Market cap: US$776.95 billion
First on the list is EV maker Tesla, which has brought significant attention to the EV narrative. The company's story starts 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 became its CEO in 2008.
A well-known story for battery metals investors, the company made headlines in 2014 when it broke ground at its first gigafactory in Nevada, US, an unthinkable proposition at the time. Outside of the US, Tesla also has gigafactories in China and Germany.
In partnership with Panasonic (TSE:6752), at its Nevada gigafactory Tesla produces batteries with nickel-cobalt-aluminum (NCA) cathodes — different from most of Tesla’s competitors, which use a nickel-cobalt-manganese (NCM) mix.
Tesla announced in 2021 that it was changing the battery chemistry for its standard-range vehicles to lithium-iron-phosphate (LFP) cathodes, which are cobalt- and nickel-free. China’s largest battery maker, CATL (SZSE:300750), is a key supplier of LFP batteries for Tesla, particularly for the Shanghai and Berlin gigafactories.
South Korea's LG Energy Solution (KRX:373220) is working on supplying Tesla with batteries using nickel-manganese-cobalt-aluminum (NMCA) cathodes.
Tesla's prime EV position has taken a hit in the first quarter of 2025 as Elon Musk's political activities in the United States have generated a lot of negative publicity for the brand. However, the company is still the largest EV maker by market cap globally.
Image courtesy of Tesla, Inc.
Market cap: US$143.78 billion
Leading Chinese EV maker BYD was founded in 1995 and is a top producer of several kinds of rechargeable batteries, including nickel-metal hydride batteries and NCM batteries. BYD has a vertically integrated supply chain, from mineral battery cells to battery packs.
In the fourth quarter of 2023, BYD passed Tesla in terms of global EV sales, selling 526,409 EVs compared to Tesla's 484,507 units sold during that quarter.
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 would use the Blade LFP batteries for all of its pure electric models.
The company is 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 a 2023 forecast on Fastmarkets.
In April 2025, BYD released two new EV models, the Han L sedan and Tang L SUV, based on its new Super e-platform, which allows users to add 400 kilometers (248 miles) of range in five minutes of charging, and charge to 100 percent in 20 minutes.
Image Courtesy of BYD.
Market cap: US$22.41 billion
Li Auto bills itself as a pioneer in successfully commercializing extended-range EVs in China, and is a leader in China's full-size and large SUV markets. The company started volume production of its first model, Li ONE, in November 2019, and launched its initial public offering in July 2020, raising US$1.1 billion.
Li Auto has battery supply agreements with CATL, Sunwoda Electronic (SZSE:300207), a smaller Chinese battery maker, and SVOLT Energy Technology.
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. The company calls this design extended-range EV technology.
Li Auto launched its first all-electric car, Li MEGA MPV, in 2024. In July 2025, the company is set to introduce its second all-electric vehicle, the i8 SUV, which uses an NMC battery and maxes out at 536 horsepower.
Market cap: US$17.96 billion
Another Chinese EV maker focused on the smart EV market, Xpeng’s main manufacturing plant is in Guangdong province.
CATL used to be Xpeng’s primary battery supplier, but the carmaker has diversified its battery suppliers. The carmaker has chosen to work with Sunwoda to develop a fast-charging battery for the G9. Xpeng also counts CALB (HKEX:3931) and EVE Energy (SZSE:300014) as battery suppliers. Xpeng has EVs powered by LFP batteries for the Chinese market, and its long-range versions use NCM batteries.
Xpeng's G9 achieved the top spot in charging time and fifth in the range test during the El Prix 2024 Motor EV Winter Test, demonstrating its strong performance in severe winter weather conditions.
In April, the company showcased its 2025 XPENG X9 flagship vehicle, with self-driving capabilities powered by Xpeng's self-developed Turing AI chip. At the same time, Xpeng unveiled itsAEROHT Land Aircraft Carrier, slated for mass production in 2026. The company bills it as "the world’s first modular flying car."
Market cap: US$12.99 billion
Founded in 2009 in Florida, US, Rivian designs, develops and manufactures EVs and accessories and sells them directly to customers in the consumer and commercial markets. The company is based in Irvine, California, and manufactures its vehicles in Illinois.
The carmaker announced plans to use cells made with LFP chemistries for its standard-level vehicles in 2022, and in 2023 announced plans to switch its entire lineup to this type of battery. South Korea’s Samsung SDI (KRX:006400) is Rivian’s current battery supplier, but the company has plans to build its own battery cells in the future.
Rivian plans to deliver 46,000 to 51,000 electric vehicles in 2025. By 2026, the company is looking to bring e-scooters and three-wheel electric vehicles to market through its spin-off "electric micromobility company" named Also.
