For the 14th year in a row, 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 leapfrogged it in 2022.
This year’s list saw the first-time entrance of Stellantis, the company created through the merger of Groupe PSA and Fiat Chrysler Automobiles. Those two carmakers officially combined their financial resources in January 2021 in order to invest more heavily 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 car manufacturer doubled its EV production to 452,000; Tesla delivered just over twice as many EVs worldwide, for a total of 936,000.
Toyota, a trailblazer in the EV market with its pioneering Prius hybrid model, became the top seller of cars overall in the U.S.; it was the first time General Motors missed out on the No. 1 spot since 1931.
The automotive industry has been buoyed by the return to offices and increased travel globally. Consumer intent to purchase cars is back to 94% of pre-pandemic levels, after dipping in 2020, according to a report from McKinsey & Co.
Here are the largest automakers by revenue on this year’s Fortune Global 500:
1. Volkswagen
Country/Territory: Germany
Revenue: $295.8 billion
Revenue % Change YoY (Year over Year): 16.5%
Profit: $18.2 billion
Profit % Change YoY: 80%
2. Toyota Motor
Country/Territory: Japan
Revenue: $279.3 billion
Revenue % Change YoY: 8.8%
Profit: $25.4 billion
Profit % Change YoY: 19.8%
3. Stellantis
Country/Territory: Netherlands
Revenue: $176.7 billion
Revenue % Change YoY: 225.3%
Profit: $16.8 billion
Profit % Change YoY: 578.1%
4. Mercedes-Benz Group
Country/Territory: Germany
Revenue: $158.3 billion
Revenue % Change YoY: –10%
Profit: $27.2 billion
Profit % Change: 558.2%
5. Ford Motor
Country/Territory: U.S.
Revenue: $136.3 billion
Revenue % Change YoY: 7.2%
Profit: $17.9 billion
Profit % Change: Loss to profit
6. BMW
Country/Territory: Germany
Revenue: $131.5 billion
Revenue % Change YoY: 16.6%
Profit: $14.6 billion
Profit % Change: 240.3%
7. Honda Motor
Country/Territory: Japan
Revenue: $129.5 billion
Revenue % Change YoY: 4.3%
Profit: $6.3 billion
Profit % Change: 1.5%
8. General Motors
Country/Territory: U.S.
Revenue: $127 billion
Revenue % Change YoY: 3.7%
Profit: $10 billion
Profit % Change: 55.9%
9. SAIC Motor
Country/Territory: China
Revenue: $120.9 billion
Revenue % Change YoY: 12.4%
Profit: $3.8 billion
Profit % Change: 28.4%
10. China FAW Group
Country/Territory: China
Revenue: $109.4 billion
Revenue % Change YoY: 8.2%
Profit: $3.6 billion
Profit % Change: 25.6%
11. Hyundai Motor
Country/Territory: South Korea
Revenue: $102.8 billion
Revenue % Change YoY: 16.6%
Profit: $4.3 billion
Profit % Change: 257.7%
12. Dongfeng Motor
Country/Territory: China
Revenue: $86.1 billion
Revenue % Change YoY: –0.8%
Profit: $1.4 billion
Profit % Change: 29.2%
13. Nissan Motor
Country/Territory: Japan
Revenue: $75 billion
Revenue % Change YoY: 1.1%
Profit: $1.9 billion
Profit % Change: Loss to profit
14. Beijing Automotive Group
Country/Territory: China
Revenue: $74.7 billion
Revenue % Change YoY: 3.5%
Profit: $318 million
Profit % Change: –6.4%
15. Guangzhou Automobile Industry Group
Country/Territory: China
Revenue: $67 billion
Revenue % Change YoY: 16%
Profit: $607.3 million
Profit % Change: 5.4%
16. Kia
Country/Territory: South Korea
Revenue: $61 billion
Revenue % Change YoY: 21.7%
Profit: $4.2 billion
Profit % Change: 229.9%
17. Zhejiang Geely Holding Group
Country/Territory: China
Revenue: $55.9 billion
Revenue % Change YoY: 18.4%
Profit: $1.5 billion
Profit % Change: 8.8%
18. Renault
Country/Territory: France
Revenue: $54.6 billion
Revenue % Change YoY: 10.3%
Profit: $1 billion
Profit % Change: Loss to profit
19. Tesla
Country/Territory: U.S.
Revenue: $53.8 billion
Revenue % Change YoY: 70.7%
Profit: $5.5 billion
Profit % Change: 665.5%
20. Volvo
Country/Territory: Sweden
Revenue: $43.4 billion
Revenue % Change YoY: 18.0%
Profit: $3.8 billion
Profit % Change: 82.2%
