US EV market that saw the biggest increases are Ford (NYSE:F) at 86 percent, Toyota (NYSE:TM,TSE:7203) at 85.9 percent, Mercedes-Benz (OTC Pink:MBGAF,ETR:MBG) at 66.9 percent, Rivian (NASDAQ:RIVN) at 58.8 percent and Hyundai (KRX:005380) and Kia (KRX:000270), which were both up 56 percent.

Bloomberg's Tom Randall notes that removing the two worst performers for the quarter — Tesla, down 13.3 percent, and General Motors (NYSE:GM), down 20.5 percent — puts US EV sales growth for Q1 at 23 percent year-on-year.

General Motors' sales drop had little to do with a drop in demand, but rather because it stopped production of its Chevy Bolt, one of the best-selling EV models in the US. Its new EV, the Chevy Equinox, is expected to release in 2024.

However, despite a stellar start to EV sales in 2024, both Ford and Toyota have now shifted into reverse on their once-ambitious EV manufacturing targets. While Ford first made cuts to its expansion plans in late 2023, as recently as June 24, the auto giant said it was suspending the release of new battery electric vehicle (BEV) models because it doesn’t see the economic case for them in the current market environment.

"We will not launch a second-gen (EV) product unless it's profitable within the first year and we are going to get a return on that capital we're investing," said Ford CFO John Lawler.

This is telling, coming from the second best-selling EV brand in the US so far in 2024.

And then there’s Toyota, which is looking to delay the planned 2025 launch of EV production in the US to 2026. In April, Toyota Chair Akio Toyoda expressed his company’s belief that a “multi-pathway approach” is the best route to decarbonizing transportation, and that “customers, not regulations or politics,” will dictate the path forward.

In addition to BEVs, the Japanese car maker is focused on hybrid and hydrogen-powered vehicles; it is also continuing with its internal combustion engine (ICE) models.

So what’s in store for the rest of 2024? Much optimism still remains for the EV market for the remainder of the year.

In its Global EV Outlook 2024, released in late April, the International Energy Agency (IEA) forecasts that EV sales will hit 17 million worldwide by the end of the year — representing one in five of new car purchases.

“Electric cars continue to make progress towards becoming a mass-market product in a larger number of countries,” the IEA states. “Tight margins, volatile battery metal prices, high inflation, and the phase-out of purchase incentives in some countries have sparked concerns about the industry’s pace of growth, but global sales data remain strong.”

Long-term EV market outlook

Looking further out, the IEA expects that EVs will represent half of total global auto sales in 2035. That figure could increase to two-thirds if governments are able to meet all their energy and climate mandates on schedule.

Speeding up the adoption of EVs will also require automakers to bring more affordable models to market that are price competitive with their internal combustion engine equivalents. China is already doing well in this facet of the market; however, much ground needs to be covered in the North American and European markets, which are struggling with supply chain issues for EV battery metals, as well as a lack of public charging infrastructure.

According to IEA estimates, more than 60 percent of EVs sold in China last year were cheaper than their ICE counterparts. In Europe and the US, depending on the geographic location and the vehicle type, the agency reports that EVs are 10 percent to 50 percent more expensive than ICE vehicles. On the plus side, based on current trends, the IEA forecasts that price parity between EVs and ICE vehicles could be reached in ex-China markets by 2030.

EV sales forecast by region through 2040.

Chart via BloombergNEF.

For its part, BloombergNEF released its Long-Term Electric Vehicle Outlook in June.

Using its base-case scenario, the firm's analysts predict that by 2027, annual passenger EV sales will reach 30 million, representing 33 percent of total global vehicle sales, and forecast that EV sales will top 40 million in 2030. By 2040, they predict this figure will hit 73 million, making up 73 percent of total vehicle sales worldwide.

This base-case scenario is based on consumer demand replacing policy-driven demand as battery prices decline, costs become competitive with ICE vehicles and battery technologies improve range and performance.

Investor takeaway

In 2024, the global EV market is sending clear signals that this is very much a growth-stage market.

The early adopters have bought in, and now automakers must prove that their products are worth the average consumer's hard-earned dollars. Additionally, if governments want car buyers to come along for the ride on the road to net zero, they’ll have to play a bigger role incentivizing both consumers and producers to go all in on EVs.

