Even a few years ago I wouldn’t have suspected to see Tesla on a list like this, just seventy or so billion behind GM and Ford. If FCA hadn’t merged with PSA to form Stellantis, it’s entirely likely that Tesla would have surpassed Chrysler/Dodge/Ram/Jeep and taken its place as the third largest American automaker. In fact, based on 2022 revenue, the four American brands accounted for just around $76.8 billion globally.
It’s not so much a surprise that the Chinese automakers are joining this list and climbing higher every year, as it is a surprise that there are just so many of them. A full 35 percent of the list is made up of China brands. Surely it can’t be long until these brands start reaching across to the lucrative North American market, and we’ll likely see them climb even farther.
Volkswagen holding its tight grip on the top spot is an interesting sight. For a long time it was General Motors, Volkswagen, and Toyota fighting for that spot, but VW has held it in its grip for quite a while now, seeing GM drop to fifth globally.
A report from Business Research Insights claims the global auto market should reach around $3.5 trillion by 2031, growing from $2.7 trillion in 2021. Will companies like Volkswagen and Toyota continue to grow with it, or will they be overtaken by relative newcomers like BYD and SAIC?