EV Automaker Stocks

Tesla, Inc. designs and builds battery-electric vehicles, with battery cell production, powertrain engineering and vehicle software developed in-house. Vehicle assembly runs at Fremont (California), Gigafactory Texas, Gigafactory Berlin-Brandenburg and Gigafactory Shanghai, and the Tesla Semi is built at Gigafactory Nevada.

Beyond vehicle sales, Tesla sells Megapack and Powerwall energy-storage systems and operates the Supercharger network, which had 8,704 stations and 82,357 connectors globally as of Q2 2026. Its Autopilot and Full Self-Driving (Supervised) products are driver-assistance systems that require driver supervision, and regulatory approval for wider autonomy remains uncertain across multiple jurisdictions. Key risks include competition from legacy carmakers and Chinese EV manufacturers in Europe and China, and exposure to battery raw-material costs.

Xiaomi Corporation is a Hong Kong-listed technology conglomerate primarily known for smartphones and consumer electronics. It launched its electric vehicle division in 2021 and began deliveries of its debut model, the SU7 sedan, in March 2024. Xiaomi delivered over 130,000 SU7 units in 2024, with monthly deliveries above 20,000 units by late 2024. The SU7 is positioned in China’s premium EV segment and draws on Xiaomi’s brand, its software ecosystem (HyperOS) and its smartphone supply chain. A second model, the YU7 SUV, launched in 2025. The car business sits alongside Xiaomi’s AIoT (AI and Internet of Things) platform, which connects phones, home devices and vehicles.

Xiaomi is a diversified technology group, and its electric vehicles are one business alongside smartphones, consumer electronics and its AIoT platform. The market capitalization shown here covers the whole company, and EV-specific results are reported inside a wider set of segments. Shares are listed in Hong Kong (1810.HK), with OTC trading available in the US (XIACF).

BYD Company, headquartered in Shenzhen, China, builds battery-electric and plug-in hybrid vehicles for consumer and commercial fleet customers. It sold 4,602,436 new energy vehicles in 2025, up 7.7% on 2024, including just over one million outside China; the total counts plug-in hybrids as well as battery-electric models. The group makes its own lithium iron phosphate cells and packs through FinDreams Battery, including the Blade Battery used across its vehicle range, and also runs electronic-components and rail-transit businesses.

In-house cell and pack production reduces BYD’s dependence on outside battery suppliers, and FinDreams also supplies selected external customers. China is BYD’s largest market, and the company has expanded into Europe and Southeast Asia. Key risks include Chinese policy shifts, price competition from other Chinese carmakers at home and in export markets, battery safety regulation and currency exposure to the renminbi.

General Motors builds its EVs on a shared propulsion platform developed with LG Energy Solution (the architecture formerly branded Ultium), spanning the Chevrolet Equinox EV and Blazer EV, the Silverado EV and GMC Sierra EV trucks, and Cadillac’s Lyriq and Escalade IQ. That breadth made GM the number-two EV seller in the US in 2025: deliveries hit a record 66,501 in the third quarter and about 145,000 over the first nine months, roughly double a year earlier, as buyers pulled purchases forward before the $7,500 federal tax credit expired on September 30, 2025.

The credit’s expiry is the strategy’s test. GM cut EV production and took a $1.6 billion charge in October 2025 to rebalance capacity, and it now describes its 2035 all-EV ambition as dependent on demand. Unionized labor costs, battery joint-venture utilization and price competition in mass-market EVs are the constraints on making the platform investment pay.

Hyundai Motor (KRX: 005380) is South Korea’s largest carmaker and sells battery-electric vehicles across the price range, from the Kona Electric and IONIQ 5 to the Genesis GV60 and Electrified G80. The IONIQ 5 and GV60 sit on E-GMP, a dedicated EV architecture shared with group affiliate Kia, so one platform investment carries models in several segments and across the Hyundai, Genesis and Kia brands. Assembly runs from South Korea, Europe and North America, where Metaplant America in Georgia was built to produce EVs inside the US content rules governing federal purchase incentives. Hyundai runs a hydrogen line alongside the battery models — the Nexo fuel-cell SUV and the XCIENT fuel-cell truck, both built on its HTWO fuel-cell systems — making it one of the few carmakers shipping series-production vehicles on both drivetrains. At its September 2025 CEO Investor Day, management replaced its earlier pure-EV volume goal with a broader electrified-vehicle target spanning battery EVs, hybrids and extended-range models.

