Top 15 Most Valuable Car Companies in the World. Tesla, Toyota, BYD, Ferrari, and Xiaomi currently are among the 15 most valuable car companies in the world today with over $1.2 trillion in aggregate market cap.
The 15 most valuable auto companies are:
| CAR COMPANY | MARKET CAPITALIZATION |
| Tesla | $695.79 B |
| Toyota | $228.88 B |
| BYD | $117.09 B |
| Ferrari | $85.40 B |
| Xiaomi | $76.38 B |
| Porsche | $70.77 B |
| Mercedes-Benz | $67.70 B |
| General Motors | $53.80 B |
| BMW | $52.72 B |
| Volkswagen | $52.48 B |
| Honda | $49.49 B |
| Maruti Suzuki India | $47.78 B |
| Hyundai | $45.41 B |
| Tata Motors | $45.40 B |
| Ford | $42.61 B |
Electric vehicles (EVs) played a significant role in driving automaker growth in 2023, with global EV sales rising by 35 percent compared to 2022, according to data from the International Energy Agency (IEA). This surge was supported by large-scale investments from automakers, who restructured their production lines and adopted advanced battery technologies.
However, the journey to this growth has been challenging. During the COVID-19 pandemic, auto dealers charged higher prices due to semiconductor shortages, but once the market began to stabilize, they faced a new issue—an excess of unsold cars. A report by McKinsey highlighted that nearly half of US EV buyers would not opt for another EV in the future, which raised concerns for the industry. By early 2024, many automakers were rethinking their ambitious plans to achieve net-zero emissions.
Mixed Views
Cox Automotive reported that throughout 2024, inventory levels in the industry exceeded the standard 60-day supply multiple times. Automakers responded by cutting prices, which brought vehicle costs down to their lowest levels in two years.
Despite this, the early buyers of EVs are seeing the value of their cars decline, and further drops are expected, as EVs remain expensive. Kelley Blue Book shared that the average price of an EV in July 2024 was $56,520, but the highest demand was for models priced below $40,000. Federal tax credits of up to $7,500 have helped move some inventory, but they were not enough to completely address the surplus.
The growing demand for more affordable EVs has intensified competition, especially from Chinese manufacturers, while also presenting new opportunities for global leaders like Tesla. Although consumer interest in EVs remains uncertain, younger buyers are still attracted to models that offer innovative eco-friendly features and standout designs.
