Chinese automaker BYD has overtaken Volkswagen in terms of market cap value, thus becoming the third most valuable automaker
The latest automaker rankings based on market capitalisation are out now. The top spot continues to be held by Tesla, followed by Toyota. However, the third spot has now been taken by China’s BYD (Build Your Dreams), while Volkswagen has been pushed down to the fourth position.
BYD is the only Chinese carmaker among the top ten carmakers with the highest market cap. The next Chinese automaker on the list is Great Wall Motors, which sits at the 11th spot, managing to beat Ferrari’s market cap! NIO and SIAC Motor managed to grab the 13th and 16th positions, respectively.
In April this year, BYD announced that it has halted the production of ICE vehicles. The manufacturer now only has electric and hybrid vehicles in its lineup, and it is the first carmaker in the world to make the switch. That said, many other carmakers have pledged to have only all-electric or electrified models in their lineup in the coming years.
In May 2022, BYD sold a total of 114,183 vehicles, recording a 152.8 per cent sales growth on a Year-on-Year basis. BYD’s sales have seen a strong increase, which is one of the main reasons for its high current market cap. However, it is worth noting that BYD has other ventures apart from automobiles, including mobile phones (components and assembly), photovoltaic cells, etc.
Mercedes-Benz took the fifth spot on the market cap chart, followed by BMW. At the seventh position, we have General Motors, while Ford sits at the eighth position. The ninth spot was grabbed by Stellantis, with Honda taking the tenth spot.
Indian carmakers also appeared on the chart; Maruti Suzuki secured the 17th spot, beating parent company Suzuki Motor. Tata Motors managed to grab the 23rd spot, while Mahindra & Mahindra took the 25th spot. It is worth noting that these three manufacturers are planning to launch plenty of new models in the Indian market, which include EVs as well.
Data source: companiesmarketcap.com