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Are EVs Green and ESG

MioTech Research2022-10-21Updated at2022-11-14
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Electric vehicles (EV) are rising in popularity in recent years, replacing traditional internal combustion engine (ICE) vehicles that rely on fossil fuels. A growing number of both developed and developing countries are being swept up by the green transport revolution.

First there are the EV behemoths Tesla and BYD. The iconic EV company Tesla, founded almost twenty years ago in 2003, had reached a market value of $190 billion in June 2020, surpassing Toyota as the world's highest market value car manufacturer. To date, Tesla's market capitalization has exceeded $900 bn, outshining the combined market capitalization of 11 global car giants. In the A-share market, BYD also reached the trillion RMB market cap mark in June this year, becoming the world's 3rd largest auto company in terms of market cap (after Tesla and Toyota).

Given the astounding growth and market adoption, the overall ESG development of the rising industry is also worth exploring in the market.

In this report, MioTech Research delved into two global electric vehicle leaders, Tesla (TSLA.O) and BYD (002594.SZ, 1211.HK), as well as the emerging contenders which have released ESG reports, i.e. XPeng (NYSE: XPEV, SEHK: 9868), NIO (NYSE NIO, SEHK:9866, SGX:NIO), and Li Auto (NASDAQ: LI, SEHK: 2015), for their current practice and performance in the area of sustainability and ESG.

We benchmarked the pure EV players with traditional automakers in transition, including Guangzhou Automobile Group (601238.SH, 2238.HK) and the German Volkswagen Group (VWAPY). These six companies represent the "old, middle-aged and young" generations in the auto industry, and span three stock markets: China A shares, Hong Kong and the US.

Key companies in this issue

Tesla (NASDAQ.TSLA)
BYD (002594.SZ, 1211.HK)
XPeng (NYSE: XPEV, SEHK: 9868)
Li Auto (NASDAQ: LI, SEHK: 2015)
NIO (NYSE NIO, SEHK:9866, SGX:NIO),
Guangzhou Automobile Group (601238.SH, 2238.HK)
German Volkswagen Group (VWAPY)