Electric car technology has transformed from an emerging luxury to a mainstream standard in automotive manufacturing. Electric vehicles now encompass a wide range, including sports cars, freight trucks, and bikes, all designed to enhance transportation while being more environmentally friendly.
Data from Statista projects that the global electric vehicle (EV) market revenue will surpass $786 billion in 2024, and exceed $1 trillion by 2029. Here’s a look at some of the key electric car companies currently making a significant impact, helping increase mobility while reducing their energy footprint.
Electric Car Companies to Watch
Tesla Tesla stands out as one of the foremost electric car developers and manufacturers worldwide. It’s one of the earliest companies that perfected EV design. Besides advanced electric vehicles, Tesla is also involved in developing solar panels for businesses and homes.
Rivian Rivian offers an electric vehicle lineup featuring three SUVs and a pickup truck. Every vehicle has an interior crafted from “100-percent animal-free materials,” and the battery packs are designed for easy recycling, according to Rivian’s website. To further enhance charging options, Rivian vehicles are compatible with Tesla Superchargers, providing more flexibility.
Lucid Motors Lucid Motors aims to blend sustainability with luxury, developing smart electric vehicles equipped with the features of traditional luxury cars. Their vehicles can hit 60 miles per hour in under 2 seconds and can recharge for 200 miles of driving in about 12 minutes. They also incorporate smart ecosystems with voice control, mobile connectivity, and advanced GPS technology.
NIO NIO produces nine electric vehicle models, including their ES8 flagship SUV and the EP9, which reportedly set two lap records in 2017. NIO cars are available in China, and the company has plans to expand into Norway, Germany, and the Netherlands. They also operate an R&D center in San Jose, California.
BMW Group BMW has introduced three all-electric sedans and an all-electric SUV under the BMW Group umbrella. These models offer ranges over 300 miles on a single charge and integrate with the My BMW app for remote monitoring. BMW also provides a BMW Wallbox for home charging, capable of fully charging an EV in less than 12 hours. Their electric models are compatible with public Level 2 and 3 chargers.
General Motors With over a century of experience, General Motors is committed to an all-electric future. The company aims to create electric vehicles that are accessible to all. Through its Ultium platform, General Motors can design various EV models featuring a flexible battery architecture, leading to electric versions of models like the Chevy Silverado, Cadillac ESCALADE, and GMC Sierra.
XPeng Motors Known as a Chinese rival of Tesla, XPeng Motors enhances its smart driving features with improved design for its electric vehicles. The company’s latest lineup includes a high-voltage platform that allows for fast charging, adding over 120 miles of range in five minutes. XPeng also incorporates a thermal management system for better battery efficiency and endurance.
Ford Motor Company Ford offers several hybrid vehicle models, alongside three all-electric vehicles, including the E-Transit, a commercial cargo van available in three different configurations. Customers who purchase the Mustang Mach-E or F-150 Lightning can also receive a complimentary home charger.
Canoo Canoo’s diverse electric vehicle offerings support various transportation needs, from personal vehicles to cargo delivery trucks, for both individual and corporate clients. Walmart signed an agreement to purchase 4,500 EVs from Canoo for deliveries in 2023, and the U.S. Postal Service and NASA have also joined Canoo’s customer base. The company also received authorization to test vehicles in the United Kingdom.
Fisker Fisker gained recognition with the Fisker Karma, a pioneering luxury plug-in hybrid electric vehicle. The company has since expanded its EV lineup to cover various lifestyles. While models like the Fisker Alaska and Fisker Ocean are designed for rugged terrains, the Fisker PEAR is better suited for urban environments.
Karma Automotive Karma Automotive produces luxury electric vehicles including a sedan and a super coupe. The Revero model can travel up to 80 miles solely on electric power before a generator kicks in for an additional 280 miles of range. The Kaveya model has a maximum speed of 180 miles per hour and 1,000 horsepower. Karma Automotive has two more models — a four-seater and grand touring utility vehicle — on the way.
