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In this article we will look at: 15 best-selling car brands in the world. If you would like to skip directly to the top 5 best selling car brands in the world, please visit the following link. 5 best selling car brands in the world.
So last year, the auto industry faced its fair share of challenges, from falling electric vehicle sales to strikes at U.S. factories to supply chain woes and expensive materials. But hey, it wasn’t all doom and gloom! Sales of passenger cars and commercial vehicles reached an all-time high of more than 90 million units, achieving impressive double-digit growth. India has also emerged as the fourth largest market for light vehicles. Although sales of electric vehicles are slightly stagnant, things are looking up for 2024.
In the United States, electric vehicle sales are expected to increase by 16% year over year in 2024, and in China, the growth rate is expected to be 11.1%. China is leading the way in global electric vehicle sales, capturing a 60% share thanks to its sophisticated supply chain and top-notch innovation. The company plans to capture 12% of the European electric vehicle market by 2025. Luxury cars are also shifting, with SUVs becoming a popular choice for the wealthy. And electric vehicle engines are gaining momentum in the luxury car market, with the aim of accounting for 15-17% of sales by 2024.
In contrast, the Asia-Pacific used car market is performing well, with sales expected to reach 94-96 million units in 2023 and growth of 5-6% in 2024. The B2C segment is emerging. , aiming for more than 50% market share in Asia Pacific and North America. Things seem to be shaping up for a well-organized market.
The above is a brief summary of the state of the automobile market in 2024.before proceeding to the list 15 best-selling car brands in the world, we have to shine a light on some of the biggest names in the auto industry. Specifically, we’ll discuss General Motors Company (NYSE:GM) and Volkswagen AG (OTC:VWAGY).
General Motors Company (NYSE:GM)
So let’s talk about General Motors Company (NYSE:GM). As you may know, it is a major American automobile company headquartered in Detroit, Michigan. They are the brains behind popular car brands like Chevrolet, GMC, Cadillac, and Buick. Well, here’s the scoop. GM is preparing to roll out a number of medium-duty trucks powered by hydrogen fuel cells. This entire live is part of a test run supported by the U.S. Department of Energy.
the aim? To promote hydrogen as a promising alternative to good old diesel cars. The project comes with a significant budget increase of his $65 million, with $26 million of his funding coming from the Department of Energy and the rest coming from his GM and its partners. The move is related to his SuperTruck program, a plan to reduce carbon emissions from heavy and medium-duty vehicles. GM seems to be accelerating innovation in the area of green cars.
Volkswagen AG (OTC:VWAGY)
Volkswagen AG (OTC:VWAGY) is a leading German company that manufactures wheels for everything from cars to motorcycles. guess what? Volkswagen and his JAC Motors are partnering to strengthen their joint venture in China.
They recently announced in March 2024 that they aim to increase their venture capital from $1.03 billion to $1.94 billion, with some funding coming from JAC and the rest from Volkswagen. I made it. However, this increase will not change their 25% and 75% ownership. Volkswagen is aiming to make a comeback in the Chinese market after facing some setbacks due to tensions between the West and the Chinese government. They are also keen to withdraw from their production base in Urumqi, Xinjiang.
A top view of a factory floor with lots of robotic arms assembling cars.
methodology
To curate the list 15 best-selling car brands in the worldHere we have listed the best-selling car brands in the world as of 2024. The metric we used to rank these brands is 2023 global sales figures.Now let’s move on to the list 15 best-selling car brands in the world.
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15. Stellantis NV (NYSE:STLA)
Unit sales in 2023 (million units): 1.53
No. 1 in our lineup 15 best-selling car brands in the world Stellantis NV (NYSE:STLA) is a major company formed through the merger of Fiat Chrysler and PSA Group. Did this Amsterdam-based band make waves in 2023? Net revenue reached $206.26 billion, up 6% year over year, bringing in a lot of cash. Stellantis NV (NYSE:STLA) net income increased 11% to $20.25 billion, adjusted operating income increased 1% to $26.45 billion, and AOI margin was 12.8%.
14. Tesla Inc. (NASDAQ:TSLA)
Sales volume in 2023 (million units): 1.81
Now, let’s take a closer look at Tesla Inc. (NASDAQ:TSLA). Tesla is a cool American company based in Austin, Texas that specializes in electric vehicles and clean energy. In the last quarter of 2023 alone, the company produced approximately 495,000 cars and delivered more than 484,000. And in 2023, deliveries jumped 38% to 1.81 million units, and production also gained momentum by 35% to 1.85 million units. There’s no doubt that Tesla Inc. (NASDAQ: TSLA) will own the roads in his 2023.
13. Mercedes-Benz Group AG (XETRA:MBG.DE)
Sales volume in 2023 (million units): 2.04
Stuttgart-based German car giant Mercedes-Benz Group AG (XETRA:MBG.DE) made a big splash in 2023, selling a total of 2,043,800 cars and coming in 13th on our list. Ranked in. The world’s best-selling car brand. Demand for first-class vehicles led to sales of luxury cars reaching 328,200 units last year, with Mercedes-Maybach sales up 19%, G-Class sales up 11% and Mercedes-AMG models up 4%.