Don’t forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

EV Market Forecast: Top Trends for EVs in 2025

Electric vehicles (EVs) are an essential part of the transition to a cleaner, greener economy.

EVs are also a key driver of demand for battery metals, such as lithium, cobalt, graphite, nickel and copper. Investors interested in these metals are keeping a close eye on the growth outlook for the global EV market.

So what are the key EV sector trends to follow? Here the Investing News Network (INN) takes a look at what moved the market in 2024, as well as what’s on the horizon for the EV sector in 2025.

How did the EV market perform in 2024?

Global EV sales hit 13.3 million units in the first 10 months of 2024, according to EV market research firm Rho Motion, up 24 percent year-on-year. However, this rise didn't play out equally across the three major regional markets.

China continues to lead global EV sales

Once again China led the way, amassing nearly two-thirds of total global sales during the period.

Purchases of EVs in this region were up 38 percent in the first 10 months of the year to 8.4 million units. That's compared to 9 percent growth in the US and Canada, and a 3 percent decline in Europe.

China’s dominance in the global EV market is beginning to bleed into other markets.

Earlier this year, China’s BYD (OTC Pink:BYDDF,HKEX:1211), the world’s largest EV manufacturer, launched an affordable EV model priced below US$10,000. With North American and European EV manufacturers already struggling to gain market share in their own domestic spheres, these cheaper Chinese EV models pose a significant problem.

In response to this threat, the Biden administration increased tariffs on Chinese EVs to 100 percent in 2024, and disqualified imported EVs from a US$7,500 federal tax credit. The European Union also imposed its own tariffs on Chinese EVs, ranging from 17.4 percent for BYD to 38.1 percent for SAIC Motor Company (SHA:600104).

Global EV sales, 2017 to 2024.

Chart via BloombergNEF, MarkLines and Jato Dynamics.

US EV industry facing challenges

As the top seller of EVs in the US, Tesla’s (NASDAQ:TSLA) performance has an outsized impact on the region’s EV industry. Lagging sales of Tesla models in 2024 have dragged down the overall performance of the North American EV market.

According to data released by the Electric Vehicle Council in early December, the Elon Musk-led company's total sales for 2024 are down by 20.88 percent compared to the previous year.

Another red flag for the US EV industry is Ford’s (NYSE:F) decision in June to suspend the release of new battery electric vehicle (BEV) models — the company said at the time that there wasn't a strong enough business case for such an investment. The news came despite the fact that the auto giant was the second best-selling EV brand in the country in the first half of 2024, before it was overtaken by rival General Motors (NYSE:GM). In November, Ford announced it would pause production of its F-150 Lighting truck for the remainder of the year.

Meanwhile, General Motors has cut its planned 2024 EV production range to 200,000 to 250,000 units, a decrease of 50,000 units. The US auto manufacturer is also delaying the launch of the first Buick EV model.

Despite these challenges, the US EV market landscape has several bright spots.

Third quarter EV sales grew by 11 percent year-on-year, according to Cox Automotive. Even Tesla's sales returned to growth, rising 6.6 percent, while General Motors posted a 60 percent sales gain for the same period.

“The growth is being fueled in part by incentives and discounts; but as more affordable EVs enter the market and infrastructure improves, we can expect even greater adoption in the coming years,” said Stephanie Valdez Streaty, director of industry insights at Cox Automotive.

European EV market sluggish

The European market also struggled in 2024, especially in Germany, the largest producer of EVs in this region. The German government cut subsidies for EVs at the end of 2023, which has disincentivized buyers in 2024.

The German EV industry is the second largest in the world after China. A significant drop in demand in Germany has understandably had a dramatic impact on European EV production.

In October, Volkswagen (OTC Pink:VLKAF,FWB:VOW), the region’s largest automaker, announced its intention to close three German plants to cut costs as it tries to stave off competition from cheaper Chinese EVs.

Battery car registrations declined after incentives were removed last year.

Chart via Bloomberg and the European Automobile Manufacturers' Association.

Europe’s auto makers are facing growing challenges ahead of the approaching 2035 ban on the production of any new internal combustion engine vehicles. New EV registrations fell in the second half of the year, including in France and Italy, while the UK has seen some positive gains, as per Bloomberg.

What's slowing down EV demand?

