Market capitalisation of major car and battery companies, 2019-2023

Sources

Source: IEA analysis based on Bloomberg data.

Notes

Notes: Data through 2023Q1 included.
Performance is measured via arithmetic returns, which refer to the sum of quarterly returns on a given stock (capital gains and dividends).
Weekly financial performance of selected EV, battery and battery mineral and metal companies are plotted against the top 10 carmakers and the broader public equity market benchmark, MSCI All Country World Index (ACWI), at an index level.
All indices except MSCI ACWI and for battery minerals and metals are equal-weighted, giving equal importance to each constituent company regardless of market capitalisation or share.
The EV index consists of 14 pure-play EV companies (Tesla, Lucid, Rivian, NIO, Li Auto, XPeng, Fisker, Nikola, Arrival, Proterra, Lion Electric, Hyzon, Canoo, Hyliion) and the battery index of seven battery manufacturing companies (LG Energy Solution, BYD, Contemporary Amperex Technology, Samsung SDI, Gotion High-tech, Eve Energy, Farasis Energy).
The top 10 carmakers include Toyota, Volkswagen, Kia Hyundai, General Motors, Ford, Nissan, Stellantis, Renault, and Mercedes-Benz. Financial performance and market capitalisation do not necessarily reflect actual profits or losses, but rather investor expectations of future returns.