Tesla, the leader in the electric vehicle (EV) industry, continues to dominate the market by producing and delivering more EVs each year compared to its competitors. Their newest model, the Cybertruck pickup, is expected to be released in the third quarter of 2023 and is predicted to significantly boost Tesla’s annual sales by tens of thousands of EVs.
In 2022, Tesla achieved the highest number of all-electric deliveries worldwide, surpassing other automakers with over 1.31 million vehicles. This marked a 40% increase compared to the previous year. For this year, Tesla plans to manufacture around 1.8 million vehicles, and their long-term goal is to sell 20 million EVs annually by 2030.
However, Tesla faces competition from other major players in the EV market. General Motors (GM) is projected to produce approximately 150,000 EVs this year. Ford (F) sold 61,575 EVs in 2022 and aims to reach an annual production rate of 150,000 for their Lightning pickup truck by the end of 2023. Ford also plans to increase the annual manufacturing rate of their Mustang Mach E to 210,000 units by the end of this year.
Stellantis (STLA) reported global sales of 288,000 battery electric vehicles in 2022. The company has committed to making 100% of its European and 50% of its US vehicle sales dedicated to battery electric vehicles by 2030. Stellantis aims to offer 75 different models of battery electric vehicles and achieve 5 million unit sales by 2030, ultimately transitioning to being 100% electric by 2038.
One of Tesla’s main rivals, BYD (BYDDY) based in China, delivered over 911,000 EVs and over 946,000 plug-in hybrids in 2022. Recently, BYD introduced their fifth sub-brand, Fang Cheng Bao, which will release a variety of EVs including off-road vehicles, sports cars, and their first model, an SUV codenamed SF.
Nissan, a pioneer in the EV industry with their Leaf vehicle, plans to phase out the Leaf in the coming years and replace it with a new vehicle in 2026. However, Nissan faced a setback in March 2023 when they voluntarily recalled 1,063 of their 2023 Ariya Electric SUVs due to missing steering wheel bolts. This recall was necessary to prevent potential steering control issues and reduce the risk of accidents.
Infiniti, Nissan’s luxury division, has been relatively slow to enter the EV market but recently made significant progress. On June 23, they unveiled a brand refresh, which included a new logo, modernized showrooms, and a concept electric vehicle expected to be available for public sale in 2026. The new Infiniti EV sedan will have a longer wheelbase, shorter overhang, redesigned headlights and taillights, a single light strip across the width, and a rear design resembling a Porsche. It will be manufactured at their Canton, Miss., factory along with a new crossover EV.
Overall, Tesla remains the frontrunner in the EV market, but they face fierce competition from other automakers who are also expanding their EV offerings. The industry continues to grow rapidly, with companies striving to develop more advanced and sustainable transportation options for the future.
