What is an NEV maker?

In contrast to traditional fossil fuel vehicles, NEVs are characterised by their use of alternative energy sources, such as electricity or hydrogen. NEV makers are integral to the design, production, and distribution of these vehicles, contributing to the global shift towards more sustainable and environmentally friendly transportation solutions.

The term NEV is especially prevalent in markets like China, where government policies are promoting the development and adoption of these vehicles to reduce pollution and carbon emissions. China has become the largest market for NEVs, supported by substantial government incentives, infrastructure investments, and regulatory frameworks. This has led to the rise of several key players in the NEV industry, such as BYD, which has become one of the world leaders in NEV production, surpassing even Tesla in total unit sales when plug-in hybrids are included​.

The global NEV market has seen rapid growth, driven by both technological advancements and increasing consumer demand for eco-friendly transportation options.

The leading NEV makers as of 2024 are:

• BYD: This Chinese company is a dominant force in the NEV market, leading globally in both battery electric vehicles (BEVs) and PHEVs. BYD's broad product range and competitive pricing have earned it a position at the top of the NEV industry.
• Tesla: Tesla remains a key player, particularly in the BEV segment, where it continues to lead in terms of technology and brand recognition. Tesla's strong presence in the US and expanding influence in global markets have kept it among the top NEV manufacturers​.
• Volkswagen Group: Volkswagen has made significant strides in the NEV space, especially in Europe, with a range of BEV models across its various brands, including Audi, Porsche, and VW. The company's commitment to electrification is evident in its growing market share​.
• Geely: A Chinese automaker with a growing global footprint, Geely owns several well-known brands, including Volvo and Lotus. Geely has rapidly expanded its NEV offerings, focusing on both domestic and international markets​.
• BMW: BMW has also made gains in the NEV market, particularly with its i-series electric vehicles. The company continues to invest heavily in expanding its electric vehicle lineup, which has been well-received in various markets​.

These companies are leading the global transition to electric and hybrid vehicles, each contributing to the rapidly growing NEV market. Their efforts are part of a broader shift within the automotive industry towards sustainable energy solutions, driven by a combination of consumer demand, regulatory pressure, and technological innovation.

*A Neighbourhood Electric Vehicles (NEV) – particularly in North America – are small, low-speed vehicles typically designed for short-distance travel within local areas or communities. These vehicles are generally limited to speeds of 25–35mph (40–56km/h) and are used in gated communities, campuses, resorts, and urban areas with lower speed limits. These vehicles are designed for efficiency and convenience in low-speed environments, often with simpler designs and fewer features than full-sized electric vehicles​.