One of the biggest challenges currently facing the EV industry is the problem of appealing to mainstream consumers, many of whom are dealing with high interest rates amid a cost-of-living crisis.

Depending on the geographic location and the vehicle type, BEVs are 10 percent to 75 percent more expensive than conventional internal combustion engine vehicles. This is making for less-than-appealing pitches on the sales floor.

Throw in the higher cost for tires, one-off repairs and the possibility of having to replace an exorbitantly priced battery, and it becomes clear why the hesitancy is palpable. Range anxiety, especially in colder climates, long charging times and a lack of reliable charging infrastructure are also significant barriers to EV adoption. But nothing trumps cost.

PwC recently polled over 17,000 consumers across 27 countries, and found that even in places like the Netherlands, which has advanced charging infrastructure, high costs are still deterring would-be buyers from going electric.

Overall, PwC found that 75 percent of respondents in Europe, the Middle East and Africa cited the cost of EV ownership as the biggest factor swaying their decision to purchase. On top of that, one-third of EV owners surveyed said they would consider going back to gas-powered vehicles to avoid high maintenance costs and limited range.

Subsidies and tax breaks have helped to ease the price burden, but pullbacks on these rebates have hit the market hard in some European countries where high interest rates and costs continue to put EV purchases out of reach.

Another factor stunting sales in the European Union, reported Euronews, has been higher tariffs imposed on low-cost Chinese EVs to limit their ability to displace domestic automakers from the market.

Despite the slowdown in adoption, 2024 is still expected to be another record year for the global EV industry.

That was the main takeaway from a presentation at the BloombergNEF Summit in November. Aleksandra O’Donovan, the research organization’s head of EVs, said the firm is forecasting that EV sales worldwide will reach 16.7 million units in 2024, up from 13.9 million the previous year, representing 20 percent of total global vehicle sales this year.

Hybrid EVs gaining market share

One of 2024's important EV market trends that is likely to carry on into 2025 is the popularity of hybrid models over wholly electric vehicles. This trend is very much in line with the affordability and range anxiety factors influencing sales.

To meet customers where they are at right now, auto makers are switching gears to bring more hybrid models to market, including plug-in hybrid electric vehicles (PHEVs).

“Companies are turning to hybrid models to appeal to a more practical and frugal shopper, as wealthy early EV adopters who fueled years of growth have recently fled the market,” notes Business Insider.

In this environment, hybrid-focused auto makers such as Toyota (NYSE:TM,TSE:7203) and Ford are expected to outperform. General Motors is also planning to launch more hybrid EV models in 2027.

Even in China, the world’s top EV market, plug-in hybrids are driving a large part of EV sales growth. BloombergNEF states that while BEV sales in China were up 18 percent in the first 10 months of the year, plug-in sales were up 37 percent.

Mexico emerging as an EV production hub

Outside of China, the US and Europe, EV sales are growing in emerging markets.

JD Power’s Autovista Group reported that in 2024, “Volumes grew by more than 100% in markets including Australia, Thailand, Brazil, Turkey, Malaysia, and Mexico in 2023 and more than 50% in India and Japan”.

Mexico, for example, is on its way to becoming a major EV production hub.

“We're already seeing EV production take off in Mexico over the past 12 to 18 months,” said Rho Motion research analyst George Whitcomb during a Benchmark-hosted webinar that INN attended in late November.

The growth in Mexico’s EV industry can be attributed to a number of factors, explained Whitcomb.

Those include its established transport production chains, geographic location, strong position in the traditional global auto industry and trade agreements. “But from an EV standpoint in particular, the US Inflation Reduction Act (IRA) has been central to stimulating EV production in Mexico,” he added.

What’s the EV market outlook for 2025?

EV Volumes is forecasting that the total EV share of light-vehicle sales worldwide will reach 22.6 percent in 2025. Further out, the firm sees the market share for EVs surging to 44.6 percent in 2030 and 69.5 percent in 2035.

Looking at the broader market (which includes buses, vans and heavy trucks), tech research firm Gartner predicts that by the end of 2025, 85 million EVs will be on the road, a year-on-year increase of 33 percent.

China to continue dominating the EV market

“The growth in 2025 will be driven primarily by higher EV sales in China (58%) and Europe (24%), which together are projected to represent 82% of total EVs in use worldwide,” states Jonathan Davenport, senior director analyst at Gartner.

