Electric vehicles continue to increase their share in the overall automotive industry amid the significant government support to promote the new powertrain technology and development of the necessary charging infrastructures.
The American electric vehicle giant Tesla is at the forefront of this green mobility shift. It leads the global electric vehicle industry with a whopping $618.32 billion market capitalization.
In order to guide potential investors and electric vehicle enthusiasts, this article will present the world’s top 20 most valuable electric automakers based on their market capitalization as of February 20, 2024.
Rankings
| Rankings | EV Company | Market Capitalization |
| 1 | Tesla, Inc. (NASDAQ:TSLA) | $618.32 Billion |
| 2 | Toyota Motor Corporation (NYSE:TM) | $306.96 Billion |
| 3 | Stellantis N.V. (NYSE:STLA) | $77.66 Billion |
| 4 | Mercedes-Benz Group AG (OTC:MBGAF) | $77.94 Billion |
| 5 | Bayerische Motoren Werke AG (OTC:BMWYY) | $72.47 Billion |
| 6 | BYD Company Limited (OTC:BYDDF) | $70.95 Billion |
| 7 | Volkswagen AG (OTC:VWAGY) | $69.47 Billion |
| 8 | Ford Motor Company (NYSE:F) | $48.87 Billion |
| 9 | Hyundai Motor Company (OTC:HYMTF) | $45.76 Billion |
| 10 | General Motors Company (NYSE:GM) | $44.67 Billion |
| 11 | Dr Ing hc F Porsche AG (OTC:DRPRF) | $39.51 Billion |
| 12 | Kia Corporation (KRX:000270) | $34.19 Billion |
| 13 | Li Auto Inc. (NASDAQ:LI) | $32.47 Billion |
| 14 | SAIC Motor Corporation Limited (SHA:600104) | $23.51 Billion |
| 15 | Great Wall Motor Company Limited (OTC:GWLLY) | $20.98 Billion |
| 16 | Chongqing Changan Automobile Company Limited (SHE:000625) | $16.15 Billion |
| 17 | Rivian Automotive, Inc. (NASDAQ:RIVN) | $15.61 Billion |
| 18 | VinFast Auto Ltd. (NASDAQ:VFS) | $12.76 Billion |
| 19 | Geely Automobile Holdings Limited (OTC:GELYY) | $10.25 Billion |
| 20 | Guangzhou Automobile Group Co., Ltd. (OTC:GNZUF) | $10.03 Billion |
EV industry valuation forecast
The global electric vehicle industry’s total valuation hit $388.1 billion in 2023, as per Markets and Markets’ data. It will reportedly increase to $951.9 billion by 2030, with a compound annual growth rate (CAGR) of 13.7%.
Some of the main drivers to aid this forecasted growth include the Asia Pacific region, the Middle East, and Africa. Meanwhile, it noted that China will remain the largest electric vehicle market in the world.
Conclusion
As you can see in the rankings, the Musk-led company remains the leading company in the global all-electric vehicle market. In fact, its market valuation of $618.32 billion is more than twofold that of Toyota’s $306.96 billion. That said, it would be highly challenging for other automakers to beat Tesla in terms of market valuation anytime soon.
