For the 14th consecutive year, Volkswagen and Toyota held the top two spots as the largest automakers on the Fortune Global 500 list, with the companies bringing in $295.8 billion and $279.3 billion in revenue, respectively, in 2021. Toyota was the largest automaker in 2021; Volkswagen surpassed it in 2022.
This year’s list saw the entry for the first time of Stellantis, the company created through the merger of Groupe PSA and Fiat Chrysler Automobiles. These two carmakers officially combined their financial resources in January 2021 in order to invest more in electric vehicles and better compete with Volkswagen and Toyota.
Volkswagen has set an ambitious target to overtake Tesla in the electric vehicle market by 2025. Last year, the German carmaker doubled its EV production to 452,000; Tesla shipped just over twice as many EVs worldwide, for a total of 936,000.
Toyota, a pioneer in the electric vehicle market with its pioneering Prius hybrid model, became the top selling car overall in the US; it was the first time General Motors lost the top spot since 1931.
The automotive industry has been boosted by the return to offices and increased travel globally. Consumers’ intent to buy cars has returned to 94% of pre-pandemic levels after falling in 2020, according to a report by McKinsey & Co.
Here are the largest automakers by revenue in this year’s Fortune Global 500:
1. Volkswagen
Country/Territory: Germany
Income: 295.8 billion dollars
% Change in annual income (from year to year): 16.5%
Profit: 18.2 billion dollars
% Change in profit per year: 80%
2. Toyota Motor
Country/Territory: Japan
Income: 279.3 billion dollars
% Change in annual income: 8.8%
Profit: 25.4 billion dollars
% Change in profit per year: 19.8%
3. Stellar
Country/Territory: Netherlands
Income: 176.7 billion dollars
% Change in annual income: 225.3%
Profit: 16.8 billion dollars
% Change in profit per year: 578.1%
4. Mercedes-Benz Group
Country/Territory: Germany
Income: $158.3 billion
% Change in annual income: – 10%
Profit: 27.2 billion dollars
Profit % Change: 558.2%
5. Ford Motor
Country/Territory: US
Income: 136.3 billion dollars
% Change in annual income: 7.2%
Profit: 17.9 billion dollars
Profit % Change: Loss to gain
6. BMW
Country/Territory: Germany
Income: 131.5 billion dollars
% Change in annual income: 16.6%
Profit: 14.6 billion dollars
Profit % Change: 240.3%
Country/Territory: Japan
Income: 129.5 billion dollars
% Change in annual income: 4.3%
Profit: 6.3 billion dollars
Profit % Change: 1.5%
8. General Motors
Country/Territory: US
Income: 127 billion dollars
% Change in annual income: 3.7%
Profit: 10 billion dollars
Profit % Change: 55.9%
9. SAIC engine
Country/Territory: China
Income: 120.9 billion dollars
% Change in annual income: 12.4%
Profit: 3.8 billion dollars
Profit % Change: 28.4%
10. FAW Group of China
Country/Territory: China
Income: 109.4 billion dollars
% Change in annual income: 8.2%
Profit: 3.6 billion dollars
Profit % Change: 25.6%
11. Hyundai engine
Country/Territory: South Korea
Income: 102.8 billion dollars
% Change in annual income: 16.6%
Profit: 4.3 billion dollars
Profit % Change: 257.7%
12. Dongfeng Motor
Country/Territory: China
Income: 86.1 billion dollars
% Change in annual income: -0.8%
Profit: 1.4 billion dollars
Profit % Change: 29.2%
Country/Territory: Japan
Income: 75 billion dollars
% Change in annual income: 1.1%
Profit: 1.9 billion dollars
Profit % Change: Loss to gain
14. Beijing Automotive Group
Country/Territory: China
Income: 74.7 billion dollars
% Change in annual income: 3.5%
Profit: 318 million dollars
Profit % Change: – 6.4%
15. Guangzhou Automobile Industry Group
Country/Territory: China
Income: 67 billion dollars
% Change in annual income: 16%
Profit: 607.3 million dollars
Profit % Change: 5.4%
16. Be
Country/Territory: South Korea
Income: 61 billion dollars
% Change in annual income: 21.7%
Profit: 4.2 billion dollars
Profit % Change: 229.9%
17. Zhejiang Geely Holding Group
Country/Territory: China
Income: 55.9 billion dollars
% Change in annual income: 18.4%
Profit: 1.5 billion dollars
Profit % Change: 8.8%
18. Renault
Country/Territory: France
Income: 54.6 billion dollars
% Change in annual income: 10.3%
Profit: 1 billion dollars
Profit % Change: Loss to gain
19. Tesla
Country/Territory: US
Income: 53.8 billion dollars
% Change in annual income: 70.7%
Profit: 5.5 billion dollars
Profit % Change: 665.5%
20. Volvo
Country/Territory: Sweden
Income: 43.4 billion dollars
% Change in annual income: 18.0%
Profit: 3.8 billion dollars
Profit % Change: 82.2%
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