Market cap: US$7.74 billion
The Leapmotor brand first launched in China in 2017. The EV manufacturer designs and supplies its own battery packs for its vehicles.
Major auto maker Stellantis (NYSE:STLA) became a 20 percent shareholder in late 2023. The following year, the two entities formed the 51/49 joint venture company Leapmotor International, in which Stellantis holds the controlling interest. The joint venture is focused on selling and manufacturing Leapmotor vehicles outside of China.
The company’s current models in the market include six seater SUV C16, mid-size crossover SUV C10, smart electric SUV C11, smart sedan C01, compact SUV B10 and smart BEV city scooter T03.
Leapmotor unveiled its B01 electric sedan in April 2025. The vehicle is powered by LFP batteries from Gotion High-tech, CALB and Zenergy.
Market cap: US$7.32 billion
VinFast Auto, Vietnam's first global automotive manufacturer, is a multinational EV manufacturer producing both affordable and luxury EVs. The company even has an electric pickup truck in the works, known as the VF Wild.
VinFast Auto is working to expand its reach into key markets in North America and Asia. It has various showrooms and service centers in North America, including in the Canadian provinces of Ontario, British Columbia and Québec, and in the US states of North Carolina, New York, Texas and Kansas. The company opened an EV business network in the Philippines in 2024. The company also has plans to build more factories in the US, Indonesia and India.
VinFast Auto is on track to bring its EV manufacturing facility in India into operation in mid-2025. The EV facility is expected to have a production capacity of 150,000 vehicles annually.
Market cap: US$7 billion
Headquartered in California, Lucid was founded in 2007 and produces luxury electric cars. The company's first car, Lucid Air, is a state-of-the-art luxury sedan that is being produced at its factory in Casa Grande, Arizona, US.
Lucid will use Panasonic batteries in its long-range Lucid Air and its Gravity SUV, which will begin production in 2025, although details of the chemistry used are yet to be known.
In April 2025, Lucid announced the acquisition of select Arizona-based facilities and assets of battery and fuel-cell EV company Nikola Corporation.
"As we continue our production ramp of Lucid Gravity and prepare for our upcoming midsize platform vehicles, acquiring these assets is an opportunity to strategically expand our manufacturing, warehousing, testing, and development facilities while supporting our local Arizona community," said Marc Winterhoff, Interim CEO at Lucid.
Market cap: US$6.6 billion
Founded in 2014, Chinese EV maker Nio designs, jointly manufactures and sells smart and connected premium EVs.
Nio’s strategy includes its battery-as-a-service endeavor, a subscription purchasing model where buyers lease vehicle batteries. The company says the idea behind this move is to reduce vehicle costs. The service is run by a battery asset company, with Nio and leading battery maker CATL owning a stake. CATL is already Nio’s sole battery supplier.
The company has built battery swap stations that allow drivers with low batteries to pull up and have it swapped for a full battery within minutes. Its fifth generation swap stations are expected to roll out starting in 2026.
In September 2021, the company introduced a standard-range hybrid-cell battery that combines NCM and LFP cells. Nio is also gearing up to offer the world’s longest-range solid-state battery on a rental basis through its partnership with CATL.
Nio launched its newest EV brand, Firefly, in China in April. The first model in this brand is a small car for city-dwellers who struggle with finding convenient parking, as it can locate available spots and use parking assist to maneuver into them. Drivers will also be able to access the above-mentioned battery swap program.
Market cap: US$2.09 billion
Sweden-based electric performance car brand Polestar is owned by Geely Automobile Holdings (OTC Pink:GELYF,HKEX:80175). Up until early 2024, Volvo Cars was also a part owner, but decided to hand Polestar entirely over to Geely to operate as an independent brand. The move was attributed to slowing global demand for EVs.
The company has three models: the Polestar 2 four door sedan, the Polestar 3 luxury mid-size crossover and the Polestar 4 entry-level compact crossover.
Polestar has experienced some difficulties in the last couple years, including software challenges in 2023 that caused delays in the rollout of the Polestar 3. In 2024, the company recorded a 15 percent drop in deliveries.
The EV maker's bad luck seems to be turning around in 2025, with a 76 percent improvement in units sold in Q1 over the amount sold in the same period the previous year.
This is in part thanks to Polestar's efforts to capitalize on Tesla's struggles with Musk and its brand image. In February 2025, Polestar began offering Tesla owners in the US and Canada discounts of up to $20,000 on new leases of its models.
This is an updated version of an article first published by the Investing News Network in 2020.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
