2024 Automakers SDV Scorecard: NIO and Xiaomi Surpass Tesla in Technological Innovation
Wards Intelligence’s Software-Defined Vehicle (SDV) ranking, now part of Omdia, has revealed some interesting shifts in the automotive industry. While Tesla still holds the overall lead in the SDV ranking, it has been surpassed in technological innovation by NIO and Xiaomi, who now occupy the second and third spots, respectively. This shift signifies a significant advancement in the SDV space, particularly in China.
Other notable mentions in the Leaders category include Xpeng and Rivian, ranking third and fourth, respectively. These companies are at the forefront of battery-electric-vehicle disruption, prioritizing a software-first approach and not constrained by legacy platforms or systems. They are pushing the boundaries of SDV innovation and refining zonal architectures and other related technologies.
The Strong Contenders category features automakers like Zeekr, Lucid, Leapmotor, and BMW, among others. This group is actively commercializing SDVs, showcasing the rapid growth and intensifying competition within the market. With 67% of automakers in this category moving towards commercialization, the competition is heating up.
Automakers in the Contenders category, which includes Hyundai, the Volkswagen Group, and General Motors, are making progress in deploying semi-SDVs and outlining detailed SDV strategies. However, there is still work to be done to bring SDVs to production. The Followers category, which previously lacked a clear SDV roadmap, is now setting goals in response to the market’s evolution.
Measuring SDV progress is challenging due to inconsistent definitions and benchmarks. Wards Intelligence conducts annual research to evaluate automakers across metrics like financial strength, portfolio complexity, vehicle platform readiness, organizational readiness, and SDV performance. This year’s assessment highlights China’s dominance in the SDV segment, with 62% of Leaders and Strong Contenders being Chinese or Chinese-owned companies.
With only three Western incumbents in the top categories, the trends point towards Chinese leadership and ongoing challenges for Western automakers in the evolving SDV landscape. The shift in technological innovation and market dominance signifies a new era in the automotive industry, where software-defined vehicles are shaping the future of mobility.
