25 largest auto companies: the fighter leading global growth

Speed, strategy, success.

Our ranking of the world's largest auto companies in 2024 is interesting! Driven by accelerated growth in electric vehicle sales and new cars entering the market, the global automotive industry is undergoing major changes.

Tesla remains the leader in the electric vehicle market, with deliveries once again staggeringly increasing by 40% to more than 1.3 million vehicles. However, many Chinese giants are harnessing the electric vehicle wave in a fashionable way, expanding domestic sales and global influence. BYD Auto is the leader in this field, selling more than 1.8 million electric and plug-in hybrid models in 2022, a year-on-year increase of 155.1%.

Global electric vehicle sales will reach 10 million by 2022.

Despite the changing industry, the largest automakers are still competing for the top spot. Automotive giant Volkswagen Group led the way with 11.6% revenue growth, while Toyota Motor Company led the way with 10.5 million units. The newly promoted Stellantis still ranks third, with a big gap from the first place. Stellantis is a merger of Peugeot and Fiat Chrysler Automobile. In its second year of establishment, revenue increased by 18%, which is impressive.

Over the past year, supply chain disruptions, slowing growth in key markets and increasing pressures to achieve carbon neutrality goals have been numerous challenges, but the world's largest automobile companies have still achieved positive growth and bright prospects. They are leading the future of mobile mobility, making mobile mobility more sustainable through innovative technologies and electrification.

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The world's 25 largest automobile companies

Please check out the ranking method after the list to see how we rank the world's largest auto companies.

1. Volkswagen Group (Germany) - US$299.5 billion

If you think Volkswagen's main achievement is the Beetle, then you're underestimating this huge automaker. After decades of acquisitions and mergers, Volkswagen Group has become the world's largest automobile company with annual revenue of nearly US$300 billion.

This huge brand has several major brands, including the Volkswagen series of the same name, Audi, Porsche, Skoda (Czech Republic) and Seat (Spain). It also has 100% ownership of the iconic automotive design company Italdesign Giugiaro SpA and 45% ownership of the Bugatti Rimac, producing the fastest car in the world.

With a solid foundation in Europe and China, Volkswagen has developed an ambitious North American growth plan. A new U.S. manufacturing plant will produce the upcoming Volkswagen ID.4 electric car, and the company is looking for a location for a battery megafactory in Canada.

2. Toyota (Japan) - US$278.7 billion

Although ranked second by revenue, Toyota Motor Corporation is the world's largest sales car company. It is no accident that it reaches an astonishing 10.5 million sales per year.

Toyota recently launched a factory dedicated to pure electric vehicles (BEV) development and next-generation battery research. By 2026, two new BEV SUVs will be produced in the United States at affordable prices and have a range of over 500 miles (800 kilometers).

The company owns four different brands: Toyota, Daihara and Hino, the famous luxury brand Lexus. Toyota Motor Corporation also holds a minority stake in other automakers, including Subaru, Volvo and Mazda.

Although the whole world is anxiously awaiting the choice of Toyota electric vehicle, it is undeniable that the brand is one of the world's top automotive companies.

3.Stellantis (Netherlands) - US$192.6 billion

When the two largest automobile groups in the world collide, it is worth paying attention. Stellantis is a merger between Peugeot SA and Fiat Chrysler Automobiles NV in 2021.

Stellantis is a force that cannot be underestimated, ranks first on the list of largest automakers, with operations in more than 130 countries. The company achieved impressive results and rose rapidly, with revenue rising 18% in the second year.

Although it is not a household name at present, many of its subsidiaries are already household name. It includes top luxury car brands such as Alfa Romeo and Maserati, as well as rugged Jeep and mass-market Chrysler, Fiat and Peugeot. This decentralized structure allows each brand to operate independently while benefiting from the synergy and resources of large groups.

The global auto company aims to cut carbon dioxide emissions by half by 2030. It will increase production of hybrid and electric vehicles, including new models such as the first all-electric Jeep SUV, the Jeep Avenger.

4. Mercedes-Benz Group (Germany) - US$160.9 billion

Among the most legendary and largest automotive companies, Mercedes-Benz combines luxury, history and innovation. This luxury car brand is synonymous with elegance, power and innovation. Despite sales of just 2.45 million vehicles, its revenue ranks among the largest automakers.

Mercedes-Benz luxury brand has always led the trend with its technological advancement. Its EQ series pure electric vehicles have doubled delivery volumes and is building a global network of charging stations.

