A number of major shifts are happening in the global EV market. What was once dominated by a select number of electric car models is now home to an abundance of options for prospective EV drivers, and current customers, to choose from.
But, while there are further barriers to EV domination globally, some countries are challenging the norm and developing cars that have seen great popularity around the world—particularly in China, the US, and Europe, where most of the mainstream innovation is taking place.
With all this in mind, let’s check in with the data to find out what company led the market in the beginning of 2023.
10. Renault
CEO: Luca de Meo
With a 3.82% share of the overall EV market in the first quarter of 2023, Renault was somewhat an early-adopter through its Zoe model, but is still involved in the hybrid vehicle space. The company’s evolution consists of BEVs alongside PHEVs and HEVs as a bridge to a more sustainable product lineup.
This month, we’re expecting the release of the latest model from the French car maker, the Renault Scenic E-Tech.
9. Hyundai Motor Group
CEO: Jaehoon Chang/Dong Seock Lee
Chinese firms seem to be at the forefront of innovation and Hyundai Motor Group is one OEM that has managed to successfully begin its transition to the electric side. With growing interest in its IONIQ models, the company achieved just 0.01% less than its upper rival—a market share of 3.96% of the BEV sector.
Nevertheless, the company continues to offer exciting new products for consumers globally and making changes to increase battery density and reduce costs.
8. Stellantis
CEO: Carlos Tavares
Stellantis set its course for 100% EV sales in Europe and 50% across the United States before the end of the 2030 deadline. As a group, the company will expand upon its current range, giving the much-loved Fiat 500e a number of brothers, sisters, and cousins across its brands—a total of 75% different BEVs.
As a result, the company’s growth has been steady—with a 3.97% share of the market in early-2023—and will continue to accelerate to five million units.
7. BMW Group
CEO: Oliver Zipse
Since the release of the iX, the concepts and new vehicles have been coming in hot as BMW enters full swing in its EV transition. The company’s efforts to increase its BMW and Mini EV ranges resulted in a market share of 4.16% in the first quarter, but in quarter two of 2023 the company doubled its sales of all-electric cars.
The BMW brand was up 5% year-to-date but overall quarterly sales were +11% while the Mini brand only saw 0.2% year-to-date sales and a 10% increase for the three-month period.
6. Mercedes-Benz
CEO: Ola Kallenius
Another firm contender from the German market is Mercedes-Benz, which has seen significant interest in its electrified models. The company tends to maintain the same brand aesthetic, but power replaces the powertrains to create sustainable, advanceable vehicles.
Taking 4.28% of the overall market, we’re beginning to see a shift at Mercedes-Benz, particularly in the design of its cars, as it builds for electric propulsion first.
5. General Motors
CEO: Mary Barra
Daring to be different, the US-based automotive giant is climbing up the chain as it brings its heritage automobiles into the world of electrified ones. One of the company’s most intuitive models is the Hummer EV, which showcases some of the technological details that can be applied to make an out-of-this-world electric car.
Achieving a 4.71% share of the EV market, the company’s CEO Mary Barra is keen to drive positive change through electrification.
4. GEELY
CEO: Sheng Yue Gui
Experiencing major growth in 2022, GEELY is now operating more in the EV space. With the launch of the latest brand Zeekr, and the transition of its UK-based company Lotus, there are some major changes happening for the organisation to acquire a 5.86% share of the market.
The company attributes this growth to the number of automotive brand making tracks in the market, including the growth and innovation of Volvo and Polestar, as well as new pure-play EV brands like Lynk & Co and the taxi arm of the business, LEVC.
3. Volkswagen
CEO: Oliver Blume
The traditional German OEM is leading the way among all heritage car companies as it takes the top spot for the businesses transitions from ICE vehicle ranges to all-electric ones. Achieving an overall EV market share of 6.88%—as recorded by the research organisation Counterpoint and its Global Passenger Electric Vehicle Model Sales Tracker—Volkswagen is well on its way to becoming fully-electric.
The company has also gained the attention of one of London’s most prestigious fleet businesses as the primary transition partner for Addison Lee and the company is now scaling back production of its ICE vehicles to make room for more EVs.
2. Tesla
CEO: Elon Musk
Still not giving away the leading position easily, Tesla remains one of the top brand choices for EV drivers with a 16% share of the overall market in the first quarter. This year also marked great strides for the company as the first one of producing the Tesla Semi for the fleet sector, but also the introduction of the update base Model Y.
The company’s CEO Elon Musk was heralded as the world’s richest man again in July 2023 and the company announced further excitement as the Tesla Electric business looks to develop further supply chains globally. Also, news of the company’s innovation base in India is set to raise the profile of EVs further across the country.
1. BYD
CEO: Wang Chuanfu
The Chinese underdog now market leader soars above Tesla in the first quarter of 2023 and achieves a market share of 21.1%. The company has been navigating pivotal changes in the industry, which have affected the supply chains between China and the US.
With both countries looking to retain their own markets to allow their local industries to grow, China’s BYD is driving more adoption across all areas and has seen a great reception of its latest electrified car models.
In 2022, BYD produced an incredible number of new energy vehicles, amounting to a total of 3.34 million units and a revenue of US$43.26bn (CNY 324.7bn).
