Taking the listed companies of new energy vehicles as the research object, and the DEA model and Malmquist index as the methods, this paper tries to analyze and evaluate the investment efficiency of new energy automobile industry from both static and dynamic perspectives.The static results show that from 2017 to 2021, the overall level of investment efficiency of China’s new energy vehicle listed companies is relatively high but with a downward trend. The comprehensive efficiency value is close to 1, mainly due to the contribution of pure technical efficiency. However, what the dynamic results exhibit is that the total factor productivity of the sample companies is less than 1, mainly due to the low technical efficiency index. Accordingly, new energy vehicle companies should enhance their R&D capabilities, focus on personnel training, strengthen cost control, and strengthen marketing and brand building to improve investment efficiency.