Mercedes-Benz is a giant in the automotive industry. The light of the Trident Star is expected to illuminate the off-road roads as they drive into the future with some of the best electric cars.

5. Ford Motor (USA) - US$158.1 billion

Ford Motor Company is the embodiment of the American Dream. Founded by visionary Henry Ford in 1903, the historic automaker won’t let some of the most classic cars decide where they go.

Ford is the second best-selling electric car brand in the United States, with high demand for its Mustang Mach-E, Rivian competitors F-150 Lightning and ETransit electric vans.

Ford has recently simplified its brand lineup, and now only two names remain, namely Ford and the luxury brand Lincoln.

From the Ford Model T era to the electric vehicle era, Ford has been persistent in promoting innovation. With the roar of the electric motor echoing its legendary V8 engine, Ford has set a path on the progressive highways, ensuring its legend never goes out of style in the fast-growing automotive world.

6. General Motors (USA) - US$156.7 billion

Founded in 1908, General Motors has more than a century of experience in automobile manufacturing and is one of the best car brands in the United States. Before Toyota took over in 2008, General Motors ranked first among the world's largest automakers for 77 consecutive years.

The Detroit automaker sells cars from four brands, including Chevrolet and GMC, as well as two luxury brands, Cadillac and Buick. The company also cooperates with SAIC Group to hold shares in two Chinese auto brands, Baojun and Wuling.

General Motors' electric vehicle sales and production are increasing to meet demand. The Chevrolet Bolt EV is one of the first electric vehicles with a long range and affordable range. Now, the Ultium platform can accelerate the production of Cadillac LYRIQ and GMC HUMMER EVs, and the Chevrolet Silverado EV, Blazer EV and Equinox EV are also about to go into production.

7. BMW Group (Germany) - US$153 billion

The BMW Group not only owns BMW, the luxury brand of the same name, but also has a diverse product portfolio, including MINI, which is famous for its traditional and unique designs in the UK, and Rolls-Royce, which represents the pinnacle of luxury cars.

As one of the world's largest auto companies, BMW is part of the electric car sport. Its pure electric vehicle sales doubled to 216,000 units and saw a bright future in the sustainable market. The brand has released several i-series electric cars and even pushed silent powertrains to the Rolls-Royce platform.

8. Honda (Japan) – $136.5 billion

From the bustling streets of Tokyo to highways around the world, Honda's car journey has been committed to building machines. It's not just metal and rubber. This is the strength of the car, a fusion of innovation, reliability and engineering accuracy. Honda is also the first Japanese automaker to establish a wholly-owned luxury car division, Acura. It's the only brand Honda sells cars under another brand, but it includes popular models like the crossover SUV Acura RX and the 2022 relaunched Acura Integra hatchback.

As one of the world's largest auto companies, Honda promises to achieve zero emissions through its entire North American range by 2040.

9. Hyundai (Korea) - US$114 billion

Hyundai Motor Group has brought South Korea's expertise to the world and has now grown into one of the world's largest auto companies. The group also owns about 30% of luxury brands Genesis and Kia.

Hyundai may not be the world's largest automaker, but it does have special bragging rights. The Hyundai Ulsan factory is the world's largest automobile factory, producing more than 1.5 million cars per year.

Like most large automakers, Hyundai has been struggling to find alternative energy solutions. Electric vehicle ranges such as Hyundai Kona Electric and Ioniq 5 have won international acclaim for their range, design and affordable prices.

True ambitions are far more than traditional cars. Hyundai’s acquisition of Boston Dynamics, a leading robotics company, heralds a seamless intertwined future mobility, automation and everyday life.

10.SAIC Group (China) - US$107.9 billion

Among many automobile giants, Shanghai Automobile Industry Group (SAIC Group) has vividly demonstrated its forward-looking and adaptability with decades of experience. SAIC Group is headquartered in Shanghai and is currently the largest of China's four largest state-owned automakers.

More than 100 cars under SAIC Group have been labeled with many labels, including brands such as IM, Maxus, MG, Rising, Roewe, Baojun, Wuling, Hongyan and Shenwo, and have established partnerships with several companies, including Including collaborations with Volkswagen and General Motors.

SAIC has invested a lot of money in electric vehicles and new energy vehicles (NEVs), and these investments will almost certainly bring returns. It has already ranked among the five largest electric vehicle companies in the world.