Four things sit between EV volume and the margin on it. South Korean assembly is unionized, which raises the labor cost embedded in each vehicle against non-unionized competitors. The ICE fleet still occupies plants and working capital that the EV lines are meant to absorb. Cell supply is concentrated among a small number of Korean battery makers, so input cost and availability move with a handful of counterparties. And Chinese manufacturers compete directly on price in the mass-market segments where most of that volume would have to come from. The Georgia build commits capital ahead of the volumes that pay for it.

Ford Motor reports its electric-vehicle business as Model e, separate from Ford Blue (combustion vehicles) and Ford Pro (commercial vehicles). The EV range centers on the Mustang Mach-E, and Ford’s current vehicle lineup also lists the E-Transit van. The F-150 Lightning was discontinued and first-generation electric volumes were reduced to match customer demand in the first half of 2026, taking Model e wholesales to 28,000 units in Q2 2026 from 60,000 units in Q2 2025. A new Universal EV platform is being installed at the Louisville plant, with the first product aimed at the affordable end of the US EV market and specified with bi-directional charging. Ford disposed of the BlueOval SK battery joint venture with SK On in May 2026, recognizing a $3.6 billion largely non-cash special item charge in Q2 2026. It is also building Ford Energy, a stationary battery storage business reported inside Model e, at a gigafactory in Glendale, Kentucky.

Model e remains loss-making: it reported a $919 million EBIT loss on $1.0 billion of revenue in Q2 2026, the third consecutive quarter of year-on-year EBIT improvement. The business is carried by a company whose cost base still reflects legacy labor agreements and whose combustion output is declining, leaving plant capacity under-utilized. Competition in electric trucks includes Tesla and newer entrants.

Mercedes-Benz Group sells EVs across its range, from the CLA on the new MMA platform (launched 2025) through the EQE and EQS lines to the electric G-Class and vans. After EV demand undershot its earlier ambitions, management reframed the goal in 2024: electrified vehicles, battery-electric plus plug-in hybrid, at up to 50% of sales in the second half of the 2020s where market conditions allow, with combustion models continuing well into the 2030s. Strategy concentrates on the luxury and premium segments, where pricing supports the cost of dedicated EV technology, and new models launch with in-house MB.OS software.

The constraints mirror BMW’s: a premium addressable market that caps volume, German production costs and union agreements, and Chinese competition pressuring both its China sales and the premium-EV segment globally. Pricing power in top-end models, the S-Class, G-Class and AMG lines, funds the transition, but mid-range EQ models have needed price cuts, and margin depends on the newer MMA and MB.EA platforms cutting cost per vehicle.

Volkswagen Group sells battery-electric models across every segment it serves: the Volkswagen ID. family, Audi’s e-tron range, the Porsche Taycan and Macan Electric, EVs from Škoda, Cupra and the light-commercial arm, and MAN and Scania trucks. It is Europe’s largest carmaker and its biggest BEV seller. The rolling five-year investment plan allocated €165 billion for 2025 to 2029, and in December 2025 management set out roughly €160 billion through 2030, refocused on Germany and Europe; battery-cell capacity is built through its PowerCo unit alongside supply agreements with external cell makers such as CATL.

The pressures are structural: high-cost German manufacturing, where a December 2024 labor agreement cut planned capacity and headcount, a software unit (Cariad) whose delays pushed the group into partnerships with Rivian (a joint venture with up to $5.8 billion committed) and XPeng in China, and Chinese competitors taking share in what was long its most profitable market. Earlier targets of 70% BEV share in Europe by 2030 have given way to a demand-led ramp; scale and the Audi and Porsche premium brands remain the buffer while EV margins converge with combustion.

BMW Group sells battery-electric models across BMW, MINI and Rolls-Royce, with BEVs at roughly a sixth of group deliveries in 2024. The strategic shift is the Neue Klasse, a dedicated EV architecture with new battery, electronics and software stacks. Its first model, the iX3, was unveiled at the Munich IAA in September 2025 and entered series production at the new Debrecen plant in Hungary in late October 2025, with BMW citing up to about 800 km WLTP range and 400 kW peak charging. Demand pulled the ramp forward: a second shift was added in February 2026 and the 50,000th iX3 was built by July 2026, with European deliveries from spring 2026, the US to follow, and a Neue Klasse sedan next.

BMW has avoided hard EV-share deadlines, scaling output to demand across drivetrains on shared lines. The constraints are the premium segment’s ceiling on volume, German labor costs, cell supply concentrated among a few partners, and Chinese premium-EV competition in a core profit market. Neue Klasse carries the margin case: BMW says the new generation improves on the cost structure of its current EVs, though it has not published a single cost-reduction figure.

