The electric vehicle market is expanding with renewed government support and new SPACs contributing to a surge in popularity, especially with investors. Although the number of EVs on the road is still a small percentage, the market capitalization of the leading producers is rising to all-time highs.
The market cap of EV producers has surpassed that of traditional motor vehicles. Now at about $1.37 trillion, the EV makers' market cap is hovering near the traditional Internal Combustion Engine (ICE) market at $1.47 trillion.
While the largest EV producers are U.S.-based, Chinese EV automakers are gaining market share as well.
Here are the top 10 EV companies by Market Capitalization (as of Dec. 7):
Li Auto (LI) - Market Cap: $31.92 billion
Fisker (FSR) -Market Cap: $5.40 billion
Arrival (ARVL) - Market Cap: $5.06 billion