The automobile industry is going through some remarkable changes, the newcomers in the automobile market such as electric vehicles have changed the outlook of the automobile sector over the years. The accelerating growth in the automotive industry has created new opportunities for market leaders. Through deep investment in new technology and retooled production lines companies are continuously changing their strategies to survive in the challenging market of automobiles. After the pandemic, automotive dealers faced a lot of outrage because lots of vehicles remained unsold. Here is the list of the top 10 automobile companies in the world by their valuation:
10 Automobile Companies in the World 2024
1.Tesla Inc – by Martin Eberhard and Marc Tarpenning
Martin Eberhard and Marc Tarpenning founded Tesla in July 2003 as Tesla Motors. This name was given to tribute Nikola Tesla who was the inventor and electrical engineer of the company. Elon Musk became the largest shareholder of Tesla Motors in February 2004, and in 2008 he became the chief executive officer of the company. The Roadster sports car was the first car of the company which was launched in 2008. In 2012 the second car model of the company came, Model S Sedan. The Model X SUV, the Model 3 Sedan, the Model Y crossover, the Tesla semi-truck, and the cyber truck pickup truck, came respectively in the year 2015, 2017, 2020, 2022, and 2023. In June 2021 the first electric car, the Model 3 of the company came which sold 1 million units worldwide. Model Y, which came in January 2024 was the best-selling BEW.
Tesla is continuing to surprise its customers with variations in their cars. 2023 was a great year for Tesla, but due to weak delivery in 2024, Tesla owners faced a huge difference in their profit ratio. However, the stock price rose after there was a tariff of 9% on Chinese electrical vehicle imports. The current market capitalization of Tesla is $689.6 billion. In today’s age, Tesla cars are one of the best cars in the world.
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2. Toyota Motors Crop – a Japanese company
Till 2020 Toyota was the world’s most valuable car company, but the crown was taken by Tesla in 2020. Toyota is a Japanese company that was created in 1937 the headquarters of Toyota is in the Aichi prefecture. The current market capitalization of Toyota is $ 247.7 billion. However, Toyota faces a 2% decline in their revenue and a 30% drop in their net profit because of the issue in the supply chain, making the company second, market capitalization growth in the past 10 months.
3. BYD Co. Ltd. – Wang Chuanfu
Wang Chuanfu founded HYD Company Limited in February 1955, at that time it was a battery manufacturing company. In 2003 the largest subsidiary of BYD was founded, which became the world’s largest manufacturer of electric vehicles. More than 50% of revenue has come from motive business since 2009. BYD Automotive contributed over 80% of the company’s total revenue in 2023. The full form of BYD is “build your dreams”, which deals in trucks, buses, EVS, Solar panels, and monorails. The current market capitalization of BYD is $92.7 billion.
4. Ferrari NV – Enzo Ferrari
Enzo Ferrari founded the luxurious sports car Ferrari, in 1939. The first sports car of Ferrari came in 1940 and the company became a public company in 1960. It is a Maranello-based company and has become a well-known automobile companies for sports cars. In 2022 Ferrari sold 13,221 cars, in 2023 13,663 cards were delivered and the profit was 34% with 1.257 billion Euros. This was the first time Ferrari crossed the 1 billion Euro target. In 2023 Ferrari grew to $57.2 million, and in 2024 Ferrari surprised Porsche and grew to a $85.5 billion company. The current market capitalization of Ferrari is $85.5 billion.
5. Mercedes-Benz Group AG – multinational automotive company
Mercedes-Benz Group AG is the world’s leading car manufacturer company. The headquarters of Mercedes-Benz Group AG is in Stuttgart, Baden-württemberg. The company was founded in 1926 and is ruling in the automobile industry. To attract younger customers Mercedes has adopted various strategies such as influencer marketing and experimental collaboration. The current market capitalization of Mercedes-Benz Group AG is $73.3 billion.
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6. Porsche Automobile Holding SE – a German multinational company
Ferdinand Porsche and his grandson Antony Piech founded Porsche to mobile holding SE in 1931. 2023 was not a good year for the company as Porsche lost $16.47 billion in the market because of supply issues. The Porsche automobile holding SE is $71.2 billion.
7. Bayerische Motoren Werke AG – German multinational manufacturer
Bayerische Motoren Werke AG is a German multinational manufacturing company that deals in luxury vehicles and motorcycles. The headquarters of Bayerische Motoren Werke AG is in Munich, Bavaria. The current market capitalization of Bayerische Motoren Werke AG is $58.7 billion.
8. Xiaomi Crop – a Chinese company
Xiaomi Crop is the world’s second-largest smartphone manufacturing company headquartered in Beijing. The company was founded in 2010. In 2021 Xiaomi entered the electronic vehicle market with $ 10 investment. In 2023 the first electronic vehicle of Xiaomi launched. The current market capitalization of Xiaomi Cropis $57.3 billion.
9. Volkswagen AG – German public multinational conglomerate
In 1937 Volkswagen AG was founded in Berlin. Volkswagen AG is a manufacturer of engines and turbomachinery, passenger and commercial vehicles, and motorcycles. For two decades Volkswagen has maintained the largest Market share in Europe. The current market capitalization of Volkswagen AG is $56.6 billion.
10. General Motors Co. – an American multinational automotive
William Durant founded General Motors in 1908. General Motors is popularly known for manufacturing and owning four automobile brands: Chevrolet, GMC, Buick, and Cadillac.
The current market capitalization of General Motors is $52.6 billion.
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Conclusion
These are the top 10 automobile companies, which are ruling worldwide. The market strategies these companies are following to grow their customer base are exceptional. From luxury cars to sports cars these automobile companies are satisfying all the needs of the customers.
