The electric car market is booming, with sales reaching new heights every year. But which manufacturers are leading the way in this fast-growing segment? Here are the world's top 10 electric car makers in 2023, based on their sales figures and market share.
1. Tesla
Tesla is the undisputed king of electric cars, with a global market share of 23% in 2023. The US-based company sold over 3.2 million electric cars in 2023, up 35% from 2022. Tesla's success is driven by its strong brand image, innovative technology, and loyal customer base. Tesla's Model 3 was the best-selling electric car in the world in 2023, followed by the Model Y and the Model S. Tesla also launched its Cybertruck and Tesla Roadster models in 2023, attracting more attention and demand.
2. BYD
BYD is the second-largest electric car maker in the world, with a market share of 15% in 2023. The Chinese company sold over 2.1 million electric cars in 2023, up 40% from 2022. BYD's growth is fueled by its dominance in the Chinese market, where it has a strong presence in both passenger and commercial vehicles. BYD's Han was the best-selling electric car in China in 2023, followed by the Qin and the Tang. BYD also expanded its presence in Europe and Latin America, offering competitive prices and quality products.
3. Volkswagen
Volkswagen is the third-largest electric car maker in the world, with a market share of 12% in 2023. The German company sold over 1.7 million electric cars in 2023, up 45% from 2022. Volkswagen's rise is attributed to its massive investment in electrification to become a global leader in sustainable mobility. Volkswagen's ID.4 was the best-selling electric car in Europe in 2023, followed by the Volkswagen ID.3 and the Golf. Volkswagen also launched its Volkswagen ID.Buzz and ID.Vizzion models in 2023, targeting different segments and regions.
4. Renault-Nissan-Mitsubishi
Renault-Nissan-Mitsubishi is the fourth-largest electric car maker in the world, with a market share of 10% in 2023. The alliance sold over 1.4 million electric cars in 2023, up 30% from 2022. Renault-Nissan-Mitsubishi's performance is based on its diversified portfolio of electric cars, covering various markets and customer preferences. Renault's Zoe was the second-best-selling electric car in Europe in 2023, followed by Nissan Leaf and Mitsubishi Outlander PHEV. The alliance also introduced its Nissan Ariya and Megane E-Tech models in 2023, enhancing its product range and appeal.
5. Hyundai-Kia
Hyundai-Kia is the fifth-largest electric car maker in the world, with a market share of 8% in 2023. The Korean company sold over 1.1 million electric cars in 2023, up 50% from 2022. Hyundai-Kia's progress is driven by its ambitious vision to become a leader in electrified mobility, with a focus on innovation and customer satisfaction. Hyundai's Kona was the best-selling electric car in South Korea in 2023, followed by Kia's Niro and Soul. Hyundai-Kia also launched its Ioniq and Kia EV6 models in 2023, offering more choice and value to consumers.
6. Toyota
Toyota is the sixth-largest electric car maker in the world, with a market share of 7% in 2023. The Japanese company sold over 980 thousand electric cars in 2023, up 60% from 2022. Toyota's advancement is due to its long-standing expertise in hybrid and fuel-cell vehicles and its recent entry into the battery-electric vehicle market. Toyota's Prius was the best-selling hybrid car in the world in 2023, followed by the Corolla and the RAV4. Toyota also launched its bZ4X and Mirai models in 2023, expanding its electric car portfolio and customer base.
7. BMW
BMW is the seventh-largest electric car maker in the world, with a market share of 6% in 2023. The German company sold over 840 thousand electric cars in 2023, up 55% from 2022. BMW's improvement is based on its premium brand image, high-quality products, and customer loyalty. BMW's i3 was the best-selling electric car in Germany in 2023, followed by the BMW iX and the i4. BMW also launched its iX3 and i8 models in 2023, offering more luxury and performance to electric car enthusiasts.
8. General Motors
General Motors is the eighth-largest electric car maker in the world, with a market share of 5% in 2023. The US-based company sold over 700 thousand electric cars in 2023, up 65% from 2022. General Motors' progress is driven by its bold vision to achieve zero emissions by 2035, with a focus on innovation and affordability. General Motors' Bolt was the best-selling electric car in the US in 2023, followed by the Hummer and the Cadillac Lyriq. General Motors also launched its Cruise Origin and Chevrolet Silverado models in 2023, targeting different segments and markets.
9. SAIC
SAIC is the ninth-largest electric car maker in the world, with a market share of 4% in 2023. The Chinese company sold over 560 thousand electric cars in 2023, up 70% from 2022. SAIC's strong partnerships with other automakers, such as Volkswagen, General Motors, and Alibaba, fueled its growth. SAIC's MG ZS EV was the best-selling electric car in the UK in 2023, followed by the Roewe Ei5 and the Maxus Euniq. SAIC also launched its R Auto and Zhiji models in 2023, aiming to compete with Tesla and other premium brands.
10. Geely
Geely is the tenth-largest electric car maker in the world, with a market share of 3% in 2023. The Chinese company sold over 420 thousand electric cars in 2023, up 75% from 2022. Geely's success is based on its diversified business model, which includes owning Volvo, Polestar, and Lotus. Geely's Geometry A was the best-selling electric car in Norway in 2023, followed by the Polestar 2 and the Volvo XC40 Recharge. Geely also launched its Zeekr and Lynk & Co models in 2023, offering more innovation and style to electric car buyers.
The electric car market is expected to continue growing in the coming years as more consumers switch to cleaner and smarter mobility options. The manufacturers that sell the most electric cars in the world in 2023 are likely to remain at the top of the industry unless new challengers emerge and disrupt the status quo. The competition among electric car makers is fierce but also beneficial for customers who enjoy more choice, quality, and value.