Geely Automobile (HKEX: 0175.HK), the Hong Kong-listed arm of Zhejiang Geely Holding, spans mass-market gasoline and electric models under the Geely and Geely Galaxy lines, the premium Zeekr EV brand and Lynk & Co. It took Zeekr wholly-owned in December 2025, folding the formerly New York-listed brand back into the listed group about a year and a half after its IPO to consolidate NEV engineering and cut brand overlap. Parent Geely Holding separately controls Volvo Cars, Polestar and smart, and the listed company taps the group’s shared architectures such as SEA.

Geely is one of China’s largest NEV sellers behind BYD, with the Galaxy line carrying volume at mass-market prices. The pressures are price competition in a commoditized mass-market segment, integrating Zeekr while preserving its premium positioning, and export exposure to European tariff regimes. The multi-brand structure and Geely Holding’s technology ecosystem are the differentiation; margin per unit stays thin in the segments where the volume sits.

Chery Automobile, headquartered in Wuhu, Anhui, listed on the Hong Kong Stock Exchange on September 25, 2025 at HK$30.75 per share, raising about HK$9.1 billion (US$1.2 billion) in the city’s largest carmaker IPO of the year. The group sold 2.60 million vehicles in 2024, 1.14 million of them exports, and has been China’s largest passenger-car exporter for over two decades. New energy vehicles are the fastest-growing part of the mix, at roughly 826,500 units in 2025, spread across the Chery, Exeed, Jetour and iCAR brands, the export-focused Omoda and Jaecoo lines, and Luxeed, the smart-EV marque developed with Huawei.

Chery sits on this list as a legacy OEM rather than a pure play: most of its volume is still gasoline-powered, and its NEV push leans on plug-in hybrid models where export demand is strongest. Its first post-listing annual results, for 2025, showed revenue of CNY300.3 billion, up 11.3%, and attributable profit of CNY19.0 billion, up 34.6%. The risks that come with the model are export concentration in emerging markets including Russia, tariff exposure in Europe, and a domestic price war that pressures the margin on every NEV it sells at home.

Rivian Automotive is a US electric-vehicle maker producing the R1T pickup, the R1S SUV, the R2 mid-size SUV and commercial delivery vehicles. External customer deliveries of R2, the company’s higher-volume model, began in June 2026, with the premium and standard trims scheduled to follow in early 2027. Its consumer adventure vehicles (R1T, R1S) are separate from its commercial EV vans, built in collaboration with Amazon. A third revenue stream, the software and services segment, whose largest single contributor is the joint venture with Volkswagen Group, generated $515 million of revenue and $215 million of gross profit in Q2 2026, enough to carry consolidated gross profit into positive territory while the automotive segment was still loss-making at the gross level. Manufacturing is US-based: the Normal, Illinois plant is the established assembly base, and a second plant is under development in Georgia, supported by a $6.6 billion US Department of Energy loan that closed in January 2025.

Rivian continues to fund heavy capital requirements, with support from the Volkswagen joint venture (up to $5.8 billion committed) and the DOE loan. The Georgia plant is not yet operating. Competition in electric trucks and SUVs includes Tesla and GMC, with potential Chinese imports in the premium truck segment.

Stellantis, formed in the 2021 merger of PSA and Fiat Chrysler, runs 14 brands: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram and Vauxhall. Shared STLA platforms span entry to premium segments, and battery supply mixes the ACC joint venture with external contracts. The group also holds about 20% of China’s Leapmotor and 51% of Leapmotor International, the venture that sells and assembles Leapmotor EVs outside China, giving it a low-cost Chinese EV line alongside its own brands.

In September 2025 the group confirmed it would no longer target 100% battery-electric sales in Europe by 2030, the headline goal of the 2022 Dare Forward plan, moving under CEO Antonio Filosa to a multi-energy line-up of BEVs, hybrids and plug-in hybrids while keeping its 2038 carbon-neutrality goal. The open questions are a North American recovery after the 2024-25 volume and margin declines, European demand, and whether a brand portfolio this wide can be rationalized without stranding capacity.

Li Auto built its position on extended-range electric vehicles, the L6, L7, L8 and L9 family SUVs, which pair a battery with a gasoline range extender and made it the first of the US-listed Chinese EV trio to reach sustained profitability, from 2023. The line-up now runs both drivetrains: the MEGA MPV (2024) opened the battery-electric side, followed by the i8 SUV in July 2025 and the i6 in September 2025, supported by a company-built high-power charging network. Shares trade on Nasdaq (LI) with a dual-primary Hong Kong listing (2015.HK).

