Tesla, General Motors, Nissan Motor Co., LTD. are dominating the Global Electric Vehicle Market in 2019

Global Electric Vehicle Market is expected to grow with the healthy CAGR of 23.5% in the forecast period 2020 to 2027. The years considered for study are as mentioned below.

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Global electric vehicle market is a highly consolidated market, which includes specific number of key players as well as local players. The market has witnessed increased various strategic developments owing to favourable market scenario.

The major players dealing in global electric vehicle market are introducing strong range of product portfolio. This has also helped the company to maximize the sales with enhanced product portfolio. For instance, In November 2019, Thomas Built Buses, a subsidiary of Daimler AG introduced new electric bus named as Saf-T-Liner C2 Electric Bus. The company introduced the school bus sourced from electric energy at National Association for Pupil Transportation event. With this the company expanded their market for electric vehicle in the U.S. market.

Tesla is the dominating player in the electric vehicle market and accounts the highest market share in 2019, which is followed by General Motors, Nissan Motor Co., LTD., Ford Motor Company, AUDI AG, Kia Motors Corporation, Groupe Renault, Groupe PSA, SAIC Motor Corporation Limited, JAC, Daimler AG, BMW AG, Hyundai Motor Company, BYD Company Ltd., Continental AG, TOYOTA MOTOR CORPORATION, Volkswagen AG, AB Volvo, Honda Motor Co..

Tesla

Tesla headquartered in California, U.S., was founded in 2003. The company performs its business from segments such as Automotive, Energy generation and storage.

• In April 2019, Tesla introduced its advanced Model S and Model X designed to provide the longest distance range capability. This upgradation and enhancement in Tesla’s Model X and Model S allows customers to get maximum mileage such as 370 miles and 325 miles for Model S and Model X respectively. The models are now available with brand-new adaptive suspension system which will provide the competitive advantage over other competitors.

The company has wide global presence across the globe such as Europe, North America, and Asia-Pacific. In addition to it, the company also generates its revenue from the various subsidiary companies such as Grohmann Engineering Trading (Shanghai) Co. Ltd.  (China), Mako GB SPV Holdings, LLC (USA), Servicios de Technología Y Admninstración Ilioss, S.A. de C.V (Mexico), Tesla Belgium BVBA  (Belgium) and Tesla Motors Canada ULC (Canada) among others.

General Motors:

General Motors headquartered in Michigan, U.S. The products offered by the company are Cars, Electric, Performance, SUVs, Trucks, and Commercials.

For instance,

• In March 2019, General Motors has announced to invest USD 300 million in its Michigan factory for producing new Chevrolet electric vehicle. This investment will help the company to develop new EV products as well as expand its business in electric vehicle market.

The company has wide global presence across the globe such as North America, Latin America, Europe, Asia-Pacific, Africa and Middle East. In addition to it, the company also generates its revenue from the various subsidiary companies such as GMCH&SP Private Equity II L.P. (Canada), GMF Australia Pty Ltd (Australia), GMF Europe LLP (U.K.), Grand Pointe Park Condominium Association (U.S.), Limited Liability Company "General Motors CIS“(Russia).

Nissan Motor Co., LTD.

Nissan Motor Co., LTD. has headquartered in Yokohama, Japan, was founded in 1933. The Company engaged in manufacturing of automotive products as well as offers sales and service for automotive vehicles and related businesses.

• In October 2019, Nissan showcased their new electric vehicle concept car at 2019 Tokyo Motor Show. The vehicle is successor of Nissan leaf and named as Nissan Ariya which offers all-wheel drive performance with twin electric motor setup. Through this company enhanced their offering as well as targeted the customer base.

The company has presence in Europe, Asia-Pacific, Americas, and Middle East & Africa. In addition to it, the company also generates its revenue from the various subsidiary companies such as Nissan Canada, Inc. (Canada), Nissan Canada Finance Inc. (Canada), Nissan Mexicana, S.A. de C.V. (Mexico), Nissan Motor (GB) Ltd. Rickmansworth, (U.K.), Nissan Holding (UK) Ltd. (U.K.) among others.

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