10 Largest Car Companies in the World [2023 Updated]

Car manufacturers are a powerful force in the global automotive industry, leading to fierce competition. In 2023, Volkswagen AG was ranked number one as the world’s most valuable car brand. Are you interested to learn about the largest car companies in the world?

In this article, we will look at who are the largest car companies in the world based on market cap and revenue rankings, factors influencing these rankings, an overview of two of the biggest automakers (Tesla Inc., Toyota Motor Corp.), the impact of electric vehicles on traditional players and common challenges they face.

Get ready for a deeper dive into today’s competitive automobile industry landscape!

Content highlights

  • Volkswagen is renowned for its commitment to innovation and engineering excellence, producing a diverse range of vehicles, including luxury brands Porsche and Audi.
  • Toyota stands out for pioneering efficiency, quality, and reliability in the global automobile industry, offering a wide product portfolio that includes the luxury Lexus division.
  • Stellantis, formed through a merger, has rapidly become a global automotive giant with an impressive lineup of vehicles, including iconic brands like Jeep.
  • Mercedes-Benz represents the pinnacle of luxury and innovation in the automotive industry, producing opulent passenger cars and commercial vehicles while maintaining a tradition of excellence.

10 Largest Car Companies In the World in 2023

Largest Car Companies

As of 2023, here’s a brief overview of the 10 largest car companies in the world, including their market capitalization and key features:



Annual Revenue (Billions)

Net Income (Billions)

Market Cap (Billions)

1-Year Stock Return (%)

Volkswagen AG






Toyota Motor Corp.












Mercedes Benz AG






Ford Motor Co.






General Motors






Honda Motor Co. Ltd.






Tesla Motors






Nissan Motors






BYD Co. Ltd.






Volkswagen AG (VWAGY)

  • Annual Revenue: Approximately $284.34 billion
  • Net Income: Around $19.76 billion
  • Market Capitalization: Approximately $81.0 billion
  • 1-Year Stock Return: Decline of about 36.5%
  • Stock Exchange: OTC (Over-the-Counter)

Volkswagen, headquartered in Wolfsburg, Germany, is one of the world’s foremost automobile manufacturers, boasting a decades-long history. Renowned for its commitment to innovation and engineering excellence, Volkswagen produces a diverse range of vehicles, from compact cars to heavy-duty trucks.

While the iconic Volkswagen Beetle has been retired due to changing consumer preferences, the company maintains a strong presence with its lineup of vehicles, including the Tiguan, Golf, Jetta, and Passat. Volkswagen also manages luxury brands Porsche and Audi, both known for their performance and sophistication. Beyond vehicle production, Volkswagen provides crucial automotive parts and offers comprehensive customer financing and fleet management services.

Toyota Motor Corp. (TM)


  • Annual Revenue: Approximately $270.58 billion
  • Net Income: Approximately $20.39 billion
  • Market Capitalization: Approximately $189.4 billion
  • 1-Year Stock Return: A decrease of about 21.8%
  • Stock Exchange: NYSE (New York Stock Exchange)

Toyota, headquartered in Toyota City, Japan, is renowned for pioneering the global automobile industry’s relentless pursuit of efficiency, quality, and reliability. The company’s diverse product portfolio encompasses everything from compact cars like the Corolla to robust trucks and versatile minivans.

Toyota has left an indelible mark on the automotive landscape with its popular models, including the Corolla, Camry, and the groundbreaking Prius hybrid sedan. The luxury car division, Lexus, sets the benchmark for premium vehicles. Toyota extends its services beyond vehicle manufacturing by providing customers with an array of accessories, parts, and comprehensive financing options.

Stellantis (STLA)

  • Annual Revenue: Approximately $181.58 billion
  • Net Income: Around $16.97 billion
  • Market Capitalization: Approximately $45.2 billion
  • 1-Year Stock Return: A decrease of about 15.8%
  • Stock Exchange: NYSE (New York Stock Exchange)

Stellantis, formed through the merger of Groupe PSA and Fiat Chrysler Automobiles (FCA) in 2021, has rapidly become one of the globe’s automotive giants. Operating across Europe, North America, and South America, the conglomerate offers a comprehensive lineup of vehicles, including passenger cars, robust trucks, versatile vans, and dynamic SUVs. Stellantis boasts an impressive stable of brands, such as Peugeot, Citroën, and Jeep, each with its unique identity and appeal. The company’s global headquarters is situated in the dynamic city of Amsterdam, Netherlands, symbolizing its broad international footprint.