In 2025, the firm estimates that 49 million EVs will be on Chinese roadways, compared to 20.6 million in Europe and 10.4 million in North America.

Gartner sees China continuing its domination of the global EV landscape for at least another decade. For its part, EV Volumes expects BEVs to “gain ground in the BEV-PHEV mix from 2025 onwards” in China as the government offers further financial supports to motivate consumers.

Europe’s EV market will cool before heating back up

Europe’s light-vehicle EV market will see a growth rate of 22.8 percent in 2025, according to EV Volumes, followed by a further 20.1 percent increase in 2026 and a 21.1 percent rise in 2027.

By 2030, the firm sees EVs accounting for 61 percent of the overall light-vehicle market in the region.

Government subsidies will continue to be a key factor shaping Europe’s EV industry for 2025, says Rho Motion. For example, the agency notes that France is set to follow Germany’s lead and make a 50 percent cut to its EV subsidies for 2025 as the government works to address fiscal challenges. Spain is also considering reducing subsidies.

However, Forbes reported that professional services firm Accenture has called the slower growth in Europe’s EV market “a temporary blip” as a recent consumer survey shows that “every other consumer in Europe plans to buy an EV in the next 10 years and every fifth consumer in the next 5 years.”

US EV market in the Trump era

EVs are projected to hit 13.5 percent market share for overall US light-vehicle sales in 2025, as per EV Volumes, up from an estimated 10.3 percent in 2024. That figure is expected to rise to 39.7 percent by 2030 and 71.8 percent in 2035.

Within the EV market itself, BEVs are still dominating over hybrid models and are expected to account for 82.4 percent of total US EV sales for 2025, up from 78.6 percent in 2024.

The IRA, brought forward by the Biden administration in mid-2022, introduced significant tax credits for EV buyers, helping to take the edge off the cost burden of buying into the clean technology. While the IRA is slated to run through 2032, there are concerns that President-elect Donald Trump may reverse those benefits once he takes office in 2025.

“The US market remains buoyant in part thanks to IRA funding for consumers switching to electric which may be at risk with the start of the Trump presidency,” said Rho Motion Data Manager Charles Lester.

Don’t forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

Electric Vehicle Stocks: 10 Biggest Companies in 2024

The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative.

The shift toward green energy is gathering momentum, with the US and Europe adding more incentives to accelerate this transition. Increasing EV sales are good news for battery metals investors, as EVs are the main price driver for commodities such as lithium and cobalt — key components in the cathodes of EV batteries.

For investors interested in getting exposure to the EV trend, the Investing News Network has gathered a list of the largest EV makers by market cap. This list was generated using TradingView's stock screener on February 13, 2024, and it includes companies with an EV focus under the motor vehicles industry filter. Read on to learn about the batteries and battery suppliers they're using for their current and upcoming models

1. Tesla (NASDAQ:TSLA)

Company Profile

Market cap: US$584.69 billion; current share price: US$183.59

First on the list is of course EV maker Tesla, which has brought significant attention to the EV narrative. The company's story starts in 2003, when it was founded by Martin Eberhard and Marc Tarpenning. Elon Musk invested in the company in 2004, becoming the largest shareholder, and eventually became its CEO in 2008

A well-known story for battery metals investors, the company made headlines in 2014 when it broke ground at its first gigafactory in Nevada ― an unthinkable proposition at the time. In partnership with Panasonic (TSE:6752,OTC Pink:PCRFF), the manufacturing facility has produced batteries with nickel-cobalt-aluminum (NCA) cathodes — different from most of Tesla’s competitors, which use a nickel-cobalt-manganese (NCM) mix.

More recently, Tesla has opened a gigafactory in China, where it joined forces with China’s largest battery maker, CATL (SZSE:300750), to develop batteries for its Model 3. South Korea's LG Energy Solutions (KRX:373220) is also working on supplying Tesla with batteries using nickel-manganese-cobalt-aluminum (NMCA) cathodes.

Tesla said in 2021 that it was changing the battery chemistry for its standard-range vehicles to lithium-iron-phosphate (LFP) cathodes, which are cobalt- and nickel-free.

