In this article, we will take a look at the top 20 biggest car manufacturers by 2023 revenue. If you want to skip our detailed analysis of the global automobile market, you can go directly to the Top 5 Biggest Car Manufacturers by 2023 Revenue.
The global automotive market is one of the largest and most important industries in the world. It generates trillions of dollars in revenue each year while also employing millions of people. With new technologies and trends emerging all the time, the automotive industry is constantly evolving. Let’s take a look at some of the latest trends in the automotive market before we talk about the biggest car manufacturers by revenue.
Global Automotive Industry and Latest Market Trends
According to a report by Business Research Insights, the global automotive market size was valued at $2.73 trillion in 2021. The market is expected to grow at a compound annual growth rate (CAGR) of 3.01% during 2021-2031, propelling the market to reach above $3.57 trillion by the end of the forecasted period. Passenger cars are the most popular mode of mobility in most countries, and the rising per capita income of the population is increasing the demand for cars in markets around the world. Moreover, with rising disposable incomes, more consumers are now looking for vehicles that offer more space and utility. SUVs and crossovers are becoming increasingly popular and the increase in demand is expected to positively influence the market during the forecast period.
The key driving factor creating a positive outlook for the global automotive market is the surge in demand for electric vehicles. In one of our previous articles about the best selling cars, trucks, and SUVs, we briefly discussed the growing interest in efficient electric vehicles. According to a report by the International Energy Agency, electric car sales are expected to continue growing strongly this year. More than 2.3 million electric cars were sold in the first quarter of 2023, which is almost a 25% increase from the same period last year.
On October 5, CNBC reported that LG Energy Solution Ltd (KRX:373220), one of the largest battery makers in the world, entered into an agreement to supply Toyota Motor Corporation (NYSE:TM) with EV batteries for electric cars that will be assembled in the US. According to the report, this agreement will help Toyota Motor Corporation (NYSE:TM), one of the best-selling car brands in the US, expand its battery EV line-up. Toyota Motor Corporation (NYSE:TM) intends to offer as many as 30 battery electric vehicle models across its Toyota and Lexus brands and produce up to 3.5 million battery electric vehicles each year by 2030. LG Energy Solution Ltd (KRX:373220) will invest around $3 billion, according to the company’s CEO, Youngsoo Kwon:
“to establish new production lines for battery cells and modules exclusively for Toyota, with completion slated for 2025.”
Despite near-term challenges including the volatility in demand as well as global inflation, car manufacturing companies continue to focus on production of electric vehicles in the long term. On October 17, Reuters reported that General Motors Company (NYSE:GM) announced a delay of a year in production of electric pickup trucks at its plant in Michigan’s Orion Township, as the company shifts its capital investment strategy to align with the evolving demand for electric vehicles. General Motors Company (NYSE:GM) had plans to begin production of the electric Chevrolet Silverado and GMC Sierra in late 2024 at the plant, but now the company said the plan is to start in late 2025. The report also mentions that General Motors Company (NYSE:GM) aims to deliver roughly 100,000 EVs in the second half of 2023, while also planning for a boost in EV production in 2024 including adding a new shift at a Detroit-Hamtramck factory that is currently producing EV SUVs and pickup trucks.
However, not all of the consumers are ready to take the leap and buy fully electric vehicles. On August 23, Reuters reported that according to industry forecasters, Ford Motor Company (NYSE:F) is planning to manufacture and sell hundreds of thousands of gasoline-electric hybrid vehicles in the US over the next five years. Car manufacturing companies like Ford Motor Company (NYSE:F) are looking to offer hybrid vehicles as an alternative for consumers who are looking for more sustainable transportation options, but may not be ready to invest in a full electric vehicle. The report also mentions that hybrids remain in short supply at many US dealerships and Ford Motor Company (NYSE:F) is the latest to put in place more aggressive hybrid plans.
Now that we have discussed some of the latest trends in the automotive industry, let’s take a look at top 20 biggest car manufacturers by 2023 revenue.
Photo by carlos aranda on Unsplash
Methodology
In this article, we have listed the top 20 biggest car manufacturers by 2023 revenue. To rank the top 20 biggest car manufacturers in terms of revenue, we first sifted through the Yahoo Finance and Finviz stock screeners to find the largest car manufacturing companies. We then also consulted the Fortune Global 500 list, which is an annual ranking of the world’s largest corporations based on their fiscal year revenues. While the list is published annually, we used data obtained for the latest year in their dataset, which is 2023.
For companies that are publicly traded, we got their trailing twelve-month revenue from YCharts. For companies that are not publicly traded, we used fiscal year revenues data from the Fortune Global 500 rankings. We have listed the top 20 biggest car manufacturers by 2023 revenue below in ascending order.
Top 20 Biggest Car Manufacturers by 2023 Revenue
20. Renault SA (EPA:RNO)
Revenue: $55.15 Billion
First up on our list of top 20 biggest car manufacturers by 2023 revenue is Renault SA (EPA:RNO). Renault SA (EPA:RNO) is a French multinational automobile manufacturer with a presence in more than 100 countries. The company has a trailing twelve-month revenue of $55.15 billion, as of June 30, 2023.
19. Zhejiang Geely Holding Group
Revenue: $60.39 Billion
Zhejiang Geely Holding Group, or simply Geely, is a multinational automotive company that is privately held by Chinese billionaire entrepreneur Li Shufu. Zhejiang Geely Holding Group generated an annual revenue of $60.39 billion in 2022.
