The automobile industry has hit the world by storm since its invention in the 1800s by Karl Benz. Many car companies have been established over the years, resulting in hundreds of vehicle brands on our markets today.
As of 2022, the automobile sector is valued at $3.7 trillion, a $34 billion increase from 2021.
What’s the wealthiest car company in the world?
If you love cars or plan to buy one, this article will help you know the wealthiest car companies. Notably, luxurious car manufacturers are among the top ten wealthiest car companies because they make a lot of money from a single sale.
In this guide, we have listed the top ten richest car companies in descending order. These companies' ranking is based on the company’s valuation, financial performance, and competitive strength in the industry.
Volkswagen tops the list, followed by Toyota and Mercedes-Benz. Tesla, one of the youngest companies in the automobile industry, has shown massive growth and made it to the list!
Keep reading for detailed information on these companies, their net worth and other informative details.
10 Richest Car Companies
10. Hyundai- $28.38 Billion Revenue
Hyundai is a multi-national automotive corporation based in Seoul, South Korea. It started as a construction company in 1947 until 1967 when it began making automobiles.
This multi-billion company designs, makes and sells ships, yachts, freight cars and electric locomotives. In 2022, the company reports revenue of $23.38 billion.
Hyundai sells most of its products in North America, South Korea, Europe, Turkey and China. India also provides a vast Hyundai market, with 15% of Hyundai sales coming from India.
Nevertheless, the company's products are in 200 countries worldwide through 5000 showrooms and dealerships. The company employs 120,000 employees who facilitate marketing and selling processes.
Hyundai Creta has been the bestselling Hyundai car for years, followed by Hyundai Venue and Hyundai Grand i10 Nios. The latest Hyundai models received well globally include Hyundai Kona EV, Hyundai Kona, Hyundai Santa Fe HEV, and Hyundai NEXO.
This company enjoys massive popularity across the globe due to its emphasis on making attractive, eye-catching cars. The firm has also been consistent with its vehicles, making an average of 1.6 million cars yearly.
Hyundai is versatile when it comes to designs, sizes and security features. There are cars for every event, whether a family car, commercial vehicle or safari rally. Its diversity in automobiles has made it the tenth richest car company in the world.
9. Volvo Group- $37.98B Billion Revenue
Volvo was founded in Gothenburg, Sweden, in 1927. However, the company is currently owned by a Chinese company known as Zhejiang Geely Holding Group.
Volvo group is one of the leading automobile manufacturers of trucks, buses, marine equipment, and construction tools. The brand portfolio includes various models like Volvo Penta, Novo bus, Renault trucks and Arquus.
In 2022, the company reports revenue of $37.98 billion. Most of this revenue comes from selling commercial vehicles and construction materials.
In 2021, Volvo sales were 698,693, a 5.6% increase of 2020 sales. XC60 remains the top-selling model, followed by the XC90. Other popular Volvo car models include VOLVO V60 Cross Country, the subcompact XC40 and Volvo EX90.
Volvo group boasts of 41,000 employees and enjoys big markets in Britain, Germany, France, Russia, China and Sweden. The company also sells financial services and products to more than 190 markets.
Volvo is a luxury brand that offers reasonable prices to its users. The company highly focuses on safety and utilizes high-tech innovation in implementing security features in its vehicles.
Volvo's performance has been growing steadily under the new Zhejiang Geely Holding Group management, and more growth might be expected as the company continues to expand its operations.
8. Tesla – $74.86 Billion Revenue
Tesla has its headquarters in Texas, United States. It was founded in 2003 by Martin Eberhard and Marc Tarpenning. However, the company is currently under the management of Elon Musk, as he is the largest shareholder.
In 2022, Tesla reports revenue of $74.86 billion, making the company one of the wealthiest car companies in the world.
Tesla designs, makes and sells electric vehicles and sustainable, scalable automobile parts. Some cars use solar power, while others use electricity.
Tesla has been in the automobile industry for less than twenty years but is the most popular electric car in the world today. The vehicles are environmentally friendly and boast of outstanding performance and amazing tech.
Currently, Tesla Model Y is the best-selling model for the company, followed by model 3 and model S. Thanks to its success in selling energy-efficient vehicles; Tesla has now expanded into selling power-efficient storage systems and solar panels.
Tesla has employed more than 110,000 workers and has branches in the United States, Austria, Germany, Croatia, Denmark, France, Finland, Croatia and the Czech Republic. In 2022, China had the biggest market for Tesla, followed by India, the United States and Indonesia.
While Tesla has branches in a few countries, the company ships to almost every part of the world, increasing its customer base.