The extended-range niche that funded the company is now crowded: the Huawei-partnered AITO brand targets the same family-SUV buyer, and price competition compresses the premium Li Auto charges. The tests are execution on the battery-electric transition, where MEGA’s slow start showed the brand does not transfer automatically, and sustaining margin through China’s price war; a profitable, net-cash balance sheet gives it more room than most domestic peers.

Seres Group is the Chinese automaker behind AITO, the premium electric and extended-range vehicle brand developed with Huawei. The partnership is the investment case. Huawei supplies the cockpit software and advanced driver-assistance stack, participates in product definition, and sells the vehicles through its own retail network, which gave AITO a route to market that other new entrants had to build showroom by showroom. Seres acquired the AITO trademark portfolio and related design patents from Huawei for CNY 2.5 billion, agreed in July 2024, formalizing what had previously been a contractual relationship.

That model separates Seres from both groups it sits between on this list. It is neither a full-stack developer like NIO or XPeng, which own their software and their customer relationships, nor a conventional manufacturer bolting EVs onto an existing range. It is a manufacturer paired with a technology partner that owns the customer interface, which is the opportunity and the concentration risk in a single sentence: brand momentum depends on a partner Seres does not control, and Huawei has extended similar arrangements to other automakers. Seres added a Hong Kong listing in November 2025, raising roughly HK$14 billion, which gives international investors a direct line alongside the Shanghai shares. A legacy commercial vehicle and microvan business remains from the company’s earlier incarnation as Sokon.

XPeng competes on software: an in-house advanced driver-assistance stack and its own AI chips differentiate a line-up that runs from the MONA M03, built on the platform acquired from Didi, through the P7 sedan and the G6, G7 and G9 SUVs to the X9 MPV. Volkswagen bought about 5% of XPeng in 2023 and pays it to co-develop electrical architecture for VW’s China-market cars, turning R&D into a licensing revenue stream. Shares trade on the NYSE (XPEV) with a dual-primary Hong Kong listing (9868.HK).

MONA’s volume pricing rebuilt delivery momentum through 2025, but at thinner margins, and XPeng is still working toward sustained profitability while funding driver-assistance, robotics and flying-car side projects. The strategic questions are whether software differentiation survives Huawei’s spreading ADAS partnerships across rival brands, and whether technology licensing to Volkswagen and others can scale into a durable second income stream alongside a brutally priced domestic car market.

Renault Group sells across the Renault, Dacia and Alpine brands, with an EV line built around the Megane and Scenic E-Tech and the retro-styled Renault 5 and 4, assembled in the ElectriCity cluster in northern France. Software and EV engineering sit in Ampere, the subsidiary whose planned IPO was canceled in January 2024 and which remains inside the group. The futuREady plan, announced in March 2026 as successor to Renaulution, sets out 36 new models by 2030 (16 all-electric), 100% electrified sales in Europe by 2030 with the Renault brand at 50% electric and 50% full hybrid, 50% electrified sales outside Europe, and a goal of more than 2 million annual sales with half outside Europe.

Renault’s exposure is concentrated: it has no US business, its European home market is where compact EVs face the sharpest Chinese price competition, and the alliance with Nissan has been progressively unwound to a smaller cross-shareholding. The hybrid-heavy mix is deliberate, keeping profitable E-Tech hybrids in the range past 2030 rather than betting the brand on BEV-only economics, and small-EV cost, the R5 and Twingo programs, is where the plan’s margin case rests.

NIO’s defining bet is battery swapping: vehicles can be bought without the battery under its battery-as-a-service subscription, with packs exchanged in minutes across the industry’s largest swap-station network. The premium NIO brand spans the ET5, ET7 and ET9 sedans and the ES6, EC6 and ES8 SUVs, and 2024-25 brand extensions took the company down-market with Onvo (L60, L90) for family buyers and Firefly for small EVs. Abu Dhabi’s CYVN Holdings became a major outside shareholder through roughly $3.3 billion of investments in 2023. Shares trade on the NYSE (NIO) with a secondary Hong Kong listing (9866.HK).

The model is capital-heavy twice over, carrying carmaking losses and the swap-network build-out at the same time, and NIO has yet to reach sustained profitability; the three-brand expansion widens the addressable market but also the cost base. Competition comes from every direction in China’s premium EV segment: Tesla, Li Auto, the Huawei-partnered brands and Xiaomi. Swap-standardization agreements with partners including CATL, and successive cost programs, are aimed at making the ecosystem’s economics close.

