These Are The Biggest Automakers In The World By Revenue
Tesla made the top twenty global carmakers, but trails the lead by a couple hundred billion
There was probably a time when you could pretty much guess at which automakers would be in the top twenty for revenue in a given year. With ongoing consolidation and merging, there are seemingly fewer parent companies every year. But with the proliferation of Chinese automakers and their recent reaches beyond the borders of their home country, the list is getting a bit jumbled these days and harder to guess. Here's the full list of the top twenty automakers.
For the publicly traded automakers, I've included their stock ticker and current market cap for comparison. At current exchange rates one dollar is equal to 0.94 Euro, 7.31 Chinese Yuan, 1,353.08 Korean Won, and 149.68 Japanese Yen.
20. Renault SA - $55.15 Billion (EPA: RNMkt Cap - $9.89 Billion)
19. Zhejiang Geely Holding Group - $60.39 Billion
18. Beijing Automotive Group - $67.28 Billion
17. Dongfeng Motor Corporation - $68.42 Billion
16. Kia Corporation - $72.94 Billion (KRX: 000270 Mkt Cap - 33.81 Trillion KRW)
15. BYD Company Limited - $76.6 Billion (SHE: 002594 Mkt Cap - 715.68 Billion CNY)
14. Guangzhou Automobile Industry Group - $77.34 Billion
13. Nissan Motor Co Ltd. - $83.11 Billion (TYO: 7201 Mkt Cap - 2.95 Trillion JPY)
12. China FAW Group - $87.68 Billion
11. Tesla Inc. - $94.03 Billion (NYSE: TSLA Mkt Cap - 693.09 Billion)
10. SAIC Motor Corporation Limited - $103.22 Billion (SHA: 600104 Mkt Cap- 177.35 Billion CNY)
9. Hyundai Motor Company - $118.37 Billion (KRX: 005380 Mkt Cap - 46.54 Trillion KRW)
8. Honda Motor Co Ltd. - $129.18 Billion (NYSE: HMC Mkt Cap - $60.47 Billion)
7. Bayerische Motoren Werke AG - $158.03 Billion (ETR: BMW Mkt Cap - 60.43 Billion Euro)
6. Mercedes-Benz Group AG - $161.91 Billion (ETR: MBG Mkt Cap - 67.63 Billion Euro)
5. General Motors Company - $169.73 Billion (NYSE: GM Mkt Cap - $41.0 Billion)
4. Ford Motor Company - $169.82 Billion (NYSE: F Mkt Cap - $46.89 Billion)
3. Stellantis N.V. - $200.92 Billion (NYSE: STLA Mkt Cap - 56.68 Billion Euro)
2. Toyota Motor Corporation - $286.15 Billion (NYSE: TM Mkt Cap - $291.21 Billion)
1. Volkswagen AG - $318.32 Billion (ETR: VOW3 Mkt Cap - 56.82 Billion Euro)
Are there any surprises for you in that list?
Even a few years ago I wouldn't have suspected to see Tesla on a list like this, just seventy or so billion behind GM and Ford. If FCA hadn't merged with PSA to form Stellantis, it's entirely likely that Tesla would have surpassed Chrysler/Dodge/Ram/Jeep and taken its place as the third largest American automaker. In fact, based on 2022 revenue, the four American brands accounted for just around $76.8 billion globally.
It's not so much a surprise that the Chinese automakers are joining this list and climbing higher every year, as it is a surprise that there are just so many of them. A full 35 percent of the list is made up of China brands. Surely it can't be long until these brands start reaching across to the lucrative North American market, and we'll likely see them climb even farther.
Volkswagen holding its tight grip on the top spot is an interesting sight. For a long time it was General Motors, Volkswagen, and Toyota fighting for that spot, but VW has held it in its grip for quite a while now, seeing GM drop to fifth globally.
A report from Business Research Insights claims the global auto market should reach around $3.5 trillion by 2031, growing from $2.7 trillion in 2021. Will companies like Volkswagen and Toyota continue to grow with it, or will they be overtaken by relative newcomers like BYD and SAIC?