In its annual Global Automaker Rating, the International Council on Clean Transportation (ICCT) assessed how the 21 largest original equipment manufacturers (OEMs) are progressing in their transition to electric vehicles. It shows the force with which China’s OEMs are shaking up the market.
Since 2023, the ICCT has presented an annual manufacturer assessment of the electric drive transition, drawing on data from the six major global markets of China, Europe, India, Japan, South Korea, and the US.
According to the study, these regions account for 82% of all global car sales. The 21 manufacturers (the world’s largest in terms of sales) analyzed by the ICCT in its third rating accounted for a total of 90% of sales in these six markets in 2024.
Different criteria
The ICCT evaluates the performance and strategy of 21 car manufacturers in their transition to electric vehicles (BEVs and FCEVs), assessing several criteria related to their current market position, technological capabilities, and strategic vision for future decarbonization.
Specifically, the ICCT developed ten key figures for comparison among manufacturers, and, according to its information, used independent data collected up to the end of 2024.
This report introduces a new indicator for green steel, an updated indicator for battery recycling and reuse, and a revised methodology for assessing the actual operation of plug-in hybrids in China. However, according to the authors, comparability with the two previous years is still ensured.
Tesla and BYD stay on top
The new analysis reveals a widening gap between China-based car manufacturers, which are expanding their lead in the electric vehicle market, and leading European car manufacturers, who are struggling to keep pace.
This is reflected in the overall ranking, with Tesla and BYD claiming the top two spots, as in the 2023 report. Both are still regarded as ‘leaders’. And both scored the same number of points as a year earlier, with BYD being unable to catch up.
Although BYD sold more battery electric cars than its competitor Tesla for the first time in 2024 and continued its expansion in the six markets surveyed (BEV sales increased by 25%, BEV and PHEV sales together by 47%), BYD also lost ground in other criteria, such as fleet energy consumption or range. Tesla was, therefore, able to defend its top position, although sales stagnated in 2024 compared to the previous year.
China is the primary winner
Only one other manufacturer in the ranking, Renault in the midfield, also had an identical score, while the ICCT ratings of 14 OEMs improved, and four companies performed worse than in 2023. Chinese manufacturers were among the main winners: Geely and Chery, both in the ‘Transitioners’ group (the midfield), showed the most significant improvements.
The duo increased their sales shares, introduced new models, and placed greater emphasis on high-performance models that improve the average performance of their new BEV fleets. The result: Geely (together with SAIC) displaces last year’s third and fourth-placed BMW and Mercedes-Benz.
Chery is also making a significant leap forward: in 2023, the manufacturer was still near the edge of the pack; in 2024, it is in the center of the midfield. Stellantis, VW, and GM are also still in the upper midfield, as is another competitor from China, Chang’an.
Japan and South Korea are lagging behind
The major automakers based in Japan and South Korea continue to lag, according to the ICCT ranking. Still, Honda and Nissan are making progress: “Honda introduced its first BEV model, the Prologue, in the United States, and its sales led to substantial improvements in all BEV performance metrics for the company. Nissan strengthened its ZEV ambition by separating its ‘40% by 2030’ ZEV target from a previously announced target that included conventional hybrid vehicles.”
In the ICCT’s three-year analysis to date, Tata Motors is the first car manufacturer to advance from ‘laggard’ to ‘transitioner’. “In 2024, Tata introduced new EV models that diversified its offerings. Tata and its subsidiary Jaguar Land Rover also ramped up efforts in battery recycling and repurposing in major markets.”
Tata’s rise was in turn Hyundai-Kia’s undoing. The OEM fell among the ‘laggards’ in the current assessment, “partly because it has not disclosed progress on battery recycling and repurposing.”
One-fifth of car sales in 2024 is electric
The ICCT report states that electric vehicles will account for almost 20% of global passenger car sales in 2024 (up to 3.8 tons in the US and 3.5 tons in other markets), the highest sales share to date.
Absolute sales also continued to climb: from 2022 to 2023, the jump in global EV sales was 26%, and from 2023 to 2024, it was another 27%. “There is remarkable momentum behind electrification,” summarize the authors of the ICCT study.
Collective row back
However, many OEMs had expected and hoped for an even faster transition. This resulted in a collective row back in 2024: Ford, Tata Motors, Dacia (part of Renault), MINI (part of BMW), and Volvo Cars (part of Geely) “rolled back or canceled their ZEV targets,” writes the ICCT.
Only Chang’an and Hyundai-Kia slightly increased their targets for electric vehicles. As mentioned, Nissan initially announced a BEV target adjusted for hybrids. Furthermore, “None of the 21 automakers significantly increased their ZEV investments in 2024.”
An applaudible evolution: according to the ICCT, car manufacturers are increasing the transparency of their strategies and supply chains.