11. FAW Group (China) - US$102.3 billion

As the second largest automobile group among China's four major automobile groups, FAW Group has a long history and broad development prospects. In 1958, it produced China's first domestic passenger car - Hongqi sedan.

Today, the large car company mainly sells three brands of cars. The red flag still exists and serves as the luxury car department. Pentium, known as Pentium in China, is a passenger car department established in 2006. Liberation manufactures medium and heavy trucks, dating back to 1956.

FAW Group is a state-owned enterprise controlled and managed by the State-owned Assets Supervision and Administration Commission of the State Council of China. Cooperation with companies such as Volkswagen and Toyota is also a core part of FAW's modernization strategy, thus achieving the sharing of expertise and technology.

12. Dongfeng Motor (China) - US$86.1 billion

Dongfeng Motor Company is one of the most well-known automobile giants in China. The annual production capacity of its Wuhan factory alone reaches about 600,000 vehicles. The English name of Dongfeng is roughly translated as "Dongfeng", which symbolizes the strong wind of change and progress in the automotive industry.

To be one of the world's largest automotive companies, Dongfeng has established a broad product portfolio covering a wide range of models from passenger cars to commercial trucks. Its diversified product lines include Dongfeng Fengshen, luxury brand Voya and multi-purpose car brand Forthing and other brands.

Cooperation with international brands such as Renault and Peugeot has enriched their product lines, integrating design and technical details with Dongfeng's local expertise.

13. Tesla (USA) - US$81.5 billion

Judging by Tesla's revenue and market share, you might think that the electric car brand will rank first among our largest car companies in the world. But that's not the case.

Although Tesla sells only 1.3 million units a year, it is the world's most valuable automotive company. This is a more indicative measure of the brand’s influence, which drives the industry toward an environmentally friendly and sustainable future based on battery power technology.

There are only a few models under Tesla, and the company profile is very simple. You'll find two sedans, two SUVs, a long-awaited pickup truck, and the announced relaunch of the performance-focused Roadster.

Despite the increasing competition in the electric vehicle field, Tesla's sales have also remained unabated. The company is uncompromising in pricing, has excellent performance, and has a fanatical following, with even more than a century-old industry giant.

14. Nissan (Japan) - US$79.5 billion

Japanese auto giant Nissan has a wide influence, accounting for about 3% of the global market and sales of more than 3.3 million vehicles. Nissan is one of the world's largest auto companies thanks to its diverse, engaging product line and consistent engineering capabilities.

Nissan models may not be among the most expensive cars, but they are still interesting. Most of the global auto company's cars are sold under Japanese brands, but it also has Infinity luxury division and Nismo internal modification store.

Nissan has partnered with Renault since 1999 to share resources and platforms, but the brand has also collaborated with other automakers, including partnerships with Suzuki and Mitsubishi in the light-duty vehicle sector, as well as other market links established through Mazda, Subaru and Dongfeng. .

15. GAC Group (China) - US$74.6 billion

GAC Group, namely Guangzhou Automobile Group Co., Ltd., is a dynamic player in the growing state-owned automobile industry in China.

GAC Group's product line covers passenger cars, commercial vehicles and SUVs, meeting the needs of consumers. Brands under GAC Group, such as GAC Trumpchi and high-end brand Aion, are very popular at home and abroad. The big automaker's popularity has steadily risen and has set its sights on a global perspective.

The upcoming Aion Hyper GT premium sedan is one of the exciting developments, along with the extremely fast two-door model Hyper SSR. Maybe one day, this brand will grow into one of the best luxury car brands.

Strategic cooperation has further enhanced GAC Group's global position, including foreign brand joint ventures such as GAC Toyota, GAC Honda, and GAC Mitsubishi.

16. Kia (South Korea) - US$69.2 billion

Kia, once an inconspicuous Korean automaker, has grown into a genre of style and innovation. Unique and bold models like Stinger, Telluride and Seltos are in the spotlight with their outstanding blend of performance and aesthetics.

Although Kia Automobile, a major car brand, has some connections with its domestic counterpart Hyundai Motor, Kia is an independent entity with a global audience. In 1998, Hyundai became its major shareholder after the Kia brand encountered financial difficulties. Today, Hyundai's shareholding in Kia has dropped to about 30%, and the once troubled automaker has gained great autonomy.

Kia’s vision for a green future is reflected in a variety of electric and hybrid options. The Niro EV and EV6 SUV are two battery electric vehicles that have a great balance of performance, efficiency and price.

