Top 20 Automotive companies by revenue in 2023

by Nicolae Buldumac
· 19/06/2024 14:27 · 5-7 min read
Top 20 Automotive companies by revenue in 2023

The automotive industry continues to be a cornerstone of global economic growth and technological advancement. In 2023, the industry showcased its resilience and innovation, as automotive companies worldwide navigated through unprecedented challenges and capitalized on emerging opportunities. With the advent of electric vehicles, autonomous driving technology, and shifting consumer preferences, the landscape of the automotive sector underwent significant transformations. 

In this article, we will explore the top 20 automotive companies in 2023, ranked by revenue. These industry giants have not only demonstrated their financial prowess but have also played a pivotal role in shaping the future of mobility. From manufacturing vehicles to providing cutting-edge technology solutions, these companies have proven their mettle in an ever-evolving market. 

 

1. Volkswagen Group ($318.8B) 

As one of the world's leading manufacturers of automobiles and commercial vehicles, Volkswagen Group is committed to playing a key role in the transformation to a new era of mobility. Through its diverse brands, business areas, and financial services, the company aims to shape the future of transportation. This overview provides essential information about the Volkswagen Group, including its company profile, core values, and rich history. 

 

2. Stellantis ($210.6B) 

Their storied and iconic brands embody the passion of their visionary founders and today's customers through innovative products and services. These brands include Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, and mobility brands Free2move and Leasys. Powered by diversity, they lead the way the world moves, aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders and the communities in which they operate. 

 

3. Ford Motor Company ($176B) 

Ford is a global family company with shared ideals, valuing service to each other, the world, and their customers. For generations, people have made memories with Ford, including them in their hopes and dreams. With 121 years of history, Ford is adept at adapting to and leading change. Today, the company is evolving to focus on services, experiences, and software, in addition to vehicles. 

 

4. General Motors ($171.8B) 

General Motors envisions a world with Zero Crashes, Zero Emissions, and Zero Congestion and is committed to leading the way toward this future. Currently in the midst of a transportation revolution, GM has the ambition, talent, and technology to create a safer, better, and more sustainable world. As an open and inclusive company, GM fosters an environment where everyone feels welcomed and valued. The company operates as one team, where all ideas are considered and everyone can contribute to their fullest potential, grounded in a culture of respect, integrity, accountability, and equality. GM's diverse team brings a wide range of perspectives and experiences to address the complex transportation challenges of today and tomorrow. 

 

5. BMW Group ($162.8B) 

The BMW Group, encompassing the brands BMW, MINI, Rolls-Royce, and BMW Motorrad, stands as the world's leading premium manufacturer of automobiles and motorcycles. Additionally, it offers premium financial and mobility services. The company's extensive production network includes over 30 sites worldwide, and it maintains a global sales presence in more than 140 countries. 

 

6. Honda Motor Co., Ltd. ($136.4B) 

Honda is a global mobility company renowned for its diverse range of products, including automobiles, motorcycles, power equipment, and aircraft. 

 

7. Hyundai Motor Group ($124.6B) 

Hyundai Motor Group is a global corporation that has established a comprehensive value chain encompassing automobiles, steel, and construction, as well as logistics, finance, IT, and services. With approximately 250,000 employees worldwide, the Group's automobile brands include Hyundai Motor Co. and Kia Corp. Driven by innovative thinking, collaborative communication, and a determination to tackle all challenges, Hyundai Motor Group is committed to creating a better future for everyone. 

 

8. Tesla, Inc. ($96.7B) 

Tesla Inc. is a multinational automotive and clean energy company. It designs and manufactures electric vehicles, battery energy storage systems from home to grid-scale, solar panels, and solar roof tiles, along with related products and services. Tesla operates its own sales and service network and supplies electric powertrain components to other automobile manufacturers. 

 

9. BYD Company ($84.8B) 

Founded in 1995 as a pioneering force in battery technology, BYD is committed to transforming the world by establishing a comprehensive clean-energy ecosystem aimed at reducing global dependence on fossil fuels. In Europe, the company is dedicated to achieving emission-free public transportation solutions. 