This electric automotive firm is still a new kid in the industry, but it is competing with giants and has become one of the wealthiest car companies we have today.
Tesla has a subsidiary known as Tesla Energy which helps produce photovoltaic systems. Through the Tesla Energy partnership, Tesla’s battery electric vehicles have managed a 21% share of the total electric cars in the world.
Tesla has a significant potential to lead the list of richest car manufacturers, considering that it’s still young but making big moves.
7. Honda Motor Company- Revenue $121.32 B
Honda is a Japanese multi-billion vehicle manufacturer with headquarters in Tokyo. The company was started in 1948 by Hamamatsu Shizuoka as a bicycle manufacturer. The company grew, and in 1963, Honda made the first T360 pickup. Since then, the company has consistently produced quality and luxurious automobiles.
In 2022, the company reports revenue of $121.32 billion, making it the seventh richest automobile company. The total number of sales for the year is 4.1 million globally, a significant increase from last year.
Honda generates its revenue from its core automobile and bicycle business. In addition, the company makes garden equipment, power generators and marine engines, which significantly add to the company’s Networth.
Civic is the best-selling hand car, with its sales approaching 30 million dollars globally. Other car brands which sell well include the Honda Passport, Honda Pilot and Honda Insight.
Honda distinguishes itself by making fuel-efficient machines variety of body designs and trims. Also, the company shows massive support to sports by making durable car racing vehicles and sponsoring rally events across the globe.
The company has received many awards, and it continues to grow. Currently, Honda has more than 218,000 employees, and it sells to 150 countries globally.
6. BMW- Revenue $139.79 billion
BMW stands for Bayerische Motoren Werke, which can be translated as Bavarian Engine Works Company. It is a German-based automobile firm with headquarters in Munich. BMW was established in 1916 to manufacture aircraft engines solely but later expanded to automobiles.
According to the company’s latest reports, BMW has a revenue of $121.32 billion. This revenue comes from designing, making and selling automobiles and bicycles. The company offers premium mobility and financial services, which also add to its revenue.
BMW has active operations in 140 countries globally and boasts of 120,000 employees. 3 Series/4 Series models are the best-selling BMW models, with their sales surpassing 500,000 in 2021 alone. Other popular BMW models include BMW X4 M, BMW M3, BMW 8 Series Gran Coupe and BMW ix3.
BMW is a luxury car brand. The company makes well-known high-quality vehicles with powerful engines beautifully designed on the interior and exterior.
In a year, BMW ships nearly 2.5 million vehicles worldwide. Rolls-Royce, Mini, and BMW are among the top brands that the company makes.
China offers the biggest market for BMW vehicles, taking nearly 30% of the sales. United States follows with 14% sale shares, followed by Germany and UK.
5. General Motors – $141. 21 Billion Revenue
General Motors (GM) is a Michigan-based automobile company founded in 1908. GM was the best-performing automobile company in the 20th century but has still maintained a top position among the wealthiest car manufacturers.
At its peak, General Motors enjoyed a 50% market share in the United States. The company currently focuses on its four core brands: Cadillac, Chevrolet, GMC and Buick.
As of 2022, General Motors reports revenue of $141. 21 billion and it’s the fifth biggest vehicle manufacturer in the world. The company generates most of its revenue from selling automobiles like trucks, engines, spare parts, and financial services.
The main goal behind GMs establishment was to consolidate multiple motor car companies like Cadillac, Ewing, Oakland, and other autos. The consolidation made the company start strong, and its performance has remained high through the years.
In 2021, General Motors sold 6.3 million vehicles, a small drop from 2020, with a total sale of 6.3 million cars. The plant manufactures 1300 vehicles daily and boasts over 157,000 employees.
General Motors operates in 33 countries across the globe. Chevrolet and Cadillac escalade have been the best-selling brands for the company, taking more than 30% of the company sales.
General Motors is the largest automobile company in the United States thanks to its scale and manufacturing efficiency.
Since its establishment, it has been supplying more than 44% of cars in the United States, but other brands like Ford are slowly overtaking it.
Nevertheless, with its many car brands and revenue, General Motors maintains the fifth richest car company in 2022.
4. Ford Motors – $151.73 Billion Revenue
Ford is an American multinational vehicle manufacturer based in Michigan, United States. The company was founded in 1903 by Henry Ford and has grown to a multi-billion company worth $ 151.71 billion in revenue.
Ford Company owns three leading car brands: Ford, Troller, and Lincoln. Ford specializes in commercial vehicles like lorries and buses, while Lincoln is for luxury vehicle brands. Troller makes all types of cars.
Ford Motors is the second largest automobile company in the United States after General motors and has 199,000 employees worldwide. The company has active operations across North America and in 125 countries worldwide.
