NEW YORK—According to a new study conducted by ABI Research, BYD Auto Co. is the top electric vehicle manufacturer in the world, just ahead of Tesla Inc. The competitive assessment examined the products offered by 18 automakers across a wide range of criteria.
“The EV market is rapidly growing and is the clear future of the automotive industry,” says Dylan Khoo, industry analyst at ABI Research. “OEMs have had widely differing responses to the EV transition as an opportunity and a challenge. Some have fully embraced the technology, while others are being dragged into it against their wishes. This is reflected in their innovation and implementation capabilities.”
Nine criteria were used for ABI’s in-depth analysis, segmented between innovation and implementation clusters, including battery technology, platform design and electrified share of sales.
According to Khoo, BYD and Tesla stand out as the overall market leaders. However, several electric-only brands from China, such as Zeekr, Xpeng and GAC Aion, also fared well in the rankings.
Tesla scored strongly in vehicle range, platform innovation and fast-charging capabilities. But, BYD significantly outperformed Tesla with its degree of vertical integration and the number of models it offers in different segments.
“The automotive industry is in a state of transition, and this assessment demonstrates the varying capabilities of OEMs as they try to make it through this period and come out on top,” explains Khoo. “In some areas, the new upstart EV brands are a generation ahead of many legacy OEMs. The incumbents must look to technology providers to revolutionize their capabilities and ensure they can maintain their position as the industry electrifies.”
Khoo claims that the following automakers are “mainstream” players in the EV market: GAC Aion, General Motors, Hyundai-Kia, Stellantis, Volkswagen, Xpeng and Zeekr. BMW, Ford, Honda, Mercedes-Benz, NIO, Nissan, Renault, Toyota and Volvo are classified as “followers.”
BYD, an acronym for “build your dreams,” is China’s largest EV producer. The company operates a large factory in Lancaster, CA, that assembles electric buses. It is thinking about building a car assembly plant in Mexico, but has decided to wait until after the upcoming U.S. presidential election before moving forward on the project.
