24/7 Wall St. Insights
- The U.S. is the second largest consumer automotive market in the world
- Still, many of the world’s largest automakers do not compete in the United States
- Also: Discover the next Nvidia
The United States is the second largest consumer auto market in the world, and in 2023, new vehicle sales hit a post-pandemic high of 15.5 million nationwide. Through its brands — including Buick, Cadillac, Chevrolet, and GMC — Detroit-based automaker General Motors leads the domestic market with an annual sales volume of nearly 2.6 million vehicles. GM was followed closely by Japanese automaker Toyota, the only other company to sell over 2 million vehicles in the U.S. last year.
As of 2021, the most recent year of available data from the Bureau of Transportation Statistics, there were nearly 232.8 million licensed drivers in the United States, and that same year, Americans spent over $351 billion on new cars. With such a large and relatively affluent market, the U.S. is, not surprisingly, a key source of revenue for many of the world’s largest automakers.
Still, the U.S. accounted for only about 16.9% of new vehicle sales globally in 2023. Because most motor vehicles are sold outside of the United States, there are several auto industry leaders that do compete in the U.S. — and even though these companies sell hundreds of thousands, if not millions, of vehicles annually, their names may be unfamiliar to most Americans.
Using data from a range of sources, including media outlets, corporate press releases, and filings with the Securities and Exchange Commission, 24/7 Wall St. identified the world’s largest car companies. We ranked 24 major, publicly-traded automobile manufacturers on reported revenue for the most recent fiscal year. Companies based outside of the U.S. were ranked on annual earnings in U.S. dollars, converted from foreign currencies on July 30, 2024. Unit sale data are from GoodCarBadCar and SEC filings.
Of the 24 companies on this list, six are based in Japan and four are headquartered in China. Meanwhile, Germany and the United States are each home to three. A range of other countries, including France, India, Italy, and South Korea are each represented by at least one automaker on this list. (Here is a look at America’s most dependable car brands.)
Annual revenue for these companies ranges from about $2.1 billion to more than $384.4 billion, with global sales volume ranging from 6,620 vehicles to 9.4 million annually. Most of these companies do business in the United States, but several do not. Japanese automaker Suzuki, for example, pulled out of the U.S. market in 2012, after selling only 26,619 vehicles the previous year. (Here is a look at the best-selling cars of all time.)
A disproportionate number of companies without a foothold in the U.S. are headquartered in China. Motor vehicle sales nearly topped 25.7 million in China last year, making it the world’s leading auto market by a wide margin. With a large and rapidly growing domestic customer base, Chinese automakers appear to have little incentive to develop distribution networks within the United States.
Why It Matters
Automobile manufacturing is a highly competitive, global industry. For the countries home to major automakers, the auto industry is a critical economic pillar. According to the American Automotive Policy Council, automobile production and sales accounts for as much as 3% of U.S. gross domestic product and, according to the Bureau of Labor Statistics, employs nearly 4.4 million Americans. Of the 10 largest automakers worldwide today, three are American companies.
24. Aston Martin Lagonda (LSE: AML.L)
- Revenue in fiscal 2023: $2.1 billion (1.6 billion GBP)
- Global sales volume in 2023: 6,620 vehicles
- U.S. sales volume in 2023: 2,037 vehicles (all of the Americas)
- Brands include: Aston Martin
- Headquartered in: United Kingdom
23. Ferrari NV (NYSE: RACE)
- Revenue in fiscal 2023: $6.5 billion (6.0 billion EUR)
- Global sales volume in 2023: 13,662 vehicles
- U.S. sales volume in 2023: 3,262 vehicles
- Brands include: Ferrari
- Headquartered in: Italy
22. NIO Inc (NYSE: NIO)
- Revenue in fiscal 2023: $7.7 billion (55.6 billion CNY)
- Global sales volume in 2023: 160,038 vehicles
- U.S. sales volume in 2023: N/A
- Brands include: Nio, Onvo
- Headquartered in: China
21. Mahindra & Mahindra (OTC: MAHMF)
- Revenue in fiscal 2024: $16.5 billion (1.4 trillion INR)
- Global sales volume in 2023: 824,939 vehicles
- U.S. sales volume in 2023: N/A
- Brands include: Mahindra
- Headquartered in: India
20. Great Wall Motors (OTC: GWLLF)
- Revenue in fiscal 2023: $23.9 billion (173.2 billion CNY)
- Global sales volume in 2023: 1,230,000 vehicles
- U.S. sales volume in 2023: N/A
- Brands include: HAVAL, WEY, ORA, GWM
- Headquartered in: China
19. Zhejiang Geely Holding Group (OTC: GELYF)
