Top 10: EV Leaders in APAC & MEA

The Asia-Pacific (APAC) and Middle East & Africa (MEA) regions have emerged as pivotal players in the global EV industry. Their rapidly growing populations and increasing EV adoption rates have positioned them as influential forces in the worldwide transition to electric mobility. These regions are not merely adopting EVs but are actively shaping the industry's future.

In assessing the top leaders in these markets, it is essential to look beyond just vehicle manufacturers (OEMs) to include companies involved in finance, charging infrastructure and related services. The following list represents the top 10 leaders in the EV industry across the APAC and MEA regions:

10  | Maybank Banking Investment Group

Revenue: US$3.61bn

Founded: 1960

Employees: 43,000

Maybank's sustainability commitment is comprehensive and ambitious, structured around key pillars that drive positive change. Its "Responsible Transition" focuses on advancing a low-carbon economy, while "Enabling Communities" enhances resilience across ASEAN. Leading by example, Maybank ensures its ESG strategy is deeply embedded in its operations.

Its goal to mobilise US$18.9bn in sustainable finance by 2025 is well underway, with US$8.06bn already achieved by 2023, including US$4.09bn in Islamic finance. Noteworthy projects include a US16.26m loan for a rooftop photovoltaic system and a US$130.42m sukuk for large-scale solar projects. Carbon neutrality by 2030 remains a priority, alongside support for SMEs, encouraging sustainable practices throughout.

9  | Geely Holding Group

Revenue: US$7.17bn

Founded: 1986

Employees: +140,000

Geely Holding Group, officially Zhejiang Geely Holding Group Co., Ltd. (ZGH), has emerged as a global powerhouse in the automotive world, with an impressive journey from its founding in 1986 as a refrigerator parts company to ranking 225th on the 2023 Fortune Global 500 list. With over 140,000 employees and assets exceeding US$77.8bn, Geely's reach spans continents and industries.

Its vast portfolio includes brands like Volvo, Polestar, Zeekr and London Electric Vehicle Company. In 2023, Geely produced 980,000 plug-in EVs, highlighting its commitment to electrification. Geely drives the future of EVs and autonomous technologies through relentless innovation and a bold vision for sustainable mobility.

8  |  Sandvik Coromant

Revenue: US11.51bn

Founded: 1942

Employees: 8,000

Sandvik Coromant, a division of Sandvik Manufacturing and Machining Solutions, is a global leader in metal cutting tools and is shaping the future of manufacturing. As part of the Sandvik Group, this high-tech engineering giant is known for its focus on innovative manufacturing technologies and productivity solutions.

In the EV industry, Sandvik Coromant is vital. It develops specialised tools for machining key EV components, such as motor housings and battery enclosures. Focusing on lightweight materials like aluminium, Sandvik enhances EV efficiency. Strategic moves, like acquiring Esco GmbH for gear machining, position Sandvik as a critical player in the evolving EV landscape.

7  | Mitsubishi Motors Corporation

Revenue: US$14.48bn

Founded: 1970

Employees: 28,000

Mitsubishi Motors Corporation, a key player in the Mitsubishi Group and an Alliance member with Renault and Nissan, has been at the forefront of EV innovation. With headquarters in Tokyo and 28,000 global employees, the company made history with the 2009 launch of the i-MiEV, the world's first mass-produced EV, followed by the groundbreaking Outlander PHEV in 2013.

Mitsubishi is ramping up its EV efforts, achieving 100,000 eK X EV and Nissan Sakura units in just over two years. With ambitious goals to electrify 100% of its lineup by 2035, strategic investments in EV tech and collaborative ventures in battery leasing, Mitsubishi is shaping the future of electric mobility.

6  | Mahindra Electric

Revenue: US$16.73bn

Founded: 1945

Employees (direct & indirect): 200,000

Mahindra Electric, rebranded as Mahindra Last Mile Mobility Limited, pioneered India's EV landscape. Founded initially as Reva Electric in 1994, the company was acquired by Mahindra & Mahindra in 2010 and has since played a key role in India's EV evolution.

