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Volkswagen's biggest winner! The latest Fortune 500 Automobile Industry list

2024-02-24 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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On August 2, the 2023 Fortune 500 list was released. According to statistics, the total operating income of the companies on the list in 2023 was about $41 trillion, an increase of 8.4% over the same period last year, while the total net profit was about $2.9 trillion, down 6.5% from the same period last year.

According to the list of automobile companies on the list, a total of 34 automobile and parts manufacturers were on the list in 2023, of which 24 were automobile companies. As the largest car companies in the global auto industry, Volkswagen Group, Toyota Motor Group and Stellantis Group respectively ranked in the top three. Among them, Volkswagen leads the auto industry with total revenue of $293.685 billion, while Toyota and Stellantis Group have total revenue of $274.491 billion and $188.888 billion, respectively.


In terms of breakdown, Volkswagen ranked 15th, the highest-ranked car company, and for the second year in a row, Toyota ranked 19th and second among the world's top 500 companies. By contrast, Toyota overtook Volkswagen as the highest ranked automaker in the Fortune 500 list in 2021, but was overtaken by Volkswagen in 2022 and 2023, with Volkswagen ranked eighth and Toyota 13th in 2022. Volkswagen ranked 15th and Toyota ranked 19th this year. In other words, both Volkswagen and Toyota have slipped in this year's rankings.


Among the top 10 car companies on the list, only Ford, GM, BMW and Hyundai rose from 53 last year to 46, 64 to 50, 59 to 57, and 92 to 85, respectively, compared with the 2022 rich list. In addition to the top 10, Tesla also ranked from 242nd to 152nd, while Durham truck made the list for the first time, ranking 264th, with revenue of $53.5 billion last year, according to financial reports.

In addition, among the 34 automobiles and spare parts manufacturers on the list, from the perspective of national types, they are mainly from Japan, Germany and China, including 7 in Japan, 6 in Germany and 9 in China. Among the nine Chinese auto and parts manufacturing industries on the list, there are seven Chinese auto companies and two auto parts companies.

The Chinese auto companies on the list are SAIC, FAW, GAC GROUP, Dongfeng, BAIC, BYD and Geely. Among them, SAIC still ranks first among Chinese automobile companies, ranking ninth in the ranking of world auto companies. SAIC ranked 84th in the Fortune 500 list, down 16 places from last year. In addition, FAW, Dongfeng Motor and BAIC all declined to varying degrees, ranking 52nd, 66th and 31st. Strikingly, BYD, which has been on the list for two years in a row, jumped from 436th last year to 212th this year, ranking second in the overall list, making it the Chinese company that has improved the most.


According to the financial report, SAIC's revenue in 2022 was $110.612 billion, making it the only Chinese auto company with annual revenue of more than $100 billion in 2022, with wholesale vehicle sales of 5.303 million vehicles. FAW Group, which ranks second and third among Chinese automakers, and GAC GROUP have revenue of $87.679 billion and $77.345 billion in 2022, respectively. As for BYD, which has risen sharply in the rankings, its total revenue in 2022 was $63.041 billion. In terms of car sales, BYD sold 1.8685 million vehicles in 2022, an increase of 152.5% over the same period last year, ranking first among domestic passenger car companies, surpassing North and South Volkswagen in one fell swoop, and ending the 40-year dominance of joint ventures such as North and South Volkswagen. According to the latest figures, in the first half of this year, BYD remained at the top of the list of automakers in the first half of the year with sales of 1.1546 million vehicles, becoming the top seller of passenger cars in China. BYD is also the only car company on the list with sales of more than 1 million vehicles, with a market share of 12.1%.


Taking advantage of the new energy vehicle Dongfeng, Chinese car companies are developing rapidly and quickly seizing the market opportunity. Cui Dongshu, secretary-general of the National passenger car Market Information Association, said: "the global automobile market is undergoing electrification transformation. This provides opportunities for the development of Chinese automobile upstream and downstream enterprises. From whole vehicle enterprises to battery enterprises, Chinese brands are gradually growing."

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