11 World’s Largest Car Companies in 2023
11 World’s Largest Car Companies in 2023- According to Annual Report in 2023, there are 11 World’s Largest Car Companies. Basically, the rank can be clustered into assets and net income / profit of car companies in 2023. The companies that we ranked are public companies which have listed its stock in stock markets and many people can buy and trade its stock. With these conditions as a public company, many people can access the financial statements of the company.
Many of us still know the company because many people used the vehicle production from these companies. Many different models, brands, and technologies can be seen from their products. Here is the rank of 11 world’s largest car companies based on the amount of net profit/profit obtained by each car company in 2023. The data of net income / profit can be seen in the income statement of Annual report in 2023.
Rank 11 Largest Car Companies in the World of 2023 Based on Net Income
Of course, from the rank above, several big players such as Volkswagen AG, Toyota Motor Corp, BMW Group, Stellantis, and Daimler AG are still the top 5 world's biggest car companies based on net income in 2023.
In addition to analysing the company’s income and revenue, we also analyse the data related to the company’s assets and debts (liabilities) taken from the balance sheet of each company. The assets and liabilities can describe the financial position of the company. Company with less liabilities than assets can be an indication of healthier companies.
The Rank of 10 World’s Largest Companies Based on Assets in 2023
Regarding the 11 Largest Car Companies in the World in 2023, here are some brief explanations related to the description of each company taken from various sources, especially data from the Company’s Annual report.
Brief Description of 11 World’s Largest Car Companies in 2023
1.Volkswagen AG
Founded on May 28, 1937, and has its main office in Wolfsburg, Germany, Volkswagen has become one of the world’s largest car companies in 2023. Along with business development, The Volkswagen Group has operated in 153 countries with various vehicle brands such as Audi, Bentley, Bugatti, Lamborghini, Porsche, SEAT, and SKODA. In addition, Volkswagen AG has a stake in the truck, bus, and diesel engine manufacturers, namely Scania AB and MAN SE. In 2023, the company generated revenues of 332 billion euros or equivalent to 368 billion US Dollars with gaining a net profit of 17.9 billion euros or equivalent to 19.8 billion US Dollars.
2.Toyota Motor Corp.
Toyota Motor Corp. is one of the world’s largest car companies from Japan. Based on its history, the company was founded by Kichiro Toyoda on August 28, 1937. Until now, Toyota Motor Corporation produced vehicles under various brands such as Toyota, Hino, Lexus, Ranz, and Daihatsu brands. In addition, this company also has shares in several well-known car companies such as Subaru Corporation with 20.02% of the stake, 5.1% of stake in Mazda, 4.9% of stake in Suzuki, 4.6% of stake in Isuzu, 3.8 % of shares in Yamaha Motor Corporation, and 2.8% of shares in Panasonic, as well as several business partnerships in China, namely GAC Toyota and Sichuan FAW Toyota Motor, in India namely Toyota Kirloskar, and several partnerships in foreign countries
Until now, the company is still headquartered in Toyota City, in Aichi Prefecture, Japan. In 2023, based on its financial performance, the company generated revenues of 45 trillion yen or equivalent to 315 billion US Dollars with a net profit of 5 trillion yen or equivalent to 35.4 billion US Dollars.
3.Daimler AG
Daimler AG is one of the world’s largest car companies in 2023 headquartered in Stuttgart, Baden-Württemberg, Germany that was formerly known as Daimler-Benz and Daimler Chrysler. This company is generally known as the Mercedes-Benz car brand. Historically, Daimler-Benz was formed with the merger of Benz & Cie and Daimler Motoren Gesellschaft in 1926. The company was later renamed Daimler Chrysler following the acquisition of American automaker Chrysler Corporation in 1998, but it was renamed again as Daimler AG following the divestment of Chrysler to Cerberus Capital Management in 2007 (Chrysler is currently owned by Stellantis).