Nikola Motor Company Nikola builds electric semi-trucks. The TRE BEV model, initially available in 2021, can travel up to 330 miles and has a charging time of roughly 90 minutes. They also offer consulting services related to installing EV charging infrastructure. Additionally, the company released a hydrogen-powered fuel cell electric truck in 2023.
Lightning eMotors Lightning eMotors concentrates on the logistics industry, manufacturing electric power systems for vans, buses, trucks, and other vehicles. By developing state-of-the-art, zero-emissions technologies, Lightning eMotors helps organizations streamline their fleets for efficient energy use. They also offer their own EVs, including various passenger vehicle and truck models.
Chevrolet Chevrolet has three completely electric vehicle models: the Equinox EV, Blazer EV, and Silverado EV. Drivers can achieve up to 319 miles on a single charge in the Equinox EV and approximately 440 miles in the Silverado EV. Chevy’s EV models have access to thousands of public chargers in the U.S. and Canada, and drivers can locate nearby chargers using the myChevrolet app.
Toyota Toyota has a diverse range of hybrid, plug-in hybrid, fuel cell electric, and all-electric vehicles. The Toyota Mirai is a fuel cell-powered sedan that runs on hydrogen and oxygen and can be refueled in as little as five minutes. The Toyota bZ4X is an SUV with an electric battery that can travel over an estimated 250 miles on a single charge.
Volkswagen of America, Inc Volkswagen entered the EV sector with the ID.4, first released in late 2020. They are expanding their electric vehicle lineup with an all-electric camper van in the ID. Buzz and an all-electric sedan in the ID.7. Volkswagen has made its EVs compatible with home chargers in partnership with Electrify America, although home chargers are sold separately.
Daimler Trucks North America Daimler is working to electrify the commercial vehicle sector with its eMobility strategy. The company has produced a range of all-electric truck models by combining its truck technology with electric battery power, including the eCascadia. They have also partnered with Thomas Built Buses to design all-electric school buses for school districts across the U.S.
Mercedes-Benz Mercedes-Benz has enhanced its luxury lineup with electric vehicles like the EQE Sedan and EQB SUV. Each EV monitors its battery levels to suggest the best time to recharge and locates public chargers through the Mercedes-Benz app. Mercedes-Benz drivers can use the brand’s website to find an adjustable charging calculator for their specific electric model.
Volvo Group Volvo offers four pure electric car models along with five hybrid models. The latest electric additions of the EX90 SUV and EX30 SUV give drivers a diverse set of options. Volvo plans to have EVs account for 100 percent of its global sales by 2030 and aims for zero emissions by 2040.
Nissan Motor Corporation Nissan has manufactured the all-electric LEAF since 2010, when it debuted as the first electric vehicle available in the consumer market. They added another model to their EV portfolio in 2023 with the Nissan ARIYA. To simplify travel for its EV customers, Nissan is planning to launch its own network of chargers, which drivers can find via the MyNISSAN app.
Frequently Asked Questions
Who is leading in electric vehicles? Tesla leads the electric vehicle market in the United States, holding over 53 percent of U.S. EV sales. On a global scale, however, the Chinese company BYD has surpassed Tesla in EV sales.
Which companies make electric vehicles? Besides Tesla, other companies that manufacture electric vehicles now include Ford, BMW, Mercedes-Benz, and Chevrolet.
Who will be the biggest EV company? Based on current market capitalization, Tesla remains the largest EV company, with BYD in second place. However, based on the total number of EVs produced, BYD may challenge Tesla as the top EV manufacturer in the coming years.
Why are car companies going electric? The move to electric vehicles is largely driven by public concern for the environment and the need to reduce carbon emissions. Governmental incentives and investor pressure have also pushed car companies to develop more sustainable vehicles.
What car companies are not going electric? Some car companies have yet to introduce an EV model. Aston Martin and Ferrari are planning to release EVs soon, while Bentley and Bugatti have indicated plans to introduce EVs at a later date.