17. Renault (France) - US$49.8 billion

Renault has shown its French heritage to the world through a series of eclectic models. Since its founding in 1899, Renault has been located in Boulogne Biyancourt, just outside Paris.

Renault sells cars named after its iconic logo of the same name around the world, combining sophisticated European style with advanced engineering technology. The company also has a racing-focused division Alpine, which produces the Alpine A110 rear mid-engine sports car and competes on the world Formula One stage. The brand also owns Romanian Dacia, which produces a variety of sedans and compact SUVs.

Renault's tentacles are also deep into Japanese automaker Nissan, although its once-holding 43.5% stake has recently dropped to just 15%.

18. BYD Auto (China) - US$47 billion

BYD Auto’s parent company, BYD Co., Ltd., is a listed company, and Warren Buffett’s Berkshire Hathaway has invested heavily.

In 2006, Chinese automaker BYD launched the world's first mass-produced plug-in hybrid vehicle (PHEV) - the BYD F3 compact sedan. BYD PHEV's sales hit a hit, further strengthening the major auto brand's commitment to forward-looking design.

And this effort paid off. It is the first Chinese brand to sell over 1 million new energy vehicles (NEVs) in one year. NEVs include pure electric vehicles and plug-in hybrid vehicles.

Today, BYD is accelerating its entry into the European, Asia-Pacific and America markets. BYD Auto is sold under the BYD brand and the Tengshi brand, which was originally developed in cooperation with Mercedes-Benz. BYD also recently launched the Yangwang luxury brand to enter the high-end market.

19. Tata Motors (India) - US$41.9 billion

Headquartered in Mumbai, Tata Group has shaped India's transportation landscape. The group attaches great importance to the domestic market and meets local demand in competition with Maruti Suzuki, Hyundai and Mahenda.

Tata's core passenger car products include a variety of modern designs and affordable models. The Tata Safari is a leading mid-size crossover, while the Nexon EV brings a leap in electrification.

Internationally, Tata Group is best known as the owner of Jaguar Land Rover since 2008. It is indeed the driving force behind the iconic Land Rover and Jaguar brands.

20.Suzuki (Japan) - US$31.2 billion

Some large automakers have struggled to maintain a streamlined product line with limited options. Suzuki goes another way, with an extensive lineup of existing models and an encyclopedic past.

By adopting this broad strategy, this Japanese car brand has won the favor of many people. Suzuki is known for its agility and keen market insights, and the cars it produces resonates internationally.

As one of the largest automotive companies, Suzuki has established many strategic alliances and has gained a foothold in the international market. Suzuki Motors is a holding entity of Maruti Suzuki India Ltd., which firmly controls a large part of the Indian auto market.

It also has a considerable position in the Pakistani automotive industry and has well-known subsidiaries in the UK and the EU. There was once a Suzuki Motors company serving the United States, but the brand withdrew from the U.S. auto market in 2012.

21. Mazda (Japan) - US$28.6 billion

It is an uphill battle to stand out from Japan's best and largest auto companies. Although Mazda was originally just a cork maker, Mazda has been climbing this peak with timely transformation and innovative engineering.

In today's world, Mazda has cemented its position as one of the largest automakers, producing almost only models of the same name brand, but has also established a handful of partnerships with brands such as Toyota.

The company's diversified product portfolio includes sedans, SUVs, light vehicles, vans and commercial trucks, sold around the world, from the North American coast to Europe's busiest streets. The company's vehicles are loved by those who pursue unique aesthetics, advanced technology and pure driving pleasure.

22. BAIC Group (China) - US$27.6 billion

Although BAIC Group may not have strong brand awareness internationally, its position on the list of largest automobile companies is constantly improving.

Since its establishment in 1958, Beijing Automobile Industry Group Corporation has been an important participant in China's automobile industry and has a comprehensive influence in the fields of passenger transport, military, agriculture and trucks.

As one of China's largest automobile companies, BAIC Group has a complete value chain based on a comprehensive development, manufacturing and sales network. The company sells a full range of sedans, SUVs and off-road vehicles under the BAIC brand (a renamed version of the former Shenbao brand). In addition, BAIC Group also signed a joint venture agreement with Hyundai and Mercedes-Benz to produce cars.