In 2014, Daimler had stakes in several car, bus, truck, and motorcycle brands including Mercedes-Benz, Mercedes-AMG, Smart Automobile, Detroit Diesel, Freightliner, Western Star, Thomas Built Buses, Setra, BharatBenz, Mitsubishi Fuso, MV Agusta as well as stakes in Denza, KAMAZ, and BAIC Motor. In 2023, the company earned revenues of 153 billion euros, or equivalent to 169 billion US dollars, and a net profit of 14.5 billion euros or equivalent to 16 billion US dollars.
4.General Motors Co.
The General Motors Company is one of the world’s largest car companies from the United States, headquartered in Detroit, Michigan. Historically, the company was founded by William C. Durant on September 16, 1908, as a holding company, and the current entity was founded in 2009 after being restructured. The company is the largest American automaker and one of the largest automakers in the world.
Along with the development of the company, they have produced many cars with well-known brands in the world. Some of General Motors brands include Chevrolet, Buick, GMC, Cadillac, Baojun, Jiefang, and Wuling. Along with the development of the company’s business, the company has a total of 155,000 employees, 122 production plants, and more than 4,000 dealers in the United States. In 2022, this company generated revenues of 171 billion US dollars and a net income/ profit of 9.8 billion US dollars.
5.BMW Group
The BMW (Bayerische Motoren Werke) group is an international car company originating from Germany. They started their business on March 7, 1916. Historically, the founders of this company are Camillo Castiglioni, Franz Josef Popp, and Karl Rapp. According to its history, at its inception in 1916, the company was originally named Bayerische Flugzeugwerke AG which later changed its name to Bayerische Motoren Werke (BMW) in 1922. Initially, the company produced airplanes, motorcycle engines, agricultural equipment, and household goods. The company produced motorcycles in 1923 and BMW became an automobile manufacturer in 1928 when it bought the Fahrzeugfabrik Eisenach. Along with the development, until 2022, BMW Group will have some famous brands, namely BMW, Mini, and Rolls-Royce. Commonly, these brands are premium class vehicles.
To date, the BMW Group has its main office in Munich and produces motor vehicles in Germany, Brazil, China, India, Mexico, the Netherlands, South Africa, the United Kingdom, and the United States. Furthermore, the BMW Group’s production area is in 31 locations in 15 countries. In 2022, this company earned revenues of 155 billion euros or equivalent to 172 billion US Dollars with a net income/ profit of 12.1 billion euros or equivalent to 13.4 billion US dollars.
6.Ford Motor Co.
The Ford Motor Company, commonly known as Ford, is an American multinational automaker has the main office in Dearborn, Michigan. Founded by Henry Ford on June 16, 1903. The company sells cars and commercial vehicles under the Ford brand and most luxury cars under the Lincoln brand. Ford also acquired the Brazilian SUV carmaker Troller in 2007 and owns an 8% stake in Britain’s Aston Martin and a 32% stake in Jiangling Motors. In 2023, this company showed an unsatisfactory performance. In that year, the company earned revenues of 176 billion US dollars and succesfully gained a net lincome of 17.9 billion dollars.
7.Stellantis
Stellantis N.V is a global car company that was formed in 2023. Structurally, this company is the merger between Fiat Chrysler Automobiles (FCA) and the French PSA Group. As of this merger, this company, Stellantis controls many vehicle brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Mopar, Opel, Peugeot, Ram, and Vauxhall. Financially, in 2023, this company has assets around 202 billion Euro / 224 billion US Dollar and Liabilities around 120 billion Euro / 133 billion US Dollar. Based on the business performance in 2023, the company gained revenue around 189 billion Euro / 209 billion US Dollar and net income around 18.6 billion Euro / 20.6 billion US Dollar.
8.Hyundai Motor Co.
The Hyundai Motor Company, as we know “Hyundai” is a South Korean multinational car manufacturer and still has a main office in Seoul, South Korea. Hyundai Motor Company. The founding father of the company is Chung Ju-yung. He started in 1967. Along with a hard-working and long-lasting commitment to survive, he continues to develop its business with various vehicle variants. In addition to its well-known Hyundai brand, the company has an affiliation with Kia Corporation (the manufacturer of KIA cars) because it owns a 33% stake.