Tesla's prime EV position has taken a hit in the early months of 2024 on disappointing Q4 2023 revenue and a higher-for-longer inflation outlook. However, the company is still the largest EV maker by market cap by far

2. BYD (HKEX:1211)

Market cap: US$71.19 billion; current share price: US$25.19

Leading Chinese EV maker BYD was founded in 1995, and in the fourth quarter of 2023 it passed Tesla in terms of global EV sales. BYD sold 526,409 EVs compared to Tesla's 484,507 units sold during the quarter.

BYD is also the leading producer of multiple kinds of rechargeable batteries: nickel-metal hydride batteries, lithium-ion batteries and NCM batteries. BYD owns the complete supply chain layout, from mineral battery cells to battery packs.

Backed by Warren Buffet, in 2020 BYD officially launched its Blade battery, a less bulky LFP battery. The following year, the company announced that it was starting to use LFP batteries for all of its pure electric models.

As of mid-2022, BYD was supplying Tesla with its Blade battery, which is being used for Model Ys built in Germany. In 2023, the company began working on using sodium-ion batteries — this battery type is expected to be seen in 9 percent of global EV sales by 2033, according to information from Fastmarkets

3. Li Auto (NASDAQ:LI)

Company Profile

Market cap: US$29.82 billion; current share price: US$29.76

Li Auto bills itself as a pioneer in successfully commercializing extended-range EVs in China, and is a leader in China's full-size and large SUV markets. The company started volume production of its first model, Li ONE, in November 2019, and launched its initial public offering in July 2020, raising US$1.1 billion.

One of the main differences between Li Auto and the other companies on this list is that Li Auto's models allow battery pack charging with electricity or gas. Li Auto calls this design extended-range EV technology. By 2025, the company wants its lineup to include one flagship model, five extended-range electric models and five high-voltage pure electric models.

Li Auto has battery supply agreements with CATL, and announced in February 2023 that it had been selected to work with Sunwoda Electronic (SZSE:300207) and Svolt Energy Technology.

In 2023, the company surpassed its 300,000 unit sales target to customers in Mainland China for the year by 76,030 additional EVs, representing a 182 percent year-on-year increase

4. Rivian (NASDAQ:RIVN)

Company Profile

Market cap: US$14.63 billion; current share price: US$15.27

Founded in 2009, Rivian designs, develops and manufactures category-defining EVs and accessories and sells them directly to customers in the consumer and commercial markets.

Rivian, which is majority owned by Amazon (NASDAQ:AMZN) and is also backed by Ford (NYSE:F), went public in 2021. The carmaker announced plans to use cells made with LFP chemistries for its standard-level vehicles in 2022, and in 2023 announced it plans to switch its entire lineup to this type of battery. South Korea’s Samsung SDI (KRX:006400) is Rivian’s current battery supplier, but the company has plans to build its own battery cells in the future.

For 2023, Rivian's EV production came in at 50,000 vehicles. While that's about double the previous year’s production, the figure was below many analysts' expectations of around 60,000

5. Vinfast Auto (NASDAQ:VFS)

Company Profile

Market cap: US$11.97 billion; current share price: US$5.13

VinFast Auto, Vietnam's first global automotive manufacturer, is a multinational EV manufacturer producing both affordable and luxury EVs. The company even has an electric pickup truck in the works, known as the VF Wild.

VinFast Auto is working to expand its reach into key markets in North America and Asia. It has various showrooms and service centers in North America, including in the Canadian provinces of Ontario, BC and Quebec, and in the US states of North Carolina, New York, Texas and Kansas. Later this year, the company plans to open an EV business network in the Philippines. In addition to those efforts, VinFast is building a US$2 billion EV manufacturing complex in North Carolina and has plans to build more factories in Indonesia and India.

Like many of its peers, VinFast Auto experienced decreased EV deliveries in 2023. Vehicle deliveries did pick up in Q4, however, “amid economic headwinds, slow EV adoption rate in certain regions has adversely affected the deliveries plan,” said Tran Mai Hoa, deputy CEO of sales and marketing at VinFast Global

6. NIO (NYSE:NIO)

Company Profile

Market cap: US$8.94 billion; current share price: US$5.69

Founded in 2014, Chinese EV maker Nio designs, jointly manufactures and sells smart and connected premium EVs.

