Electric vehicles

Over 20 million electric cars sold in 2025, a quarter of all new cars. Chinese makers supplied 60% of them.

Electric vehicles are battery-electric (BEV) and plug-in hybrid (PHEV) cars, light commercial vehicles, trucks and buses. Carmakers sell them to consumers, fleets and transit agencies. The IEA says global electric car sales grew 20% to more than 20 million in 2025, a quarter of all new cars sold, and total spending on electric cars reached about USD 860 billion. Growth is uneven. China is near 55% of car sales and Europe rose more than 30%, but US sales were flat at about 1.5 million after federal tax credits ended in September 2025, and Canadian sales fell more than 30% after the iZEV rebate ended.

new market · sits inside NAICS 336110, 336120, 336211 · researched 2026-11-14

units sold (electric cars, BEV+PHEV) · world20
million cars ("exceed 20 million") · 2025
↗
total spending on electric cars (market value + foregone taxes/duties) · world860
USD billions ("about") · 2025
↗
units sold (electric cars) · US1.5
million cars ("around") · 2025
↗
electric car share of new car sales · Canada11
percent (down from nearly 17% in 2024) · 2025
↗
G

Growth

Dated and sourced; forecasts are labelled as forecasts.

  • 2026-05IEA: electric car sales grew by 20% globally to exceed 20 million in 2025. Europe rose more than 30% to 28% of sales, China reached nearly 55% of car sales, and the US held just under 10%. ↗
  • 2026-05IEA FORECAST: global electric car sales are expected to grow to 23 million in 2026, 28% of total car sales. Europe is projected to grow about 20%, to one in three cars sold. ↗
  • 2026-05IEA: Q1 2026 global electric car sales were around 3.9 million, 8% lower than a year earlier, mainly from lower sales in China and the United States after policy changes. Europe was up close to 30%. ↗
  • 2026-05IEA: electric truck sales more than doubled in 2025 to 9% of truck sales worldwide, mostly in China (one in four trucks sold). IEA PROJECTION under current policies: at least 20% of global truck sales in 2035. ↗
S

Segments

Each linked segment has its own page with its companies.

  • Electric car makers 13 — Fully electric cars and SUVs, led by Tesla Model Y/3, Geely Xingyuan, Wuling HongGuang Mini and BYD Seagull
  • Plug-in & range-extended hybrids 4 — Cars with a battery and a combustion engine, a large share of BYD, Li Auto and Chinese export sales
  • Electric trucks 2 — Medium- and heavy-freight trucks; 9% of global truck sales in 2025, led by China
  • Electric buses 2 — Transit and coach buses; almost 70,000 sold globally in 2025
  • Electric light commercial vehicles — Vans and delivery vehicles such as the Rivian EDV, Ford/VW e-vans and Hyundai ST1 / Kia PV5
  • Used EVs — Second-hand electric cars; more than 3 million sold in 2025 across China, five European markets and the US
C

Leading companies in electric vehicles

15 companies, with the scale each source states.

CompanyWhereWhat they doScale
BYD 1211.HK ↗Shenzhen, China
since 1995
World's largest maker of new-energy (BEV + PHEV) cars, plus electric buses and trucks; also an EV battery makervehicles produced (BYD Auto): 4,602,436 vehicles (2025) ↗
Tesla TSLA ↗Austin, United States
since 2003
Battery-electric cars (Model 3/Y, S, X, Cybertruck) and the Semi truck; also energy storagevehicle deliveries: 1,636,129 vehicles (2025) ↗
Volkswagen Group VOW3.DE ↗Wolfsburg, Germany
since 1937
Legacy automaker's BEV lines (VW ID., Audi, Skoda, Cupra, Porsche); about 27% BEV market share in EuropeBEV deliveries: 983,100 vehicles (11% of group deliveries) (2025) ↗
Geely Automobile 0175.HK ↗Hangzhou, China
since 1998
Geely Galaxy BEV/PHEV line (Geely Xingyuan was the #3 BEV model worldwide in 2025); owns Zeekr Groupnew energy vehicles produced ("around"): 888,000 vehicles (2024) ↗
Leapmotor 9863.HK ↗Hangzhou, China
since 2015
Affordable BEVs and range-extender EVs (e.g. T03), sold in Europe through a Stellantis partnershipvehicles produced: 596,555 vehicles (2025) ↗
Zeekr Group ↗Ningbo, China
since 2021
Premium electric cars under the Zeekr and Lynk & Co brands; wholly owned by Geely Autovehicles produced: 574,628 vehicles (2025) ↗
XPeng XPEV ↗Guangzhou, China
since 2014
Smart BEVs (G6, G9, MONA); 45,008 of its 2025 deliveries were overseasdeliveries: 429,445 vehicles (revenue CN¥76.72 billion 2025) (2025) ↗
Xiaomi Auto ↗Beijing, China
since 2021
Electric sedans and SUVs (SU7, YU7) from the smartphone makervehicles produced: 411,082 vehicles (2025) ↗
Li Auto LI ↗Beijing, China
since 2015
Range-extended electric (EREV) and battery-electric family SUVs/MPVsvehicles (Wikipedia infobox "production"): 406,343 vehicles (down from 2024) (2025) ↗
NIO NIO ↗Shanghai, China
since 2014
Premium BEVs with battery swapping; brands NIO, ONVO and FIREFLYdeliveries: 326,028 vehicles (+46.9% y/y) (2025) ↗
General Motors GM ↗Detroit, United States
since 1908
Legacy automaker's EV line (Chevrolet Equinox/Blazer/Silverado EV, Cadillac, GMC); #2 US EV seller in 2025US EV sales: 169,887 vehicles (+48% y/y) (2025) ↗
SAIC-GM-Wuling ↗Liuzhou, China
since 2002
Low-cost mini BEVs (Wuling HongGuang Mini, Binguo) and Baojun EVs; assembles in Indonesiamarket share (Wuling HongGuang Mini, one model): 3.1 percent of global BEV sales (2025) ↗
Rivian RIVN ↗Irvine, United States
since 2009
Electric pickups/SUVs (R1T, R1S, R2) and the EDV delivery van for Amazon (nearly 10,000 electric medium trucks in 2025, per IEA)revenue: 5.39 USD billions (42,284 vehicles produced) (2025) ↗
Lucid Group LCID ↗Newark, United States
since 2007
Luxury BEVs (Air sedan, Gravity SUV) built in Casa Grande, Arizona; supplies powertrains to Aston Martinrevenue: 1.35 USD billions (17,840 vehicles produced) (2025) ↗
NFI Group NFI.TO ↗Winnipeg, Canada
since 2005
Bus maker (New Flyer, MCI, Alexander Dennis) selling battery-electric transit buses and coaches; revenue figure covers all drivetrainsrevenue (all drivetrains): 3.12 USD billions (2024) ↗
CA

