The Race For EV Dominance visualized
Tesla has reigned over the EV market. The company's market value is more than the market cap of GM, Ford, Volkswagen, and Mercedes combined.
But competitors are stepping up efforts to unseat Elon Musk's company as the dominant car producer that ended 2020 with 23% of the EV market and the first hit $1 trillion market capitalization.
Volkswagen plans to build 6 battery factories in Europe by 2030 and invest globally in charging stations and, according to forecasts, the company will become the largest manufacturer of EV vehicles before 2030.
Ford expects 40% of its vehicles sold to be electric by the year 2030. GM, the largest U.S. automaker, wants to stop selling fuel-burning cars by 2035.
Below is the visualization of the EV market created by VisualCapitalists.
Top largest manufacturers of EVs by number of sales in 2020
1. Tesla: 499,000
2. Volkswagen: 230,000
3. SGMW (GM, SAIC, Willing Motors): 211,000
4. Renault-Nissan-Mitsubshi: 191,000
5. Hyundai-Kia: 145,000
6. BYD: 136,000
7. Stellantis: 82,000
8. Daimler (Mercedes-Benz): 55,000
9. BMW: 48,000
10. Geely: 40,000
11. Toyota: 11,000
12. Ford: 1,400