Mercedes Benz AG (MBGYY)


  • Annual Revenue: Approximately $156.23 billion
  • Net Income: Approximately $25.64 billion
  • Market Capitalization: Approximately $70.2 billion
  • 1-Year Stock Return: A decrease of about 6.0%
  • Stock Exchange: OTC (Over-the-Counter)

Mercedes-Benz, a prestigious German automaker headquartered in Stuttgart, Germany, represents the pinnacle of luxury and innovation in the automotive industry. Renowned for its unwavering commitment to quality, performance, and technological advancement, Mercedes-Benz produces a diverse range of vehicles, including opulent passenger cars, versatile vans, rugged off-road vehicles, and commercial vehicles, including transport trucks and buses. The brand’s enduring legacy is built on a tradition of excellence that continues to captivate discerning drivers worldwide.

Ford Motor Co. (F)

  • Annual Revenue: Approximately $151.74 billion
  • Net Income: Approximately $9.01 billion
  • Market Capitalization: Approximately $46.1 billion
  • 1-Year Stock Return: A decrease of about 39.0%
  • Stock Exchange: NYSE (New York Stock Exchange)

Ford, a venerable multinational automotive company with its roots in Dearborn, Michigan, has been a driving force in the industry for well over a century. Committed to designing, manufacturing, and servicing a wide spectrum of vehicles, Ford’s impact on the automotive landscape is immeasurable. The company’s impressive lineup encompasses everything from the iconic Mustang to the versatile Edge, the rugged F-150, and more. In addition to vehicle manufacturing, Ford plays a pivotal role in the automotive financing and leasing sector, offering comprehensive solutions to meet customer needs.

General Motors (GM)

  • Annual Revenue: Approximately $147.21 billion
  • Net Income: Approximately $9.68 billion
  • Market Capitalization: Approximately $50.0 billion
  • 1-Year Stock Return: A decrease of about 34.6%
  • Stock Exchange: NYSE (New York Stock Exchange)

General Motors, headquartered in Detroit, Michigan, is a multinational automotive manufacturing giant with a rich legacy of innovation and leadership. Renowned for pioneering electric vehicle development, General Motors introduced the Chevy Volt and the Chevy Bolt, leading the charge in sustainable transportation. Operating under multiple prestigious vehicle brands, including GMC, Chevrolet, Cadillac, and Buick, General Motors offers a diverse range of vehicles to cater to a wide array of preferences. Beyond vehicle production, the company provides automotive financing, ensuring a comprehensive customer experience.

Honda Motor Co. Ltd. (HMC)

  • Annual Revenue: Approximately $126.17 billion
  • Net Income: Approximately $5.29 billion
  • Market Capitalization: Approximately $39.8 billion
  • 1-Year Stock Return: A decrease of about 11.1%
  • Stock Exchange: NYSE (New York Stock Exchange)

Honda, a revered Japanese multinational, has established itself as a global leader in the automotive industry. With a comprehensive product portfolio, Honda manufactures an extensive range of vehicles, including passenger cars, robust trucks, versatile vans, all-terrain vehicles, motorcycles, and the related parts necessary to support these offerings.

Some of their notable models include the popular Civic and Accord sedans and the upscale Acura brand, catering to the luxury car market. Beyond vehicle production, Honda extends its services to financial and insurance solutions, ensuring a seamless and holistic customer experience.

Tesla Motors (TSLA)

Tesla Impact on Automotive Industry

  • Annual Revenue: Approximately $74.86 billion
  • Net Income: Approximately $11.19 billion
  • Market Capitalization: Approximately $435.1 billion
  • 1-Year Stock Return: A decrease of about 54.1%
  • Stock Exchange: NASDAQ

Tesla, a trailblazing American company headquartered in Palo Alto, California, is synonymous with innovation in the automotive sector. Tesla is a pioneer in the field of electric vehicles (EVs) and clean energy solutions. They have revolutionized the industry by producing a lineup of electric models, including the Model 3, Model Y, Model S, and Model X, all known for their remarkable speed, range, and cutting-edge technology.

Tesla’s dedication to sustainability extends to its clean energy initiatives. Furthermore, Tesla provides financing options to make their vehicles more accessible to retail customers, promoting the adoption of EVs.