 

10. Kia ($75.8B) 

Kia Corporation, founded in May 1944, stands as South Korea's oldest motor vehicle manufacturer. Starting from its roots in bicycles and motorcycles, Kia has evolved significantly within the dynamic Hyundai-Kia Automotive Group, now ranking as the world's fifth largest vehicle manufacturer. 

 

11. Renault Group ($56.6B) 

With a global presence of innovative talents, this company has been at the forefront of pioneering mobility solutions since its establishment in 1898. They are committed to building a sustainable future through their innovative endeavors. 

 

12. Tata Motors ($50.9B) 

Tata Motors is known for exploring new possibilities and pushing boundaries with a human-centric, hi-tech approach. This is reflected in their extensive range of integrated and smart e-mobility solutions. By staying ahead of the curve, Tata Motors demonstrates a commitment to responsibility, making choices that create a positive legacy and connect aspirations. 

 

13. DENSO ($47.3B) 

As a prominent global entity, DENSO is dedicated to advancing mobility solutions that transform global transportation and enhance overall well-being. With a robust product portfolio and significant global reach, DENSO plays a pivotal role in shaping the future of mobility worldwide. 

 

14. Volvo Cars ($37.9B) 

Since its inception, Volvo Cars has stood as a brand dedicated to individuals who prioritize environmental responsibility and community well-being. The company has steadfastly pursued its mission to enhance the quality of life by striving to make it safer, easier, and more fulfilling for all. 

 

15. Suzuki Motor Corporation ($35.7B) 

The company manufactures a diverse range of products, including automobiles, motorcycles, all-terrain vehicles (ATVs), outboard marine engines, wheelchairs, and various small internal combustion engines. 

 

16. Mazda Motor Corporation ($33B) 

Mazda Motor Corporation, a prominent Japanese automaker, specializes in manufacturing a diverse range of vehicles including passenger cars, trucks, and buses. With a strong global presence, Mazda is recognized for its innovative approach to automotive design and engineering, aiming to deliver high-quality vehicles that cater to the needs of customers worldwide. 

 

17. Subaru Corporation ($31.3B) 

Subaru of America is deeply committed to creating dependable vehicles that contribute positively to society. Beyond producing reliable cars, Subaru actively supports charitable causes through initiatives like the Share the Love events, benefiting various nonprofit organizations nationwide. Additionally, Subaru's commitment to environmental stewardship is evident in its zero-landfill production plant, demonstrating that Subaru is dedicated to making a meaningful impact beyond the automotive industry. 

 

18. Geely Automobile Holdings ($24.9B) 

Zhejiang Geely Holding Group (ZGH) stands as a global automotive conglomerate comprising a distinguished lineup of international brands such as Geely Auto, Zeekr, LYNK & CO, Geometry, Volvo Car, Polestar, London Electric Vehicle Company (LEVC), PROTON, Lotus, and Terrafugia. Specializing in a diverse portfolio of vehicles and technologies, ZGH is committed to advancing innovation and sustainability across the automotive industry. 

 

19. Great Wall Motor Co., Ltd. ($24.3B) 

Great Wall Motor Company Limited stands as China’s foremost manufacturer of SUVs and pickups, annually selling over a million units and achieving a robust $15 billion in revenue. With an expansive operational footprint encompassing four vehicle manufacturing bases, over 40 subsidiaries, and a workforce exceeding 70,000 employees, Great Wall Motors boasts a diverse portfolio under its three brands— Haval, Great Wall, and WEY. Committed to principles of "focus, dedication, and specialization," the company prioritizes customer satisfaction and strives for market leadership in the automotive industry. 

 

20. Nissan Motor Corporation ($21.1B) 

Nissan Motor Corporation is a global automobile manufacturer offering a comprehensive range of vehicles under the Nissan and INFINITI brands. 

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