Hyundai operates the world’s largest integrated car manufacturing facility in Ulsan, South Korea with an annual production capacity of 1.6 million units. The company also employs about 75,000 people worldwide. Hyundai has sold its products in many countries through thousands of dealers and showrooms. Based on sales figures, in 2022, the company was able to sell more than 1.6 million cars. In 2023, financially, the company still showed a positive performance by obtaining revenues of 162 trillion Korean Won (KRW) or equivalent to 120 billion US Dollars with a net income/ profit of 12.2 trillion KRW or equivalent to 9 billion US Dollars.
9.Honda Motor Co.
10.Tesla
Tesla, Inc. is an electrical and environmentally friendly car company based in Palo Alto, California. Tesla products include electric cars, energy storage batteries, solar panels, and solar roofs. Founded in July 2003 by Martin Eberhard and Marc Tarpenning, Tesla’s name is a tribute to the famous inventor and electrical engineer from the United States, Nikola Tesla. Since Elon Musk leads this company, who has been CEO since 2008, the company has grown rapidly by releasing various variants of its electric vehicle models.
Tesla started production of their first car model, the Tesla Roadster in 2009 and the Model S sedan in 2012, the Model X SUV in 2015, the Model 3 sedan in 2017, and the Model Y in 2022. Many of these models are selling well in the international market. In 2023, financially, this company still showed a positive performance by obtaining revenues of 96 billion US dollars with a net profit of 14.9 billion dollars.
11. BYD
BYD Company Limited was founded on February 10th, 1995, by initiative of Wang Chuanfu. Operationally, the BYD has main office in Shenzhen, Guangdong, China and still focussing on manufacturing of electric and hybrid vehile with some popular models namely, BYD Atto 3, BYD Dolphin, BYD Seal, and BYD Tang. Financially, according to its report in 2023, the BYD has total assets reaching 679 billion Renminbi or equivalent to $ 95 Billion and total liabilities about 529 billion Renminbi / $ 74 Billion. Furthermore, based on the business performance in 2023, the BYD could generate revenue of 602 billion Renminbi or equivalent to $ 84 Billion and net income reaching 31.4 billion Renmimbi or equivalent to $ 4.3 Billion.
The Summary of 11 World’s Largest Car Companies in 2023
Bibliography of Article “Top 11 World’s Largest Car Companies in 2023”
Toyota Motor Corp. 2023. Annual Report 2023. Accessed via https://global.toyota/en/ir/library/annual/ on 20 June 2024
Volkswagen AG 2023. Annual Report 2023. Accessed via https://annualreport2022.volkswagenag.com/ on 20 June 2024
Honda Motor Co. 2023. Annual Report 2023 Accessed via https://global.honda/investors/ on 20 June 2024
General Motors Co. 2023. Annual Report 2023 Accessed via https://investor.gm.com/ on 20 June 2024
Daimler AG 2023. Annual Report 2023 Accessed https://group.mercedes-benz.com/investors/reports-news/annual-reports/2022/ on 20 June 2024
BMW. 2023. Annual Report 2023 Accessed via https://www.bmwgroup.com/en/investor-relations/company-reports.html on 20 June 2024
Hyundai Motor Co. Annual Report 2023 Accessed via https://www.hyundai.com/worldwide/en/company/ir/financial-information/financial-statements on 20 June 2024
Tesla (TSLA). 2023. Annual Report 2023 Accessed via https://ir.tesla.com/sec-filings on 20 June 2024
Stellantis. 2023. Annual Report 2023 Accessed via https://www.stellantis.com/en/investors/reporting/financial-reports on 20 June 2024
Ford Motor Co. 2023. Annual Report 2023. Accessed via https://shareholder.ford.com/Investors/financials/default.aspx on 20 June 2024