Electric Vehicle Company on the Rise : Best Top 10 Companies to Watch in 2023

Electric Vehicle Company

One of the global industries with the quickest rate of growth is the electric vehicle (EV) sector, and EV stocks are showing this growth. Investors are taking notice of the surge in several EV stocks in 2023.

The following are some of the elements propelling the EV industry’s growth:

Government incentives: Tax cuts and refunds are only a couple of the measures that governments are providing globally to encourage the use of electric vehicles.

Growing customer demand: For a variety of reasons, including reduced fuel costs, better performance, and environmental concerns, consumers are growing more interested in electric vehicles (EVs).

Technological developments: EV charging infrastructure is growing, and EV batteries are becoming more economical and efficient.

1. BYD

In the first quarter of 2023, the Chinese company takes the lead in the market, surpassing Tesla to grab a 21.1% stake. The business has been managing significant shifts in the sector that have an impact on the supply chains connecting the US and China.

China’s BYD is pushing for greater adoption everywhere and has experienced positive feedback for its most recent models of electric cars, as both nations strive to hold onto their own markets to support the expansion of their respective local businesses.

With 3.34 million new energy vehicles produced in 2022, BYD brought in an astounding amount of money, with revenue of US$43.26 billion (CNY 324.7 billion).

2. Tesla

With a 16% market share in the first quarter, Tesla continues to be a popular brand among EV drivers and is unlikely to relinquish its top spot very soon.

Along with being the first to produce the Tesla Semi for the fleet market, this year saw the company introduce the updated base Model Y, which was another significant milestone.

In July 2023, Elon Musk, the CEO of the company, was once again hailed as the richest man in the world. The company also revealed further enthusiasm as the Tesla Electric division seeks to expand its supply chains internationally. the company’s innovation base in India is expected to promote awareness of EVs throughout the nation.

3. Volkswagen

When it comes to the industry’s shift from internal combustion engine (ICE) vehicle ranges to all-electric vehicle ranges, the traditional German OEM is setting the standard for all historical automakers.

Volkswagen is well on its approach to being totally electric, having achieved an overall EV market share of 6.88%, according to research firm Counterpoint and its Global Passenger Electric Vehicle Model Sales Tracker.

In addition, one of London’s most prominent fleet companies has expressed interest in the company as Addison Lee’s key transition partner. As a result, the company is currently reducing the number of ICE vehicles it produces in order to make place for more EVs.

4. Geely

GEELY, which had significant growth in 2022, is currently working more in the EV market. In order for the company to gain a 5.86% market share, significant changes are taking place, including the introduction of its newest brand, Zeekr, and the transfer of its UK-based business, Lotus.

The company credits this rise to the number of car brands that are becoming well-known in the market, such as Polestar and Volvo, which are expanding and becoming more innovative, as well as to new pure-play EV brands like Lynk & Co. and the company’s taxi division, LEVC.

5. General Motors

The US-based automaker is moving up the ladder as it introduces its classic cars into the electrified realm, daring to be unique. The Hummer EV, which displays some of the technological elements that can be used to create an incredible electric car, is one of the company’s most user-friendly models.

With a 4.71% market share in EVs, Mary Barra, the CEO of the corporation, is eager to use electrification to promote positive change.

6. Mercedes-Benz

Mercedes-Benz is another strong competitor from the German market, and its electrified versions have attracted a lot of interest. Power replaces the powertrains in the company’s vehicles to create sustainable, cutting-edge automobiles while still adhering to the same brand look.

With 4.28% of the market, Mercedes-Benz is starting to change, especially in the way its vehicles are designed as it prioritizes electric propulsion.

7. BMW

As BMW steps fully into its electric car transition, concepts and new models have been rolling in since the launching of the iX.

In the first quarter of 2023, the business’s efforts to extend the range of its BMW and Mini EVs earned it a market share of 4.16%; nevertheless, in the second quarter, the company doubled the amount of all-electric cars it sold.

While Mini experienced only 0.2% year-to-date sales and a 10% gain for the three-month period, the BMW brand saw 5% year-to-date growth but overall quarterly sales were +11%.

8. Stellantis

Before the end of the 2030 timeframe, Stellantis aimed to achieve 100% EV sales in Europe and 50% nationwide. All together, the company plans to double the number of BEVs it offers—a total of 75% different BEVs—for its beloved Fiat 500e, giving it many brothers, sisters, and cousins across its brands.

Because of this, the company’s growth has been consistent, and it will continue to pick up speed as it approaches five million units, with a 3.97% market share in early 2023.

9. Hyundai Motor Group

Chinese companies are leading the way in innovation, and Hyundai Motor Group is one OEM that has started its shift to electric vehicles with success. The company gained a market share of 3.96% of the BEV industry, just 0.01% less than its top opponent, because to the increasing demand for its IONIQ models.

Despite this, the business is developing innovative new products for customers throughout the world and adjusting its operations to save costs and boost battery density.

10. Renault

Renault was a bit of an early adopter with its Zoe model, accounting for 3.82% of the total EV market in the first quarter of 2023, although it is still active in the hybrid vehicle industry.

BEVs are being offered by the corporation in tandem with PHEVs and HEVs as a transitional product to a more environmentally friendly portfolio.

We anticipate the Renault Scenic E-Tech, the French automaker’s newest model, to go on sale this month.

Conclusion

There are several businesses to keep an eye on in 2023 if you’re seeking for EV investment chances. The businesses on the aforementioned list are all leaders in the EV sector and are in a good position to gain from the market’s ongoing expansion.

But it’s crucial to remember that investing involves risk, and the EV market is no different. Before purchasing any stock, even EV stocks, investors should carefully assess their individual financial goals and risk tolerance.