Want to know what is the biggest car company in the world in 2024? The automotive industry is a vital part of the global economy, producing vehicles that efficiently transport people and goods across nations and entire regions. The largest auto manufacturers have a large global footprint, selling vehicles to consumers and businesses around the world. We take a detailed look at the top 10 biggest car companies in the world by market cap below.
Volkswagen is a German automobile manufacturer headquartered in Wolfsburg, Lower Saxony, Germany. It develops and produces passenger cars, light commercial vehicles such as trucks and buses. Vehicle models include the Tiguan, Golf, Jetta, Passat and more.
Also, Volkswagen’s best-known luxury brands are Porsche and Audi. Volkswagen Group is the largest automotive manufacturer by worldwide sales in 2016 and 2017. The group’s largest market is in China, which provides 40 percent of its sales and profits.
Its name is derived from the German words Volk and Wagen, which together translate to “people’s car”. Volkswagen is one of the top 10 largest car companies in the world in 2024.
Bayerische Motoren Werke AG (BMW) is a German multinational manufacturer of luxury vehicles and motorcycles headquartered in Munich, Bavaria, Germany. It is one of the top 10 largest car companies in the world 2024.
In addition, the company was founded in 1916 as a manufacturer of aircraft engines, which it produced from 1917 to 1918 and again from 1933 to 1945. Automobiles are marketed under the BMW, Mini, and Rolls-Royce brands, and motorcycles are marketed under the BMW Motorrad brand.
BMW is headquartered in Munich and produces motor vehicles in Germany, Brazil, China, India, Mexico, the Netherlands, South Africa, the United Kingdom, and the United States. The company has a significant motor-sport history, especially in touring cars, sports cars, and the Isle of Man TT.
08. Xiaomi – $60 billion
Image: Electrek.co
Market Cap: $60 billion
Revenue: $37 billion
Headquarters: Beijing, China
Xiaomi Automobile Company is a Chinese electric vehicle manufacturer headquartered in Beijing. It is a subsidiary of Chinese consumer electronics company Xiaomi, which mainly develops and manufactures electric vehicles.
In December 2023, Xiaomi unveiled its first electric car SU7. The SU7 was formally launched in Beijing on 28 March 2024 and Xiaomi began taking orders for the car on the same day.
Xiaomi is one of the top 10 biggest car companies in the world by market cap of $60 billion. In addition, Xiaomi Automobile plans to build a two-stage vehicle factory with a cumulative annual production capacity of 300,000 vehicles. The production capacity of the first and second stages is 150,000 vehicles.
07. Stellantis – $60 billion
Market Cap: $60 billion
Revenue: $101 billion
Headquarters: Hoofddorp, Netherlands
Stellantis is a multinational automotive manufacturing corporation that was formed in 2021 through the merger of French automaker Groupe PSA and Italian-American automaker FCA. The company is headquartered in Amsterdam, Netherlands. By 2024, Stellantis is the 7th biggest car company in the world by sales.
Also, the company is one of the world’s largest automakers with a strong presence in Europe, North America, and South America. Stellantis is the seventh largest automaker in the world by sales, trailing Toyota, Volkswagen Group, and Hyundai Motor Group.
Also, last year the company was ranked 61st in the Forbes Global 2000. The company’s stock is listed on the Borsa Italiana, Euronext Paris, and the New York Stock Exchange.
06. Porsche – $67 billion
Image: Porsche.com
Market Cap: $67 billion
Revenue: $44 billion
Headquarters: Stuttgart, Germany
Porsche is a German car manufacturer specializing in high-performance sports cars, SUVs and sedans, headquartered in Stuttgart, Baden-Württemberg, Germany. The company is owned by Volkswagen AG, whose controlling stake is held by Porsche Automobil Holding SE.
Porsche has a market cap of $67 billion making it the 201st most valuable company in the world by market cap. Porsche is also one of the top 10 largest car companies in the world.
Furthermore, in 2009 Porsche entered into an agreement with Volkswagen to form an ‘integrated working group’ by merging the car manufacturing operations of the two companies. By 2015 Porsche SE, the holding company spun off from the parent Porsche firm, had a controlling interest in the Volkswagen Group, which included Audi and Lamborghini as subsidiaries.
