The electric vehicle market saw some pretty impressive levels of growth in 2023. In fact, there were over 14 million EVs sold that year, representing 18% of all vehicle sales worldwide. It looks like 2024 will be even more impressive, despite inflationary pressures. Trends in electric cars continue to advance year after year, and experts anticipate accelerated growth over the next five years. As such, several companies have been investing heavily in electric vehicles hoping to be a long-term market leader. Thus far, it seems China is leading the way with Europe and the U.S. trying to catch up. It will thus be interesting to see how this will play out in the coming years. With this in mind, the following offers an insight into the current global leaders making the best electric vehicles in 2024.
(How did commercial real estate do in 2024? Check out this Bold Business report card.)
- #1 BYD – In terms of trends in electric cars, it’s no surprise that BYD continues to lead the way. As China’s most prolific EV manufacturer, it sold over three million electric vehicles in 2023. The company not only makes personal EVs but commercial ones as well. It also is ramping up for global expansion with a remote manufacturing plant planned for Hungary. Though these EVs won’t be seen in the U.S. due to U.S.-Chinese tariffs, they are among the best electric vehicles of 2024 worldwide. And BYD will undoubtedly continue to be a top producer for years to come.
- #2 Tesla – The trends in electric cars for Tesla are well publicized, especially with its CEO’s personality. But as the second largest EV manufacturer, Tesla continues to impress. Its Model 3 continues to see impressive growth in sales, and the company sold over 1.8 million EVs in 2023. Understanding that Tesla started eight years after BYD, its market leadership has been impressive. And based on Tesla’s focus on quality and luxury, it’s products lines will also be among the best electric vehicles of 2024.
- #3 Volkswagen Group – Volkswagen has had its share of ups and downs. But since 2017, it has invested heavily in EV design and production. Its ID. Series now has multiple models tailored for personal use. It’s therefore not surprising that Volkswagen sold over a million EVs in 2023. It is also expected to have some of the best electric vehicles of 2024. While it may not surpass Tesla in sales, trends in electric cars show it is well within the top tier.
- #4 General Motors – As one of the oldest and largest car manufacturers, GM began investigating EVs in the 1990s. And despite a hiatus, the company has recommitted itself to making the best electric vehicles of 2024 and beyond. In fact, it plans to end the production of gasoline-powered vehicles by 2035. Based on GM’s sales of 660,000 EVs in 2023, it’s clear the company is aware of trends in electric cars. Expect GM to be among the top leaders of the industry in coming years.
- #5 Stellantis – Based in the Netherlands, Stellantis has emerged as a leader in electric vehicles as well. It was founded in 2021, but its major strides occurred after its merger with Fiat and PSA Group. As such, it offers EVs for Fiat, Dodge, Jeep, Chrysler, and Peugeot. Stellantis nearly sold as many EVs as GM in 2023, and it is expected to offer among the best electric vehicles of 2024. Seeing current trends in electric cars, Stellantis hopes to produce 100% EVs in Europe by 2030 and 50% EVs in the U.S.
- #6 Geely Auto Group – Geely is the second Chinese EV manufacturer to make the top ten list for best electric vehicles of 2024. It was founded in 1986, but its acquisition of Volvo has helped its EV pursuits greatly. In 2023, Geely sold around 600,000 electric cars. It also is the only Chinese company able to tap into the U.S. EV market through its Volvo EV offerings. In China, Geely has several other brands that are doing well. This is why trends in electric cars and its longstanding history favors its ongoing success.
- #7 BMW – Everyone appreciates German engineering, and therefore, it’s not shocking that BMW offers some of the best electric vehicles in 2024. In addition to its own i4 and i7 series, BMW Group also produces EVs under the Mini and Rolls Royce brands. In 2023, it sold just over half a million EVs And of course, it remains well recognized in Europe and beyond for quality and luxury. At least from this perspective, BMW will continue to do well for trends in electric cars that target a sophisticated consumers.
- #8 Hyundai – Hyundai is a well-familiar South Korean brand that offers several EV and hybrid models. While Kia is its best-known brand, the company also has electric cars under Genesis Motors and Ioniq. It too sold over half a million EVS in 2023, and trends in electric cars for 2024 suggest it will outperform this figure by year’s end. Though not in the top of the EV industry, Hyundai customers support their offerings as the best electric vehicles of 2024 for the price.
- #9 GAC – GAC is the third Chinese company to make the top ten list currently based on trends in electric cars. That’s because the company has seen a 77% growth in EV sales over the last year. This ushered the company into the half-a-million EV sales club as well. Under its brand Aion, GAC is also expanding globally with plans to open up plants in Mexico. This represents its North American expansion as it has no presence in the U.S.
- #10 Mercedes Benz – Though behind Volkswagen and BMW, Mercedes Benz is the third German company to make the top EV list. Interestingly, however, it actually saw a drop in EV sales in 2023, averaging around 410,000 EV sales. From a luxury perspective, however, Mercedes boasts some of the best electric vehicles of 2024. But at the same time, it is less interested in going 100% electric in the coming years. According to Mercedes, if the EV market supports these trends in electric cars, it will continue its investments. But if not, Mercedes is content with continuing its current production strategies.
Outsourcing is essential for business growth–read why in this Bold story.