- Revenue in fiscal 2023: $24.7 billion (179.2 billion CNY)
- Global sales volume in 2023: 2,790,000 vehicles (includes Volvo)
- U.S. sales volume in 2023: N/A
- Brands include: Lotus, Smart, Geely, Volvo
- Headquartered in: China
18. Subaru Corporation (OTC: FUJHY)
- Revenue in fiscal 2024: $30.7 billion (4.7 trillion JPY)
- Global sales volume in fiscal 2024: 976,000 vehicles
- U.S. sales volume in 2023: 632,086 vehicles
- Brands include: Subaru
- Headquartered in: Japan
17. Mazda Motor Corporation (OTC: MZDAY)
- Revenue in fiscal 2024: $31.5 billion (4.8 trillion JPY)
- Global sales volume in fiscal 2024: 1,241,000 vehicles
- U.S. sales volume in 2023: 365,044 vehicles
- Brands include: Mazda
- Headquartered in: Japan
16. Suzuki Motor Corporation (OTC: SZKMY)
- Revenue in fiscal 2024: $35.1 billion (5.4 trillion JPY)
- Global sales volume in 2023: 3,072,834 vehicles
- U.S. sales volume in 2023: N/A
- Brands include: Suzuki
- Headquartered in: Japan
15. Volvo Cars (STO: VOLCAR-B.ST)
- Revenue in fiscal 2023: $37.0 billion (399.3 billion SEK)
- Global sales volume in 2023: 708,716 vehicles
- U.S. sales volume in 2023: 128,701 vehicles
- Brands include: Volvo
- Headquartered in: Sweden
14. Tata Motors (NSE: TATAMOTORS.NS)
- Revenue in fiscal 2024: $51.9 billion (4.3 trillion INR)
- Global sales volume in fiscal 2024: 969,340 vehicles
- U.S. sales volume in 2023: 74,387 vehicles
- Brands include: Jaguar, Land Rover
- Headquartered in: India
13. Renault Group (OTC: RNLSY)
- Revenue in fiscal 2023: $56.6 billion (52.4 billion EUR)
- Global sales volume in 2023: 2,235,000 vehicles
- U.S. sales volume in 2023: N/A
- Brands include: Renault, Dacia, Alpine, Mobilize
- Headquartered in: France
12. Nissan Motor Co. (OTC: NSANY)
- Revenue in fiscal 2024: $82.9 billion (12.7 trillion JPY)
- Global sales volume in 2023: 3,374,271 vehicles
- U.S. sales volume in 2023: 898,795 vehicles
- Brands include: Infiniti, Mitsubishi, Nissan
- Headquartered in: Japan
11. BYD Auto Co., Ltd (OTC: BYDDF)
- Revenue in fiscal 2023: $83.1 billion (602.3 billion CNY)
- Global sales volume in 2023: 3,024,417 vehicles
- U.S. sales volume in 2023: N/A
- Brands include: BYD, Denza, Yangwang, Fangchengbao
- Headquartered in: China
10. Tesla Inc. (NASDAQ: TSLA)
- Revenue in fiscal 2023: $96.8 billion
- Global sales volume in 2023: 1,808,581 vehicles
- U.S. sales volume in 2023: 670,000 vehicles
- Brands include: Tesla
- Headquartered in: United States
9. Hyundai Motor Company (OTC: HYMTF)
- Revenue in fiscal 2023: $117.4 billion (162.7 trillion KRW)
- Global sales volume in 2023: 4,220,000 vehicles
- U.S. sales volume in 2023: 1,647,772 vehicles
- Brands include: Genesis, Hyundai, Kia
- Headquartered in: South Korea
8. Honda Motor Company (NYSE: HMC)
- Revenue in fiscal 2024: $133.5 billion (20.4 trillion JPY)
- Global sales volume in fiscal 2024: 2,856,000 vehicles
- U.S. sales volume in 2023: 1,302,246 vehicles
- Brands include: Acura, Honda
- Headquartered in: Japan
7. Mercedes-Benz Group (OTC: MBGYY)
- Revenue in fiscal 2023: $165.6 billion (153.2 billion EUR)
- Global sales volume in 2023: 2,491,600 vehicles
- U.S. sales volume in 2023: 342,240 vehicles
- Brands include: Mercedes-Benz
- Headquartered in: Germany
6. BMW (XETRA: BMW.DE)
- Revenue in fiscal 2023: $168.1 billion (155.5 billion EUR)
- Global sales volume in 2023: 2,555,341 vehicles
- U.S. sales volume in 2023: 395,151 vehicles
- Brands include: BMW, Mini, Rolls-Royce
- Headquartered in: Germany
5. General Motors (NYSE: GM)
- Revenue in fiscal 2023: $171.8 billion
- Global sales volume in 2023: 6,188,000 vehicles
- U.S. sales volume in 2023: 2,595,000 vehicles
- Brands include: Buick, Cadillac, Chevrolet, GMC
- Headquartered in: United States
4. Ford Motor Company (NYSE: F)
- Revenue in fiscal 2023: $176.2 billion
- Global sales volume in 2023: 4,413,000 vehicles
- U.S. sales volume in 2023: 1,995,912 vehicles
- Brands include: Ford, Lincoln
- Headquartered in: United States
3. Stellantis N.V. (NYSE: STLA)
- Revenue in fiscal 2023: $204.9 billion (189.5 billion EUR)
- Global sales volume in 2023: 6,200,000 vehicles
- U.S. sales volume in 2023: 1,527,000 vehicles
- Brands include: Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Maserati, Ram, Peugeot
- Headquartered in: France
2. Toyota Motor Corporation (NYSE: TM)
- Revenue in fiscal 2024: $294.6 billion (45.1 trillion JPY)
- Global sales volume in fiscal 2024: 9,443,000 vehicles
- U.S. sales volume in 2023: 2,209,190 vehicles
- Brands include: Toyota, Lexus
- Headquartered in: Japan
1. Volkswagen Group (OTC: VLKAF)
- Revenue in fiscal 2023: $348.4 billion (322.3 billion EUR)
- Global sales volume in 2023: 9,240,000 vehicles
- U.S. sales volume in 2023: 631,610 vehicles
- Brands include: Audi, Porsche, Volkswagen
- Headquartered in: Germany
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