Chinese automakers and Tesla (NASDAQ:TSLA) continue to lead the global electric vehicle (EV) race, while U.S. automakers lag in key performance metrics, according to the 2024 Global Automaker Rating released by the International Council on Clean Transportation (ICCT) and discussed in a June 24 webinar hosted by Bernstein Research.

The ICCT assessed 21 major global automakers using ten metrics across three categories: market dominance, technology performance, and strategic vision. 

Chinese firms and Tesla remain the only two in the “leader” category. U.S. legacy manufacturers improved modestly, but none broke into the top tier.

In market dominance, which includes zero-emission vehicle (ZEV) sales share and model class coverage, Chinese automakers outpaced all others. 

BYD (SZ:002594) saw a 47% year-over-year increase in EV sales, surpassing Tesla in global battery EV volume. 

U.S. automakers showed limited progress; the national EV sales share rose only from 9% to 10% between 2023 and 2024.

In technology performance, measured by energy consumption, charging speed, driving range, and upstream decarbonization, U.S. manufacturers made selective gains. 

General Motors (NYSE:GM) improved in charging speed and launched higher-performing models like the Chevrolet Blazer. 

Ford and GM both scored positively on green steel procurement after signing offtake agreements. 

Battery recycling efforts were more mixed, with some automakers lacking evidence of implementation despite public commitments.

The strategic vision pillar evaluates ZEV targets, EV-related investments, and executive compensation alignment. 

In 2024, Stellantis (NYSE:STLA) increased its ZEV investment and maintained top marks for linking executive pay to EV metrics. 

In contrast, GM lost ground after removing long-term EV incentives from executive compensation. Honda (NYSE:HMC) and Jaguar Land Rover added or enhanced sustainability-linked incentives.

Policy uncertainty in the U.S. remains a headwind. The report cites potential rollbacks of EPA regulations, California waivers, and the Inflation Reduction Act as risks that could dampen automaker momentum. 

While Ford reiterated its battery investment plans regardless of policy changes, others signaled a slowdown amid the unclear regulatory landscape.