The electric vehicle industry has grown rapidly in the past few years, which has helped boost key players like Tesla, Nio, and Rivian. While the industry is going through some headwinds, the number of EVs and hybrids sold this year will reach over 14.1 million. 

Tesla (NASDAQ: TSLA), the biggest automaker in terms of market cap, is in a pole position in the industry. It expects to deliver 1.8 million vehicles in 2023, much higher than the 499,535 it sold in 2020 and the 50k it delivered in 2015. 

Nio has also done well over the years even though its stock price has recoiled. The company has delivered over 415k vehicles and the management hopes to continue ramping up its growth. Nio has a market cap of over $15.5 billion.

The other top EV companies to watch are American brands like Rivian and Lucid. Chinese companies like Li Auto and Xpeng are also doing well. These companies are taking advantage of the big Chinese market, which is one of the fastest growing in the world.

Chinese residents are expected to buy over 8 million electric vehicles in 2023. And unlike in other countries, Chinese have more choices of EVs, with the number of brands being about 90. 

There are many well-known Chinese EV companies, including Li Auto, Xpeng, and Nio. Behind the surface, Byd, which was started by Wang Chuanfu, is aiming to become the biggest EV company in the world in terms of sales. Yet many people have never heard of the brand.

Analysts believe that Byd will overtake Tesla in the fourth quarter in a move that will solidify China as a key player in the automobile industry. While China has had an auto industry for a long time, the global industry has been dominated by European, Japanese, South Korean, and American brands.