It is the largest automotive company in the world – 24/7 Wall St.
There was a time when the automotive world seemed to revolve around the “big three” of Detroit, General Motors, Ford and Chrysler. The US auto market was by far the largest in the world, much larger than that of Japan or China, and it eclipsed car sales in any European country.
The US-centric view of the automotive world is no longer accurate and has not been so for about 50 years. China is now the world’s largest automobile market. Domestic automakers sell fewer vehicles than some Japanese and German brands, even in the US market. Recently, Toyota has started selling more cars per month in America than GM, and in terms of revenue, it is now the largest automaker in the world.
UK-based price comparison and switching site USwitch’s just released Car brand profits Research report points out that around 56 million cars and light trucks were sold worldwide last year. The companies that control a large portion of these sales have multiple brands. Some of their cars have different brands from country to country.
Dutch auto company Stellantis, for example, owns Chrysler and its Jeep, Dodge and Ram brands, as well as European banners such as Alfa Romeo, Fiat, Maserati and Peugeot. The German Volkswagen owns Audi, Bentley, Bugatti, Lamborghini, Porsche, Seat, Cupra, Ruf and Škoda, as well as VW itself. (Some of them are among the most expensive cars in America.)
In fact, most of the world’s largest automakers are no longer American owned. Two of the world’s largest automakers are German and three are Japanese. US automakers are not among the top five in the world based on figures from last year.
The landscape of the automotive brand world is also being changed by the rise in sales of electric vehicles. Tesla was a small auto company five years ago. In its last quarter, it posted sales of nearly $ 14 billion and became the world’s 16th largest automaker, ahead of two major Chinese automakers. (They are the most innovative car manufacturers in the world.)
To determine the world’s largest automakers by revenue, 24/7 WallSt looked at the USwitch Car Brand Earnings report for 2021. The results show that the world’s largest automaker last year was Toyota, with sales of $ 270 billion. It was followed by Volkswagen at $ 250 billion.
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