Mercedes-Benz Group AG (XETRA:MBG.DE) also sold an additional 60,000 V-Class and EQV models in 2023. In the fourth quarter, despite limited product inventory, unit sales reached his 514,000 units, including a significant 17% increase in high-end products. vehicle. Mercedes-Maybach has become a superstar and in 2023 he sold 19% more vehicles thanks to the strong sales of Mercedes-Maybach GLS and S-Class models in all major regions.
12. Renault SA (PARIS:RNO.PA)
Unit sales in 2023 (million units): 2.24
Renault SA (PARIS:RNO.PA) had a great year in 2023, selling 2,235,345 vehicles worldwide, a significant increase of 9.4% year-on-year. They are proud to be the world’s best-selling French brand. When it comes to light commercial vehicles, Renault SA (PARIS:RNO.PA) dominates with a 19.9% jump in a market that is up 10.4%.
A major move in 2023 was the announcement of the “International Game Plan 2027,” which aims to increase its presence outside of Europe and includes a lineup of eight new models by 2027. Brazil, Turkey and Morocco were the star players to develop outside of Europe last year. And please understand this. They plan to launch a whopping seven new vehicles in 2024, including exciting ones such as the Scenic E-Tech Electric with a range of over 600 km and the trendy Renault 5 E-Tech Electric. is. Plus new hybrid beauties like the Rafale E-Tech and the facelifted Renault Master.
11. Chongqing Changan Automobile Co., Ltd. (Shenzhen:000625.SZ)
Unit sales in 2023 (million units): 255
Chongqing Changan Automobile Co., Ltd. (Shenzhen: 000625.SZ), an OG Chinese automaker based in Jiangbei, Chongqing, has achieved great results over the past year, recording an astonishing sales volume of 2,553,052 units in 2023, an increase of 8.82% from the previous year. did.Ranked 11th on our list 15 of the world’s best-selling car brands.
Sales in December were a little slow at 215,089 units, but sales were still strong, with 59,366 new energy vehicles under its own brand flying off the shelves, marking a 31.27% increase over the previous year. Chongqing Changan Automobile Company Limited (Shenzhen:000625.SZ) is definitely showing everyone how it’s done in car games.
10. Bavarian Automobile Corporation (XETRA:BMW.DE)
Unit sales in 2023 (million units): 2.56
Bayerische Motoren Werke Aktiengesellschaft (XETRA:BMW.DE), or commonly known as “BMW,” is a German luxury powerhouse. In 2023, it dominated in terms of sales, reaching a record high of 2,555,341 units, an increase of 6.5%. The company’s electric vehicle sales are also strong, accounting for 15% of total sales and growing worldwide. The Bayerische Motoren Werke Aktiengesellschaft (XETRA: BMW.DE) brand has once again taken the crown in the premium segment, with electric models soaring by a whopping 92.2%. That’s not all. The Rolls-Royce and Motorrad brands also achieved some record numbers.
9. Geely Automobile Holding Co., Ltd. (OTC:GELYF)
Unit sales in 2023 (million units): 2.79
#9 on our list 15 best-selling car brands in the world Geely Automobile Holding Co., Ltd. (OTC:GELYF) is a major Chinese automobile company. It’s causing ripples in the auto industry! In 2023, the total sales of all brands increased by 20% to 2.79 million units, setting a record. This means that Geely Automobile Holding Co., Ltd. (OTC: GELYF) has achieved the impressive milestone of exceeding 2 million units sold for the sixth consecutive year.
8. BYD Company Limited (OTC:BYDDY)
Sales volume in 2023 (million units): 3.02
BYD Company Limited (OTC:BYDDY), the automotive arm of Chinese manufacturing giant BYD Company, has completely broken the record with record sales in 2023, significantly surpassing its target of 3 million units and becoming the world leader for the second consecutive year. won the new energy vehicle sales crown. . This is a big deal – BYD ranks among the top 10 car sellers in the world for the first time.
In China, BYD Company Limited (OTC:BYDDY) remained the top selling brand. December was a very strong month, with 341,043 units sold, a huge 45% increase. And look at this – for the entire year, they produced his massive 3,024,417 vehicles, which is a 61.9% increase over the previous year.
7. Suzuki Motor Corporation (OTC:SZKMY)
Sales volume in 2023 (million units): 3.07
Suzuki Motor Corporation (OTC:SZKMY) is a Japanese mobility guru based in Hamamatsu City, Shizuoka Prefecture, and ranks number 7 on our list. 15 best-selling car brands in the world. In 2023, due to the promotion of light cars and small cars, sales soared to 107.9%, making him popular in Japan. International sales were similarly sluggish, rising 102.4% due to strong performance in India, Europe and the Middle East. We also achieved record sales in the Middle East. Suzuki Motor Corporation ( OTC:SZKMY ) is definitely one to watch in the automotive world.
6. Kia Motors Corporation (KSE:000270.KS)
Sales volume in 2023 (million units): 3.09
Kia Motors Corporation (KSE:000270.KS) is a great Korean car brand that is shaking up the world from Seoul. In 2023, it hit a home run with global sales of 3,085,771 units, setting a new record. This is a significant increase of 6.3% over the previous year. Outside South Korea, Kia Motors (KSE:000270.KS) sales jumped 6.7% to 2,516,383 units, while domestically it also recorded a significant increase of 4.6%, selling 563,660 units.
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Disclosure: none. 15 best-selling car brands in the world Originally published on Insider Monkey.
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