In Canada

  • 2026-05Canadian electric car sales in 2025 were more than 30% lower than in 2024, partly because the iZEV rebate (up to CAD 5,000 BEV / CAD 2,500 PHEV) ended early in the year. EV share fell from nearly 17% to 11%. Almost all of Canada's EV demand is met by imports, about half from the US. ↗
  • 2025-09PM Carney paused the Electric Vehicle Availability Standard, removing the 2026 target (at least 20% of new light-duty sales) and starting a 60-day review. ↗
  • 2026-08Canada proposed repealing the EVAS ZEV sales targets in the Canada Gazette. Comments closed October 29, 2026. Broader GHG emission rules for cars and light trucks stay in place. ↗
  • 2026-01Canada-China pact: up to 49,000 China-built EVs a year enter at a 6.1% MFN tariff, replacing the 100% rate from 2024. Within five years more than 50% of quota EVs must have an import price of CAD 35,000 or less. ↗
R

What would have to be true

  • US demand rests on policy: after the OBBBA ended federal tax credits in September 2025, US Q4 2025 electric car sales were 45% below Q4 2024 (IEA). A rebound would need lower-priced models or new incentives.
  • Canadian volume depends on imports and policy. The EVAS repeal proposal, the end of iZEV and the China import quota change who supplies the market and at what price.
  • Chinese makers supplied 60% of global EV sales in 2025. Tariffs, countervailing duties (EU) and local-content rules can redirect trade flows and squeeze non-Chinese margins.
  • Capital intensity: Lion Electric (Canada) and Quantron filed for bankruptcy in late 2024, and Volta Trucks filed again in 2025 (IEA). Startups need sustained financing until they reach scale.

Quick answers

How big is the electric vehicles market?
units sold (electric cars, BEV+PHEV) (world): 20 million cars ("exceed 20 million"), 2025 — International Energy Agency; total spending on electric cars (market value + foregone taxes/duties) (world): 860 USD billions ("about"), 2025 — International Energy Agency.
Is the electric vehicles market growing?
IEA: electric car sales grew by 20% globally to exceed 20 million in 2025. Europe rose more than 30% to 28% of sales, China reached nearly 55% of car sales, and the US held just under 10%.
Who are the leading electric vehicles companies?
BYD (China), Tesla (United States), Volkswagen Group (Germany), Geely Automobile (China), Leapmotor (China), Zeekr Group (China), XPeng (China), Xiaomi Auto (China), and 7 more in the table above.
Which electric vehicles companies are publicly traded?
BYD (1211.HK), Tesla (TSLA), Volkswagen Group (VOW3.DE), Geely Automobile (0175.HK), Leapmotor (9863.HK), XPeng (XPEV), Li Auto (LI), NIO (NIO), General Motors (GM), Rivian (RIVN).
Which Canadian companies are in electric vehicles?
NFI Group, Winnipeg.
What is happening with electric vehicles in Canada?
Canadian electric car sales in 2025 were more than 30% lower than in 2024, partly because the iZEV rebate (up to CAD 5,000 BEV / CAD 2,500 PHEV) ended early in the year. EV share fell from nearly 17% to 11%. Almost all of Canada's EV demand is met by imports, about half from the US.
What are the main segments of the electric vehicles market?
Battery-electric passenger cars (BEV), Plug-in and range-extended hybrids (PHEV/EREV), Electric trucks, Electric buses, Electric light commercial vehicles, Used EVs.
What are the risks in the electric vehicles market?
US demand rests on policy: after the OBBBA ended federal tax credits in September 2025, US Q4 2025 electric car sales were 45% below Q4 2024 (IEA). A rebound would need lower-priced models or new incentives.
Sources (27)

Every market, new and established →