Nissan Motors (NSANY)

  • Annual Revenue: Approximately $73.73 billion
  • Net Income: Approximately $0.9 billion
  • Market Capitalization: Approximately $12.7 billion
  • 1-Year Stock Return: A decrease of about 33.4%
  • Stock Exchange: OTC (Over-the-Counter)

Nissan, another esteemed Japanese multinational in the automotive industry, has a global presence and a diverse vehicle lineup. Nissan designs and manufactures an array of passenger vehicles, including popular models like the Altima, Rogue, and the LEAF electric car, showcasing their commitment to sustainable transportation. Nissan’s luxury division, Infiniti, adds an element of sophistication to its offerings. Beyond vehicle manufacturing, Nissan plays a crucial role in the automotive financing and leasing sector, providing customers with a range of financial solutions to facilitate vehicle ownership.

BYD Co. Ltd. (BYDDY)

  • Annual Revenue: Approximately $51.37 billion
  • Net Income: Approximately $1.48 billion
  • Market Capitalization: Approximately $74.7 billion
  • 1-Year Stock Return: A decrease of about 18.0%
  • Stock Exchange: OTC (Over-the-Counter)

BYD, a dynamic Chinese multinational headquartered in Shenzhen, China, is a multifaceted company that excels in designing, developing, and manufacturing a wide range of products. Notably, they are at the forefront of the electric vehicle (EV) industry, producing EVs that have garnered significant attention.

Their product portfolio extends beyond EVs to include batteries, solar panels, and various renewable energy products, reflecting their commitment to sustainability and clean energy solutions. With a strong presence in both the passenger car and commercial vehicle markets, BYD’s innovative spirit is shaping the future of transportation while contributing to the global transition to renewable energy sources. If you want, you can also read on Top 10 Most Iconic BMW Grills.

Factors Influencing the Rankings (Technological advancements, Electric vehicle production, Market demand)

Technological advancements, electric vehicle production, and market demand are all important factors that influence the rankings of car companies in the world. Technological advances such as changes in battery chemistry and energy density have enabled improvements to electric vehicles, leading to increased sales of these cars across many regions.

Additionally, a notable trend has been rising global demand for SUVs and large models in both the electric and traditional car markets – this indicates that consumers are increasingly looking towards getting more performance out of their vehicles.

As manufacturers struggle to keep up with this growing customer preference for larger cars, their lobbying power is also affected when transitioning between conventional internal combustion engines to alternative fuel sources like electricity.

In banking on one type of technology or another, they can end up being rewarded due to higher sales volumes, thus ranking them above other automakers who may not have made this choice yet.

On top of that, electric cars or those powered by new types of technology cost much less than traditional gas guzzlers from 10-15 years ago, given how cheap electricity tends to be compared to oil at times; therefore, profit margins earned off EVs can be higher further increasing their rank overall globally.

Overview of Tesla Inc.

Tesla Inc. is a leader in the sustainable transportation and renewable energy sector. Specializing in electric vehicles, battery technology, and clean energy systems, Tesla has become one of the most innovative companies in its segment.

Founded in 2003 by visionary entrepreneur Elon Musk, Tesla has become a market leader in global electric vehicle production. A testament to this success was the 479,700 units produced and 466,140 units sold during the second quarter of 2023.

The company’s products include an assortment of best-in-class electric vehicles, from luxury saloons to all-terrain crossover SUVs – such as Model Y, which offers superior performance at competitive prices – and power wall storage solutions for residential use.

Tesla also provides automotive autopilot software with self-driving capabilities for safer trips on highways when engaged correctly while significantly reducing carbon emissions with green mobility options and energy storage solutions that promote better use of renewable sources like solar and wind power.

Overview of Toyota Motor Corp.

Toyota Motor Corporation is the largest Japanese automobile manufacturer. They produce about 10 million vehicles per year across multiple brands and production facilities spread over numerous countries around the world.

It designs, manufactures, and sells many types of vehicles, including sedans, coupes, SUVs, trucks, minivans, etc. Its automotive products are known for their excellent build quality and advanced technology features.

The company has its headquarters located in Toyota Japan and employs more than 300000 people worldwide. Their cars have consistently ranked among the top vehicles sold based on the highest customer ratings given to them by renowned car magazines such as Car & Driver magazine.