VinFast Auto is a Nasdaq-listed Vietnamese electric vehicle manufacturer and a subsidiary of Vingroup, Vietnam’s largest conglomerate. It produces battery-electric passenger SUVs (VF 3, VF 5, VF 6, VF 7, VF 8, VF 9), commercial e-buses and e-scooters. VinFast delivered 196,919 EVs globally in 2025, up 102% year over year, with Vietnam as its primary market and a growing presence across Southeast Asia (Philippines, Indonesia, India) and North America. It manufactures in Vietnam and has assembly capacity in India and Indonesia.

VinFast is not yet profitable: gross margin was negative 42.5% in 2025, improved from negative 57.4% in 2024. Revenue grew 105% year over year in 2025 and fourth-quarter deliveries reached a record 86,557 units. Its results depend heavily on the Vietnamese domestic market and on Vingroup as controlling parent, while its international expansion is at an early stage.

Leapmotor sells mass-market EVs, the T03 city car and its B and C series SUVs and saloons in both battery-electric and extended-range forms, on a cost-led, vertically integrated model. Stellantis paid about €1.5 billion in 2023 for a roughly 20% stake and holds 51% of Leapmotor International, the joint venture that distributes and assembles Leapmotor vehicles outside China, with European assembly in Spain planned from late 2026. Deliveries reached 596,555 in 2025, up 103%, and revenue roughly doubled to CNY64.7 billion.

2025 also brought the first annual net profit, CNY538 million, making Leapmotor the first of China’s newer EV startups after Li Auto to turn a full-year profit, achieved on some of the thinnest pricing in the market. Management’s goal of roughly doubling again toward one million units in 2026 depends on export execution through Stellantis channels and on holding a cost advantage as BYD and Geely price into the same segments; the Stellantis relationship is both the growth channel and a concentration risk.

Lucid Group manufactures premium luxury electric vehicles, aimed at high-net-worth buyers in North America and the Middle East. The Lucid Air sedan is positioned at the top of the luxury segment, and the Gravity SUV is now in market. Saudi Arabia’s Public Investment Fund holds a majority stake of about 60% and has recapitalized Lucid repeatedly since 2018. Gravity accounted for the majority of second-quarter 2026 deliveries; the group produced 4,774 vehicles and delivered 3,953 in Q2 2026.

Lucid remains loss-making: free cash outflow was $1.48 billion in Q2 2026 alone and gross margin was negative 105%. The Arizona plant (AMP-1) dropped to a single shift during Q2 2026 as production was cut deliberately to convert inventory into cash, while the Saudi plant (AMP-2) moved from construction into industrialization in the same quarter. Established luxury brands including Tesla, Porsche and Mercedes-Maybach compete for the same buyers, and Lucid’s funding has depended on its majority shareholder.

VOYAH Automotive Technology, Dongfeng’s premium electric vehicle unit headquartered in Wuhan, began trading on the Hong Kong Stock Exchange (7489.HK) on March 19, 2026 by way of introduction, so the listing raised no new money. It arrived through an unusual route: Dongfeng Motor Group’s privatization by merger absorption, under which Dongfeng’s H shares were withdrawn from listing on March 18, 2026 and shareholders received 0.3552608 VOYAH shares plus HK$6.68 in cash per Dongfeng share, making VOYAH the group’s listed vehicle in Hong Kong. Dongfeng remains the controlling shareholder and added to its stake in the months after listing.

The line-up spans the FREE and Courage SUVs, the Dreamer MPV and the Passion sedan, offered as battery-electric and extended-range variants, with Huawei driver-assistance and cockpit systems in newer models. Deliveries reached 150,169 vehicles in 2025, up from 50,285 in 2023, on revenue of CNY34.9 billion. The brand competes in the crowded premium NEV segment against AITO, Li Auto and NIO, and because the introduction brought market access rather than fresh capital, growth funding still runs through the state-owned Dongfeng group.

Polestar sells the Polestar 2 fastback and the 3 and 4 SUVs, with the Polestar 5 grand tourer following, designed in Gothenburg and produced in Chinese plants plus Busan, South Korea (Polestar 4) and Ridgeville, South Carolina (Polestar 3), a footprint that spreads tariff exposure. Ownership shifted in February 2024 when Volvo Cars cut its stake to about 18%, leaving Geely-related interests led by chairman Li Shufu as the controlling backers and funding source.

Retail sales reached a record of about 60,100 cars in 2025, up 34%, but the company remains loss-making and has depended on repeated Geely-backed financing, and its earlier mid-decade volume targets were shelved as focus moved to margin and cash. Distribution is shifting from direct-only sales toward dealer partnerships to cut cost. The equity story rests on continued Geely support, tariff navigation between the US, EU and China, and whether premium pricing holds against Porsche, BMW and the Chinese premium entrants.