Lucid Motors Air model, one of the top EV companies of the year
Tech & VC News
Going electric: The top EV funding rounds of the year
We looked at the biggest funding rounds of the year to see who’s leading the pack when it comes to EVs.
Mary Superlano

If you want a market that’s not stopping, driven equally by consumer and institutional demands, then look at the electric vehicle industry and at the top EV companies. A fast-growing market that is responding to governments’ climate change regulations and needs, plus a consumer that is looking for vehicles that match sustainability with quality. takes a closer look at the biggest funding rounds in the EV sector. An industry that has been quietly working and seems to escape the significant downturn tendencies of the last few months. As governments around the world pass more and more fossil fuel cap laws and the effects of climate change become more urgent, the need and want to go electric is growing exponentially. 

The electric vehicle market offers a chance to invest in technology with a conscience and become part of a change in the way we consume and use resources. An attractive field for talent, investors and innovation. 

GAC Aion New Energy Automobile

Guangzhou, Guangdong, China

Series A

CEO – Yang Yin

Funding in 2022 – €2.56 Billion

GAC Aion New Energy Automobile is an electric vehicle manufacturer and service provider, a part of a larger Chinese automotive company, the Guangzhou Automobile Corporation. This sister branch has had an impressive growth rate since its creation in 2017, becoming an official marque in 2020 and reaching the top of the EV funding list this year. 

Now China’s highest-valued private EV company GAC Aion New Energy Automobile secured earlier this year an enormous  €2.56 Billion Series A funding round, which it will use for new product development and innovation.

The company has 5 purely electrical vehicles with above average qualities like a range of over 1.000 kilometres of independence and other highly technical details. In just September of this year alone, they sold more than 30.000 vehicles. A true sign of non-stop power in the EV market! 

Polestar model 3 in Snow. One of the top EV companies of the year with plenty left to show in 2023
(Polestar 3 in Snow with Performance Pack. Credit: Polestar)


Göteborg, Vastra Gotaland, Sweden

Stage – IPO

CEO – Thomas Ingenlath

Funding in 2022 – $1.6 Billion 

Polestar is a high-performance top EV company, working at the top of industry standards. Partly owned by renowned vehicle manufacturer Volvo. One of the most relevant EV manufacturers in Europe and the world, that has drawn the interest of both investors and consumers. 

Swedish-based Polestar went public in June of this year and has maintained enough to secure an additional  $1.6 Billion from its two main shareholders, Volvo and PSD Investments. This will be enough for the manufacturer to fund its activities through 2023, continuing to advance in the EV market. 

Polestar expects to add 3 new vehicles to its model line by 2026, maintaining its status as a part of the top EV companies and becoming the leading high-quality manufacturer of EVs. 

Xpeng Motors 

Guangzhou, Guangdong, China

Stage – IPO

CEO – He Xiaopeng

Funding in 2022 – €1.08 Billion

Xpeng Motors is an electric vehicle and technology manufacturer that focuses on smart car design and building. The manufacturer’s models are integrated with autonomous driving and IoT tech. 

Chinese Xpeng Motors received a nod of confidence of  ¥7.5 Billion or €1.08 Billion from the Agricultural Bank of China. The funds will go mainly into the expansion of the business internationally, which started back in March with the release of its P5 model in the Netherlands, Norway, Denmark and Sweden.

2023 will be a significant year for the EV manufacturer as it plans to unveil two new significant products: the autonomous system Xpilot 4.0 and the G9 electric SUV. Next year will definitely be electric for Xpeng! 


San Francisco, California, United States

Stage – Series A 

CEO – Neha Palmer 

Funding in 2022 – $1 Billion

TeraWatt is an electric vehicle infrastructure builder and innovation creator, specialising in the charging needs of medium and heavy-duty vehicles and fleets. The first non-vehicle manufacturer on the list, and one tackling a huge part of the EV industry, the infrastructure side. 

To succeed in becoming the number 1 choice for transportation EV needs to have the infrastructure in place to meet demand. TeraWatt’s record as a specialist in EV transport charging has helped solidify its Series A $1 Billion investment. 

California-based TeraWatts is going to use the funds to expand its charging centres across the US, drive innovation and meet increasing infrastructure needs. Companies like this show the immense diversity of opportunities available in EV. 

Lucid Motors Air model, one of the top EV companies of the year
(Lucid Air Model. Credit: Lucid Motors)

Lucid Motors 

Newark, California, United States 

Stage –  IPO

CEO – Peter Rawlinson

Funding in 2022 – $915 Million

Lucid Motors is an electric vehicle and battery manufacturer with an eye on innovation, comfort and speed. The company has five EV models available and the first purpose-built EV factory in the US. 

California-founded Lucid Motors stands out for its high-quality vehicles and the batteries are the heart of their performance. The company raised $915 Million this year to continue market expansion and innovation. On top of those funds, Lucid Motors has signed an agreement to build a plant in Saudi Arabia, which will deliver incentives and investment worth an estimated $3.4B over the next 5 years.  

An increasingly powerful player as one of the top EV companies with an already global presence and recognizable high-end EVs.

Looking to diversify and grow your scaling company?