Nio’s strategy includes its battery-as-a-service endeavor, a subscription purchasing model where buyers lease vehicle batteries. The company says the idea behind this move is to reduce vehicle costs. The service is run by a battery asset company, with Nio and leading battery maker CATL owning a stake. CATL is already Nio’s sole battery supplier.

In September 2021, the company introduced a standard-range hybrid-cell battery that combines NCM and LFP cells. Looking ahead, the carmaker is said to have plans to use a combination of self-produced and externally sourced batteries in the long run. Nio is also gearing up to offer the world’s longest-range solid-state battery on a rental basis.

This year, the company is planning to launch a more affordable EV brand known as Alps, with the first of three new models designed to compete against Tesla's Model Y

7. XPeng (NYSE:XPEV)

Company Profile

Market cap: US$7.75 billion; current share price: US$8.54

Another Chinese EV maker focused on the smart EV market, Xpeng’s main manufacturing plant is in Guangdong province.

CATL used to be XPeng’s primary battery supplier, but the carmaker has diversified its battery suppliers. The carmaker has chosen to work with Sunwoda, a smaller Chinese battery maker, to develop a fast-charging battery for the G9. XPeng also counts CALB (HKEX:3931) and EVE Energy (SZSE:300014) as battery suppliers. Early in 2021, XPeng launched three new vehicle versions powered by LFP batteries for the Chinese market. Its long-range versions use NCM batteries.

Early this year at the El Prix 2024 Motor EV Winter Test, XPeng's G9 achieved the top spot in charging time and fifth in the range test, demonstrating its strong performance in cold winter weather conditions

8. Lucid (NASDAQ:LCID)

Company Profile

Market cap: US$7.601 billion; current share price: US$3.32

Headquartered in California, Lucid was founded in 2007 and produces luxury electric cars. The company's first car, Lucid Air, is a state-of-the-art luxury sedan that is being produced at its factory in Casa Grande, Arizona.

Lucid will use Panasonic batteries in its long-range Lucid Air and its Gravity SUV, which will begin production in 2024, although details of the chemistry used are yet to be known. Previously, Lucid had an agreement with LG Chem (OTC Pink:LGCLF,KRX:003550), which supplied cylindrical batteries for the US EV maker's standard Lucid Air models starting in the second half of 2020 and extending until 2023.

Lucid’s sales slipped in 2023, with only 4,369 sales out of 7,800 units built as EV sales slowed globally. In response, this year the company is cutting prices by 6 to 9 percent for three trims: Air Pure, Air Touring and Grand Touring

9. Polestar (NASDAQ:PSNY)

Company Profile

Market cap: US$3.67 billion; current share price: US$1.66

Sweden-based electric performance car brand Polestar is owned by Volvo Cars and Zhejiang Geely Holding (OTC Pink:GELYF,HKEX:0175). However, earlier this year, Volvo announced that it will soon hand Polestar entirely over to Geely to operate as an independent brand. The move is attributed to slowing global demand for EVs.

Polestar had a rough year in 2023, including software challenges that caused delays in the rollout of the Polestar 3. Despite a sales goal of 80,000 units of its Polestar 2 for 2023, the total at the end of year fell short at 54,600 units.

Now that it must compete in a tighter market, Polestar has joined the ranks of those EV makers offering discounted prices, including on the 2024 Polestar 2 rear-wheel and all-wheel-drive models.

10. NWTN (NASDAQ:NWTN)

Company Profile

Market cap: US$1.91 billion; current share price: US$6.69

Headquartered in Dubai, United Arab Emirates (UAE), NWTN is focused on providing solutions for green energy and transportation. The company’s smart EVs are integrated with internet of things connectivity, as well as artificial intelligence and autonomous driving technology. NWTN is the first UAE-based EV company to be listed on the Nasdaq.

NWTN’s first new energy vehicle, the Rabdan One, carries the official “Made in the Emirates” designation. Last year, the company launched the Rabdan Muse, a luxury smart passenger vehicle model, in Pebble Beach, California. The vehicles are built on NWTN’s Gravity Zero Platform, which “reduces vehicle material costs via scales of volume, shortens vehicle development time by up to 50 (percent), reduces vehicle development cost by up to 75 (percent) and enhances vehicle product quality considerably for all derived vehicles from the platforms."

This is an updated version of an article first published by the Investing News Network in 2020.

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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.