Ford Motors' best-selling vehicle is F-150 which sells more than 150,000 units annually. Other top-selling Ford vehicles include Ford Escort, Ford Model T, Ford Fiesta and Ford Taurus.
The company designs and markets its commercial and electrified vehicles. The company generates most of its income from selling vans, utility cars and ford trucks, but also has an active Ford credit which contributes to its revenue.
Ford Motors sells 1.5 to 1.9 million vehicles per year. The company has persisted in making high-quality, stylish vehicles; hence, its financial performance has been steadily increasing, making it the fourth wealthiest car company globally.
3. Mercedes Benz- $153.95 Billion Revenue
Mercedes Benz is a German-based automobile company offering a wide range of luxurious vehicles, from cars to trucks. The company was founded by Karl Benz and Gottlieb Daimler in 1926 and has grown to be a multi-billion company known globally.
According to the company's latest financial reports, Mercedes has a revenue of $153.95 billion.
The current revenue has slightly decreased from 2021, which was $176.46 Billion. Despite the decline, Mercedes is still performing well and takes the third position in our list of richest automobile companies.
Mercedes has been at the forefront of technological advances, which has made the company shine for years. Drivers continue to choose this brand for guaranteed unparalleled safety, distinctive styling, and first-class performance.
Mercedes has 93 functional branches and operates in 17 countries despite being Germany-based.
This luxurious company boasts more than 173,000 employees worldwide. GLC and E- class have been the best-selling brands for Mercedes in the last three years. Other Mercedes brands include Lancia, Dodge, Maserati, Alfa Romeo, and many more.
In 2018, Mercedes was the leading automobile seller in the world, having sold 2.31 million vehicles in the year alone. Today, the company makes and sells 1.8 to 2 million cars yearly, hence its popularity and high financial status.
2. Toyota- $260.13 Billion Revenue
Toyota comes second in the list of the wealthiest car companies in the world, with an estimated revenue $260.13 billion.
Toyota is a Japanese automobile company founded by Kiichiro Toyoda in 1937.
For the 85 years the company has existed, it has built a solid name in Japan and globally. In fact, it was the first foreign automobile company to gain significant U.S. market share because of its durable, efficient vehicles.
Toyota owns a sheer volume of cars, including the Toyota Álvaro, 86, Sienna, Corolla, Yaris, Highlander, and many more.
In early 2022, the company reported net vehicle sales of 2.71 trillion yen, a notable increase from 2021, when the net sales for the year were 2.21 trillion yen.
In 2021, the company made nearly 9.5 million cars, a slight increase from 2020’s 9.2 million vehicles. The company employs almost 360,000 workers globally, and its products are available in more than 170 countries.
Despite the global coronavirus disruption, Toyota has maintained consistency with its production, and that's why it has held a top position in the automobile industry.
With multiple awards for best designs, innovative technology, and superior security features, Toyota has exceeded its goals in the automobile industry.
1. Volkswagen- $280.175 Billion Revenue
Volkswagen, commonly known as Volkswagen AG, is a Germany-based automobile manufacturer founded in 1937 by Adolf Hitler. This company gained global popularity in 1946 and has since made quality, stylish vehicles of all types.
Volkswagen is the leading automobile company in our list of wealthy car companies, with $280.75 billion in revenue.
In 2021, Volkswagen delivered 8.8 million vehicles, a significant drop from the 2020s 9.3 million sales. Nevertheless, 2021 remains one of the best-performing years for the company after 2012, when it made the most sales.
The first Volkswagen Beetle was the company's best-selling vehicle, as the company sold more than 21.5 million vehicles of the same.
Volkswagen designs, makes, and sells trucks, passenger vehicles, and buses. The group comprises ten well-established brands, including Lamborghini, Bentley, Audi, Bugatti, Porsche, and others, contributing to the group's strong financial status.
The cars are stylish, fuel efficient, and guarantee the utmost security.
As of 2022, Volkswagen boasts 667,647 employees, and the group has branches across 153 countries globally. While this company was only popular in European countries, it has been embraced in Asia and Africa, among others, because of its reliability.
Volkswagen customers enjoy a complete package of comfort, outstanding performance, and affordability.
Final Thoughts
The automobile industry is growing steadily, with new companies thriving and even overtaking the old models. Therefore, market capitalization for companies often changes depending on their annual sales.
Nevertheless, the companies discussed above are all performing well in the industry. They are consistent in their production and innovation, and they all operate in many countries, enlarging their territories.
Thanks to the many car brands, you can now get a car of your choice. Hopefully, you found the information above on the richest car comapnies helpful.