18. Beijing Automotive Group
Revenue: $67.28 Billion
Beijing Automotive Group, also known as BAIC Group, is a state-owned automobile manufacturer in China. As one of the largest Government-owned automobile manufacturing corporations in China, the Beijing Automotive Group generated an annual revenue of $67.28 billion in 2022.
17. Dongfeng Motor Corporation
Revenue: $68.42 Billion
Dongfeng Motor Corporation is one of the “Big Four” state-owned car manufacturers of China. As one of the biggest car producers in China, the corporation manufactures more than 3.5 million cars every year. Dongfeng Motor Corporation generated an annual revenue of $68.42 billion in 2022.
16. Kia Corporation (KRX:000270)
Revenue: $72.94 Billion
Kia Corporation (KRX:000270) is a multinational automobile manufacturer based in South Korea, where it is the second largest car manufacturer. Kia Corporation (KRX:000270) has a trailing twelve-month revenue of $72.94 billion, as of June 30, 2023.
15. BYD Company Limited (SHE:002594)
Revenue: $76.6 Billion
BYD Company Limited (SHE:002594) is a Chinese conglomerate manufacturing company that produces passenger cars as part of its business. It has two major subsidiaries, BYD Auto and BYD Electronic. BYD Company Limited (SHE:002594) has a trailing twelve-month revenue of $76.6 billion, as of June 30, 2023.
14. Guangzhou Automobile Industry Group
Revenue: $77.34 Billion
Guangzhou Automobile Industry Group is a Chinese state-owned joint stock holding company that owns a number of car manufacturers in China. As one of the top automobile companies in the world by sales, Guangzhou Automobile Industry Group generated an annual revenue of $77.34 billion in 2022.
13. Nissan Motor Co Ltd (TYO:7201)
Revenue: $83.11 Billion
Nissan Motor Co Ltd (TYO:7201), commonly known as Nissan, is a Japanese multinational automobile manufacturer that designs, produces and sells cars to customers all over the world. Nissan Motor Co Ltd (TYO:7201) has a trailing twelve-month revenue of $83.11 billion, as of June 30, 2023.
12. China FAW Group
Revenue: $87.68 Billion
China FAW Group is one of the “Big Four” state-owned car manufacturers of China. With an annual revenue of $87.68 billion in 2022, the Chinese state-owned automobile manufacturer ranks at the number 12 spot on our list of top 20 biggest car manufacturers by revenue.
11. Tesla Inc. (NASDAQ:TSLA)
Revenue: $94.03 Billion
Tesla Inc. (NASDAQ:TSLA) is an American multinational automotive company that designs and manufactures electric vehicles. It is one of the leading car manufacturers that is working on accelerating the world’s transition to sustainable energy. Tesla Inc. (NASDAQ:TSLA) has a trailing twelve-month revenue of $94.03 billion, as of June 30, 2023.
Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), and Toyota Motor Corporation (NYSE:TM) are some of the other prominent names in the car manufacturing industry that are constantly innovating.
10. SAIC Motor Corporation Limited (SHA:600104)
Revenue: $103.22 Billion
SAIC Motor Corporation Limited (SHA:600104) is a Chinese state-owned automobile manufacturing corporation. It is the biggest car manufacturer in the Chinese automobile industry. SAIC Motor Corporation Limited (SHA:600104) has a trailing twelve-month revenue of $103.22 billion, and with that it ranks among the top 10 biggest car manufacturers by 2023 revenue.
9. Hyundai Motor Company (KRX:005380)
Revenue: $118.37 Billion
Hyundai Motor Company (KRX:005380) is a South Korean multinational automotive manufacturer. The company also operates the world’s largest integrated automobile manufacturing facility, which is located in Ulsan, South Korea. Hyundai Motor Company (KRX:005380) has a trailing twelve-month revenue of $118.37 billion, as of June 30, 2023.
8. Honda Motor Co Ltd (NYSE:HMC)
Revenue: $129.18 Billion
Honda Motor Co Ltd (NYSE:HMC) is a Japanese multinational conglomerate and one of the biggest manufacturers of cars, motorcycles, and power equipment. Honda Motor Co Ltd (NYSE:HMC) is also the proud parent of Acura, its dedicated luxury brand. With a trailing twelve-month revenue of $129.18 billion, as of June 30, 2023, Honda Motor Co Ltd (NYSE:HMC) ranks high among the top biggest car manufacturers by 2023 revenue.
7. Bayerische Motoren Werke Aktiengesellschaft (ETR:BMW)
Revenue: $158.03 Billion
Bayerische Motoren Werke Aktiengesellschaft (ETR:BMW) is a German multinational manufacturer of premium vehicles and motorcycles. Cars are marketed under the brands Mini, Rolls-Royce and BMW. Bayerische Motoren Werke Aktiengesellschaft (ETR:BMW) has a trailing twelve-month revenue of $158.03 billion, as of June 30, 2023.
6. Mercedes-Benz Group AG (ETR:MBG)
Revenue: $161.91 Billion
Mercedes-Benz Group AG (ETR:MBG) is a German multinational automotive corporation as well as one of the world’s leading suppliers of high-end passenger cars and premium vans. Mercedes-Benz Group AG (ETR:MBG) has a trailing twelve-month revenue of $161.91 billion, as of June 30, 2023, and ranks among the world’s most successful automotive companies.
Some of the biggest names in the automotive industry include Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), and Toyota Motor Corporation (NYSE:TM).
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Disclosure: None. Top 20 Biggest Car Manufacturers by 2023 Revenue is published on Insider Monkey.