In 2008 it claimed the title of ‘Largest Automobile Manufacturer,’ overtaking General Motors, who was number one in global sales rankings at that time – a testament to its growth within this competitive industry where only the best make it to stay on top! Additionally, you can also read on New Toyota Harrier 7 Seater.

Impact of the Electric Vehicle Market on Car Companies

Electric vehicle

The global electric vehicle market is rising, with sales expected to reach USD 951.9 billion by 2030. Car companies around the world are being forced to embrace this transition as they face increasing consumer demand for EVs and a slowdown in combustion engine sales due to stricter environmental regulations.

For traditional car manufacturers who have built their businesses primarily on combustion vehicles, this shift towards electric cars has been an especially difficult adjustment, forcing them to re-evaluate their production processes and implement new strategies in order to remain competitive in the growing EV market.

One example of a major car company making strides into EV production is Ford Motor Co., which recently announced plans to produce more than 2 million EVs annually by 2026 and expects electric vehicles to make up half its global sales volume by 2030.

Companies such as Volkswagen AG and Tesla Inc are also investing heavily in EV production, with each already manufacturing millions of fully electric cars per year (Tesla’s 1 million alone).

Other companies like Toyota Motor Corp., Chevrolet–part of General Motors, Daimler AG’s Mercedes-Benz Group AG, Honda Motor Co., Ltd.; BMW; SAIC; Stellantis NV; and Hyundai all have also announced or begun producing Electric Vehicle models for customers worldwide.

To stay abreast in developing technology related to renewable energy sources, many traditional players have invested billions of dollars into research and development over the past few years, as well as working together with some smaller competitors trying different innovative techniques aimed at producing lighter-weight batteries offering greater ranges for Electric Vehicles.

Despite these challenges, however, traditional auto giants continue making efforts towards transitioning away from legacy systems while simultaneously bidding against newer rivals driving up prices when attempting to acquire technological advancements needed to assist aid mass adoption, making it harder to break even point compete for lower priced models from fellow incumbents those pursue higher-end performance only niche markets generate reliable profits yet long term sustainable growth based how quickly adapt & merge stirred Industry uncertain times remain foot face changes come.

Also Read: GM to Use Tesla’s Connector for Electric Vehicle Charging.

Challenges Faced by Traditional Car Manufacturers

Traditional car manufacturers are facing a number of challenges in the coming years, with supply chain disruptions being among the most pressing. The pandemic has caused delays and difficulties in components sourcing, resulting in fewer vehicles on the market which can compromise profit margins.

This is an especially worrying development for auto industry workers whose livelihoods depend on continued vehicle production and sales stability.

Furthermore, trends underway may completely transform how cars are built, used, and sold. Car dealerships must capitalize on digital opportunities to remain relevant going forward or risk becoming obsolete as technologies like autonomous driving become more prevalent over time.

Moreover, commodity prices have risen drastically due to global lockdowns, yet another blow to traditional car manufacturers who must grapple with these price hikes when setting production costs.

With all these pressures mounting onto already-profound obstacles posed by the pandemic, it’s anybody’s guess how this will shape up for traditional carmakers over time.

Frequently Asked Questions (FAQs)

Now, let’s delve into some frequently asked questions regarding this subject.

1. Who are the largest car companies in the world?

The largest car companies in the world can vary depending on factors like annual revenue, market capitalization, and production volume. As of my last update in September 2021, some of the largest car companies included Volkswagen Group, Toyota Motor Corp., Stellantis, and others. However, rankings may change over time, so referring to the most recent data for an accurate list is essential.

2. What criteria are used to determine the largest car companies?

The largest car companies are typically determined based on criteria such as annual revenue, market capitalization, and vehicle production volume. These factors provide a comprehensive view of a company’s financial strength and market presence in the automotive industry.

3. How has the ranking of the largest car companies changed over the years?

Rankings of the largest car companies can change due to various factors, including market dynamics, mergers and acquisitions, and shifts in consumer preferences. For instance, the emergence of electric and autonomous vehicles has led to changes in the industry landscape. Tracking these changes over time can provide insights into industry trends.

4. What are the key challenges facing the largest car companies today?

The largest car companies face several challenges in today’s automotive industry. These challenges include increasing competition, transitioning to electric and autonomous vehicles, supply chain disruptions, and meeting stringent emissions and environmental regulations. Additionally, companies are focusing on sustainability and innovation to address these challenges and remain competitive.


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