Mercedes-Benz is a German-based multinational automobile manufacturer headquartered in Stuttgart, Baden-Württemberg, Germany. The company manufactures commercial vehicles such as passenger cars, vans, off-road vehicles, and transport trucks and buses.
Mercedes-Benz AG produces consumer luxury vehicles and light commercial vehicles as Mercedes-Benz. In 2018, Mercedes-Benz was the largest brand of premium vehicles in the world, selling 2.31 million passenger cars.
Also, the brand has its origins in Daimler-Motoren-Gesellschaft’s 1901 Mercedes and Carl Benz’s 1886 Benz Patent-Motorwagen, which is widely considered to be the first internal combustion engine in a self-propelled automobile. Also, Mercedes-Benz is one of the top 10 largest car companies in the world.
Additionally the central company headquarters, Mercedes-Benz offices, a car assembly plant, the Mercedes-Benz Museum and the Mercedes-Benz Arena are located on the Mercedes-Benz campus in Stuttgart.
04. Ferrari – $75 billion
Market Cap: $75 billion
Revenue: $6 billion
Headquarters: Maranello, Italy
Ferrari is an Italian luxury sports car manufacturer based in Maranello, Italy. It has a market cap of $75 billion, making it one of the largest car manufacturers by market capitalization. Also, Ferrari is the 4th largest car company in the world as of 2024.
Founded by Enzo Ferrari in 1939, the Ferrari company built its first car in 1940. Also, it adopted its current name in 1945 and began producing its current line of road cars in 1947.
The company currently offers a large model range that includes several supercars, grand tourers, and an SUV. Several early Ferraris from the 1950s and 1960s are among the most expensive cars ever sold at auction.
Due to the combination of its cars, enthusiast culture, and successful licensing deals, in 2019 Ferrari was labeled the world’s strongest brand by financial consultancy Brand Finance.
03. BYD – $95 billion
Market Cap: $95 billion
Revenue: $84 billion
Headquarters: Shenzhen, China
BYD Auto Co., Ltd. is the automotive subsidiary of publicly listed Chinese multinational manufacturing conglomerate BYD Company. The company is headquartered in Shenzhen, China and has operations in over 70 countries worldwide.
In addition, it manufactures passenger battery electric vehicles and plug-in hybrid electric vehicles, collectively known as new energy vehicles in China. It also manufactures battery electric buses and trucks.
In addition to its core businesses, BYD also has a significant presence in the renewable energy sector and is a major supplier of solar panels and energy storage systems. BYD is the third biggest car company in the world in 2024.
02. Toyota – $262 billion
Image: Global.toyota
Market Cap: $262 billion
Revenue: $307 billion
Headquarters: Toyota, Aichi, Japan
Toyota Motor Corporation is a Japanese multinational automotive manufacturer headquartered in Toyota City, Aichi, Japan. It was founded by Kiichiro Toyoda and incorporated on August 28, 1937. Toyota is the world’s largest automobile manufacturer, producing approximately 10 million vehicles per year.
Also, the company was originally founded as a spinoff of Toyota Industries which was a machine manufacturer started by Kiichiro’s father Sakichi Toyoda. Both companies are now part of the Toyota Group, one of the world’s largest conglomerates.
Toyota took advantage of the booming Japanese economy to sell cars to the growing middle class, leading to the development of the Toyota Corolla, which became the world’s all-time best-selling automobile.
The booming economy also funded an international expansion, which made Toyota one of the world’s largest automakers by 2024. Also, allowing it to become Japan’s largest company and the world’s ninth-largest company by revenue.
Tesla is an American multinational automotive company headquartered in Austin, Texas. It manufactures and sells electric cars as well as power storage and photovoltaic systems. Also, the company aims to “accelerate the transition to sustainable energy”. The company’s name is based on physicist and inventor Nikola Tesla.
Tesla has a market cap of $579 billion making it the 11th most valuable company in the world by market cap. Also, Tesla is the largest car company in the world in 2024.
Tesla was incorporated in July 2003 as Tesla Motors by Martin Eberhard and Marc Tarpenning. The company’s name is a tribute to inventor and electrical engineer Nikola Tesla. Elon Musk joined the company as its largest shareholder in February 2004 and was named CEO in 2008.
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