The global automaker rating 2022
Specificity and expertise
What sets this report apart from others is its specificity and expertise in the field. Unlike many broad ratings reports that encompass thousands of companies, this report focuses solely on automakers and their transition to EVs. It utilizes a database that includes sales and specifications of EVs in six major vehicle markets, thereby providing an insightful analysis of the industry’s ongoing transformation.
Furthermore, the report considers the real-world electric drive share of plug-in hybrid electric vehicles (PHEVs), contributing to a more accurate evaluation.
Rating system explained
The rating system used in the report categorizes automakers into three groups: Leaders, Transitioners, and Laggards. These categories are determined by their scores on the 10 metrics, grouped under three pillars: market dominance, technology performance, and strategic vision.
The market dominance pillar assesses automakers’ progress in transitioning to ZEVs within their own fleets. It considers their ZEV-equivalent sales shares and the coverage of ZEV models across different vehicle classes. Currently, Tesla and BYD lead the market dominance pillar due to their exclusive production of EVs.
The technology performance pillar evaluates automakers’ technological advancements in meeting consumer needs and reducing upstream emissions. Metrics such as vehicle performance, charging speed, driving range, renewable energy usage, and battery recycling and repurposing are considered. While most automakers excel in at least one technological attribute, there is still a long way to go in achieving sustainable vehicle manufacturing. Only a few manufacturers, such as BMW, VW, and Mercedes-Benz, have made significant progress in using 100% renewable electricity, and battery recycling and repurposing practices need improvement industry-wide.
The strategic vision pillar focuses on automakers’ long-term planning for ZEVs. Metrics such as ZEV targets, investment in ZEV research and development, manufacturing sites, infrastructure, and executive compensation are evaluated. Although many automakers have set ZEV targets and made substantial investments, only a limited number tie executive compensation directly to EV development progress. This metric highlights the potential of executive pay as a powerful tool for driving the transition to ZEVs.
Conclusions
Based on the overall rating for 2022, the report draws three broad conclusions. Firstly, most automakers score well on at least one metric, demonstrating the complexity and breadth of the ZEV transition. Companies like Tesla, BYD, Chang’an, Geely, SAIC, Stellantis, and VW showcase strengths in specific areas, ranging from high ZEV sales shares to a wide spectrum of ZEV models. Secondly, every automaker has room for improvement. Even top performers like Tesla and BYD show weaknesses in certain metrics, indicating the need for continuous evolution and growth to keep pace with the changing market. Lastly, manufacturers headquartered in Japan and India lag behind their competitors in the transition. These companies need to increase their EV sales, set public ZEV targets, and invest more in ZEVs to catch up.
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