Mahindra launched India's first electric car, the REVAi, in 2001 and continued its innovation with the e2o and eVerito. Its diverse product lineup spans electric hatchbacks, sedans, commercial vehicles, and three-wheelers. With the recent launch of the XUV400 EV, Mahindra is advancing its electric SUV portfolio while heavily investing in R&D, infrastructure, and sustainability.

5  | Nissan 

Revenue: US$66.1bn

Founded: 1933

Employees (Direct and indirect): 158,000

Nissan, a vanguard in the EV market, has been a driving force in the electric revolution. In 2010, Nissan introduced the Leaf, one of the world's first mass-market EVs, establishing its pioneering role in the sector. The Leaf remains central to its EV lineup, now joined by the sleek Ariya SUV, which expands its electric portfolio.

Nissan's innovations include e-POWER technology, the e-Pedal system and investments in advanced battery tech. Aiming for carbon neutrality by 2050, Nissan is developing a comprehensive EV ecosystem with charging, battery recycling and vehicle-to-grid technology solutions, reinforcing its long-term commitment to sustainable mobility.

4  | BYD (Build Your Dreams) 

Revenue: US$83.69bn

Founded: 1995

Employees: 704,000

BYD, a Chinese multinational founded in 1995 as a battery maker, has rapidly emerged as a powerhouse in the EV market. Initially entering the automotive industry in 2003, BYD offers a versatile lineup, including models like the agile BYD Dolphin hatchback.

Renowned for its technological innovations, BYD developed the Blade Battery for enhanced safety and efficiency and introduced e-Platform 3.0, a modular EV platform. With in-house component production, BYD leads global EV sales, surpassing Tesla in some markets, and supplies parts to other manufacturers. Committed to sustainability, BYD aims for carbon neutrality and is expanding globally with groundbreaking technologies like 800-volt fast charging.

3  | AVL

Revenue: US$202bn

Founded: 1948

Employees: 11,200

AVL, a global leader in technology development for powertrain systems, has become a key player in the EV market. It operates in 26 countries, Austria focussing on sustainable mobility solutions and offers extensive R&D and testing services to drive electrification.

AVL's innovations include intelligent energy management systems for fuel cell trucks and comprehensive testing solutions for EV range and charging performance. With cutting-edge tools like the AVL X-meter and PUMA 2TM automation software, AVL enhances system performance and energy efficiency. Its expertise in battery development and virtualisation solutions helps manufacturers optimise production costs and vehicle performance, making EV technology more accessible and efficient worldwide.

2  | Toyota Motor Corporation 

Revenue: US$298bn

Founded: 1937

Employees: +370,000

Toyota Motor Corporation is a powerhouse in the global automotive industry and one of the most influential players in the field. Founded in 1937 by Kiichiro Toyoda and with headquarters in Toyota City, Japan, it manufactures around 10 million vehicles annually. Its journey into EVs began in 1997 with the Prius, the world's first mass-produced hybrid EV.

Toyota's current strategy aims for carbon neutrality by 2050, with a plan to electrify all new vehicles in key markets by the early 2030s. The company's lineup includes hybrids, plug-in hybrids and fully electric models like the bZ4X SUV. With investments in battery technology and partnerships like those with Panasonic, Toyota is committed to leading the transition to sustainable mobility.

1  | Gogoro

Revenue: US$349

Founded: 2011

Employees: 2400

Gogoro, a Taiwanese pioneer, has carved out a significant niche in the EV market with its innovative approach to urban mobility. Founded in 2011 by Horace Luke and based in Taipei, the company is all about transforming sustainable city transport. Gogoro's game-changer? A cutting-edge battery-swapping platform for electric scooters backed by the expansive Gogoro Network.

Its lineup includes models like the Gogoro 1, Gogoro 2, Viva, and S1. With over 12,000 battery-swapping stations in Taiwan, Gogoro processes 370,000 battery swaps daily. Global expansion has taken Gogoro to countries like the Philippines, Israel, and Japan, with ambitious plans for India. By breaking barriers like charging time, Gogoro is leading the way in transforming urban mobility worldwide.

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