5 Most Valuable Car Companies by Market Cap Heading into 2024

In this piece, we will take a look at the 5 most most valuable car companies by market cap heading into 2024 . For more countries, head on over to the 20 most valuable car companies by market cap heading into 2024.

5. Porsche

Total market cap as at 30th October 2023 (in $ billions): 79.2

Porsche is one of the most valuable car brands in the world in 2023, and one of the most valuable car companies in the world in 2023.

4. VinFast

Total market cap as at 30th October 2023 (in $ billions): 95

The only private company in our list of the most valuable car companies by market cap heading into 2024, VinFast’s valuation has been obtained from Times and is based on huge investments made by its parent company Vingroup into EV production while leasing the battery, which should reduce consumer costs. However, the company has so far only sold 16,000 vehicles through the second quarter of 2023, and its extremely high valuation might be overstated, according to many.

3. BYD Company Limited

Total market cap as at 30th October 2023 (in $ billions): 95.9

The most valuable car company in China, BYD Company reported a record quarterly profit of $1.42 billion in Q3 2023.

2. Toyota Motor Corporation (NYSE:TM)

Total market cap as at 30th October 2023 (in $ billions): 235.3

Toyota Motor Corporation (NYSE:TM) is the largest automaker by sales, but the company’s production facilities have faced pressure in Japan as it has shut down two plants due to problems at a supplier. The past year has been excellent for Toyota Motor Corporation (NYSE:TM) despite these limitations and it has gained over 43% in share price in YTD 2023.

1. Tesla, Inc. (NASDAQ:TSLA)

Total market cap as at 30th October 2023 (in $ billions): 648.8

Bigger than the next 5 put together is Tesla, Inc. (NASDAQ:TSLA), which tops the list of the 20 most valuable car companies by market cap heading into 2024. Tesla, Inc. (NASDAQ:TSLA) saw its share price crash in 2022, before posting a strong recovery in 2023, gaining around 90% in share price in 2023, though it is still more than 10% below where it was just a year ago.

Baron Partners Fund made the following comment about Tesla, Inc. (NASDAQ:TSLA) in its Q2 2023 investor letter:

Many factors contributed to the strong performance of our largest Disruptive Growth position, Tesla, Inc. (NASDAQ:TSLA), in the period. Investors’ concerns regarding Tesla in 2022 continue to dissipate, and the company’s business has continued to grow materially, although at below peak margins. Tesla’s deliveries in China are recovering. The company’s newest factory in Texas has ramped production and should contribute to improved domestic sales and margins. U.S. government policies have lowered the cost to own Tesla vehicles, while also reducing the company’s battery production expenses.

We continue to believe that Tesla is only scratching the surface of its potential. We regard announced partnerships between Tesla and its competitors in the quarter as important. In early June, Tesla agreed to provide Ford Motors access to Tesla’s electric vehicle (EV) charging technology and network. Other traditional and pure EV manufacturers, including General Motors, Rivian, and Volvo, quickly followed suit. We expect additional charging partnerships to ensue. In our view, these relationships validate Tesla’s charging technology and infrastructure as superior to other standards. Consolidation around a single technology should accelerate charging infrastructure deployment, diminish the risk of Tesla’s technology becoming obsolete, and lessen a key concern of hesitant EV purchasers. EV adoption is at a tipping point. And Tesla, with its approximately 60% domestic market share of EVs, should be the most important beneficiary of this shift…”  (Click here to read the full text)

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