The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. However, while many only hear about Tesla, there are other companies that have a significant stake in this market and can become a differentiator in the future.

Despite geopolitical tensions and uncertainty, the shift toward green energy is gaining momentum, with the United States and Europe adding more incentives to accelerate this transition. The increase in EV (electric vehicle) sales is good news for battery metals investors, as EVs are the main drivers of commodity prices such as lithium and cobalt – key components in EV battery cathodes.

Here, we have compiled a list of the largest EV manufacturers by market capitalization. This list was generated using the TradingView stock filter on August 2, 2023, and includes companies with a focus on EVs under the motor vehicles industry filter.

1. Tesla (NASDAQ: TSLA)

Company Profile

Market capitalization: $813.3 billion; current share price: $256.24

First on the list, of course, is EV manufacturer Tesla, which has brought significant attention to the EV narrative. Its story began 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 becoming its CEO in 2008.

A well-known story for battery metals investors, the company made headlines in 2014 when it broke ground on its first gigafactory in Nevada – an unthinkable proposition at the time. In partnership with Panasonic, the manufacturing facility 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 opened a gigafactory in China, where it joined forces with China’s largest battery maker, CATL, to develop batteries for its Model 3. South Korea’s LG Energy Solutions is also working on supplying Tesla with batteries using nickel-manganese-cobalt-aluminum (NMCA) cathodes.

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

2. BYD (HKEX: 1211)

Market capitalization: $106.61 billion; current share price: $34.48

Leading Chinese EV manufacturer BYD was founded in 1995 and is only behind Tesla in global EV sales – although as of 2023, it was not far from taking the lead.

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 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 Fastmarkets.

3. Li Auto (NASDAQ: LI)

Company Profile

Market capitalization: $42.5 billion; current share price: $43.41

Li Auto bills itself as a pioneer in successfully commercializing extended-range EVs in China. The company started volume production of its first model, Li ONE, in November 2019 and launched its initial public offering in July 2020. In 2022, the company ranked first in both China’s full-size and large SUV markets.

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 of this year that it had been selected to work with Sunwoda Electronic and Svolt Energy Technology.

4. Rivian (NASDAQ: RIVN)

Company Profile

Market capitalization: $24.26 billion; current share price: $25.82

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 and backed by Ford, went public in 2021. The carmaker announced plans to use cells made with LFP chemistries for its standard-level vehicles last year and earlier this year announced it plans to switch its entire lineup to this type of battery. The company expects LFP-powered passenger vehicles to be available later in 2023.

5.NIO (NYSE: NIO)

Company Profile

Market cap: US$23.31 billion; current share price: US$14.35

Founded in 2014, the Chinese electric vehicle manufacturer Nio designs, jointly manufactures, and sells smart and connected premium electric vehicles.

Nio’s strategy includes its battery-as-a-service venture, a subscription purchasing model in which buyers lease the vehicle’s batteries. The company states that the idea behind this move is to reduce vehicle costs. The service is managed by the Battery Asset Company, with Nio and the leading battery manufacturer CATL owning a stake. CATL is already Nio’s exclusive battery supplier.

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

Conclusion

As we look at the top 10 electric vehicle manufacturers in the world, it becomes clear that the energy revolution is here to stay. Electric vehicles are not just a trend but now a part of the global mobility landscape. While Tesla has played a central role in bringing EVs to the public’s attention, this list highlights the diversity of manufacturers contributing to shaping the future of sustainable mobility.

As geopolitical tensions and uncertainty persist, the shift toward green energy continues to gain momentum, with governments in the United States and Europe incentivizing the transition. The increase in EV sales is not only good news for battery metals investors but also a clear indication that electric vehicles are solidifying their position as key players in transforming the automotive industry and reducing the carbon footprint. As more companies invest in battery technology and charging infrastructure, the future of electric vehicles looks promising and vital in the pursuit of a cleaner and more sustainable world.