Tesla and BYD Dominating Global Electric Vehicle Market

According to a report by the International Council for Clean Transportation (ICCT), there are two brands that are clearly leading the way in implementing electric car mobility at a global level: Tesla and BYD; while on the other hand Japanese groups Toyota, Honda and Suzuki are lagging far behind the rest.

The ICCT report has taken into account for its report indicators such as market position, technical performance and future plans for decarbonization; a collection and analysis of data that has taken into account the trend of six major automotive markets, including the United States, China, Japan, the European Union, India and South Korea. ICCT noted that the combined sales of the 20 automakers tested accounted for nearly 90% of total sales in the six major markets mentioned above, accounting for 65% of total sales in the global market.

As we can see in the published table, the Japanese brands are placed, together with the Indian Tata, in the lower part of the classification with Suzuki as last, simply because it still does not actually sell electric cars. Among the most striking data is Toyota: the number 1 global car manufacturer is not managing to hit the mark in this new EV era, as it fails in aspects such as energy efficiency and fast charging, but above all it falls many positions due to its low investment in EV battery technologies.

The report also mentioned that Tesla has the highest overall score and that, by the way, is the only major manufacturer that only produces “pure” electric cars. BYD, for its part, is the only traditional automaker that has successfully achieved a complete electrification transformation and has rapidly climbed the ranks, and is now - very interestingly - somehow stalking Tesla itself.

The good position of the European groups is striking, which - despite the onslaught that the Chinese brands are beginning to cause - have actually managed to be at the top of the ranking, with groups like BMW, which is the first after Tesla and BYD. Then we can also see Volkswagen and Stellantis, in fourth and fifth position, with Renault and Mercedes-Benz in seventh and eighth position respectively in a list made up of 20 groups where, very curiously, Chinese and European brands are tied with five for each one.

But without a doubt the most important part of this report is the results achieved by Tesla: the Austin brand has hit really hard in each and every aspect, resulting in the maximum score in the three main pillars: efficiency, charging speed and autonomy. A Tesla - BYD leadership that, apparently, will be maintained and may even be strengthened in the coming years with the launch of new and more competitive proposals, that in turn will be able to take advantage of robust economies of scale and solid supply chain they have created so far.

The ICCT report highlights the clear dominance of Tesla and BYD in the global electric vehicle market, while Japanese brands, such as Toyota, Honda, and Suzuki, are struggling to keep up. European automakers, on the other hand, have demonstrated their ability to adapt and excel in EV technologies, maintaining competitive positions in the ranking.

As the market continues to evolve, it will be crucial for these companies to keep innovating and investing in the development of efficient, fast-charging, and long-range electric cars. The success of Tesla and BYD serves as a testament to the importance of dedication and commitment to a fully electrified future in the automotive industry. Time will tell whether the rest of the market will be able to catch up, or risk being left behind in the ongoing global shift towards sustainable transportation.

Source: ICCT

All images courtesy of Tesla Inc.

Nico Caballero specializes in Data Analytics and solar energy. He also holds a Diploma in Electric Cars from Delft University of Technology in the Netherlands, and enjoys doing research about Tesla and EV batteries. He can be reached at @NicoTorqueNews on Twitter. Nico covers Tesla and electric vehicle latest happenings at Torque News.