Arcfox is a high-end electric vehicle brand of BAIC Group. Arcfox Automobile was founded in 2017 and its sales and designs have begun to attract attention. The Arcfox GT prototype is a 1,600-horsepower monster that seems ready to compete with brands like Koenigsegg or Pagani.

23. Isuzu (Japan) - US$24 billion

For many of the world's largest automobile companies, commercial vehicle production is only an affiliate of the business. Isuzu Automobile is different. It has no problem producing great passenger cars and SUVs, but its real main business is in the commercial vehicle sector.

Isuzu trucks, buses and vehicles are spread all over the world, especially in the domestic market in Japan and on the streets of Thailand. Its subsidiary's power transmission division focuses on diesel technology and occupies a unique position in the industry.

Thanks to this dedicated expertise, Isuzu's trucks and pickups have become synonymous with reliability. From lightweight Elf to heavy duty Giga, Isuzu trucks are everywhere in all terrains around the world. The Isuzu D-Max is rugged and durable, perfect for challenging environments.

24. Geely Holdings (China) - US$21.46 billion

Zhejiang Geely Holding Group is another symbol of the rapid rise of China's automobile industry, and it has quickly become one of the largest global competitors in the international automobile field.

Geely Holdings began to engage in automobile production in 1997 and immediately made automobile production its core business. The brand currently employs more than 120,000 people worldwide and has an amazing number of automotive brands.

Chinese billionaire entrepreneur Li Shufu (also known as Eric Li) is a majority shareholder of Geely Holdings. The company makes cars sold under the Geely brand and recently established a high-end electric vehicle division with Zeekr as its brand.

But the company also owns large stakes in Lotus Cars, Volvo, Polestar, Farizon Auto, Cao Cao Travel, Geometry, SMART and London Electric Vehicles.

25. Subaru (Japan) - US$20.1 billion

Each of Subaru models embodies a love for adventure and a safety-oriented philosophy. For more than 70 years, Subaru Automotive Brands have continuously promoted the development of versatility and performance, while always avoiding excessive pursuits. In return, the Subaru brand has gained a loyal following and enthusiastic fan base.

Subaru Company (formerly known as Fuji Heavy Industry) is located at the top of the company's structure. Subaru's auto manufacturing division accounts for about two-thirds of its total revenue, with most sales coming from the United States, while the company's other businesses focus on aerospace engineering.

In order to become one of the world's largest auto brands, Subaru is at the forefront of sustainable development. It operates the first automotive assembly plant to achieve zero landfill and uses highly recyclable materials in vehicles. Subaru engines have kept emissions low for years, although it still needs some effort in its transition to electric vehicles.

Methodology: How we rank the world's largest auto companies

There are many ways to sort the list of the world's largest automobile companies. Some use the number of cars produced or sold as the standard, while others use profitability as the standard.

We chose revenue as the main ranking factor because this metric considers a variety of factors that affect the company's coverage and impact. It helps explain the actual differences between car pricing and sales.

Another reason we prefer this indicator is that it is the audit figures drawn directly from the annual financial statements.

Ultimately, no indicator can tell you the whole story. That’s why we have added several other important benchmarks and have a detailed analysis of the internal structure, expertise and prospects of each company.

By bringing all this information together, we have created a final list of the world’s 25 largest automotive companies that account for more than 90% of the global automotive market.

Which car company is the largest in the world?

Volkswagen Group is the world's largest automobile company with annual revenue of nearly US$300 billion. Toyota followed closely behind with annual revenues of just under $280 billion, but Toyota sold the highest at 10.5 million units, while Volkswagen sold 8.3 million units. Please check out our ranking of the world's largest automotive companies for a full list.

Which car company has the largest sales volume in the world?

In terms of sales, Toyota is the world's largest sales car company. The global automaker sold 10.5 million cars in a year, 2 million more than its closest competitor Volkswagen (8.3 million). Stellantis ranks third with sales of 5.8 million vehicles per year.

Which car company is the richest?

In terms of revenue, the richest car company is Volkswagen Group with a market value of nearly $300 billion, with Toyota following with a market value of $280 billion and Stellantis with a market value of just over $190 billion. Based on market value, Tesla is the richest car company, but its stock price fluctuates greatly, with a current market value of nearly US$800 billion.

What are the top three automakers?

By revenue, the top three automakers are Volkswagen Group, Toyota and Stellantis. These large multinational groups have many brands, including Volkswagen's production of Audi and Porsche, Toyota's production of Lexus and Dafa, Stellantis' production of Peugeot and Maserati.