Tesla shares just reached a new all-time high following Trump’s victory in the 2024 presidential election, propelling the company to a massive $1.5 trillion valuation as of December 18, 2024.
This graphic, via Visual Capitalist's Marcus Lu, highlights the most valuable automakers by market cap worldwide as of Dec. 13, 2024, based on figures from CompaniesMarketCap.com.
Tesla Dominance
Tesla accounts for nearly half of the market capitalization among global carmakers. Its valuation surpasses the combined value of the next 29 automakers.
| Rank | Name | Market Cap (USD) | Country | Share (%) |
|---|---|---|---|---|
| 1 | Tesla | $1.4T | 🇺🇸 United States | 48.3 |
| 2 | Toyota | $231B | 🇯🇵 Japan | 8.0 |
| 3 | BYD | $107B | 🇨🇳 China | 3.7 |
| 4 | Xiaomi | $98B | 🇨🇳 China | 3.4 |
| 5 | Ferrari | $81B | 🇮🇹 Italy | 2.8 |
| 6 | Mercedes-Benz | $63B | 🇩🇪 Germany | 2.2 |
| 7 | Porsche | $58B | 🇩🇪 Germany | 2.0 |
| 8 | General Motors | $58B | 🇺🇸 United States | 2.0 |
| 9 | BMW | $51B | 🇩🇪 Germany | 1.8 |
| 10 | Volkswagen | $48B | 🇩🇪 Germany | 1.7 |
| 11 | Mahindra & Mahindra | $44B | 🇮🇳 India | 1.5 |
| 12 | Maruti Suzuki India | $42B | 🇮🇳 India | 1.5 |
| 13 | Ford | $41B | 🇺🇸 United States | 1.4 |
| 14 | Stellantis | $41B | 🇳🇱 Netherlands | 1.4 |
| 15 | Honda | $40B | 🇯🇵 Japan | 1.4 |
| 16 | Hyundai | $37B | 🇰🇷 South Korea | 1.3 |
| 17 | Tata Motors | $35B | 🇮🇳 India | 1.2 |
| 18 | SAIC Motor | $30B | 🇨🇳 China | 1.0 |
| 19 | Kia | $27B | 🇰🇷 South Korea | 0.9 |
| 20 | Seres Group | $27B | 🇨🇳 China | 0.9 |
| 21 | Great Wall Motors | $27B | 🇨🇳 China | 0.9 |
| 22 | Li Auto | $23B | 🇨🇳 China | 0.8 |
| 23 | Suzuki Motor | $23B | 🇯🇵 Japan | 0.8 |
| 24 | Geely | $20B | 🇨🇳 China | 0.7 |
| 25 | Chongqing Changan | $17B | 🇨🇳 China | 0.6 |
| 26 | Rivian | $17B | 🇺🇸 United States | 0.6 |
| 27 | GAC (Guangzhou Auto) | $14B | 🇨🇳 China | 0.5 |
| 28 | Renault | $14B | 🇫🇷 France | 0.5 |
| 29 | Subaru | $12B | 🇯🇵 Japan | 0.4 |
| 30 | XPeng | $12B | 🇨🇳 China | 0.4 |
| Other | - | $138B | - | 5.6 |
| Total | - | $2.9T | - | 100.0 |
Trailing far behind Tesla, the four other top automakers on the list are Toyota ($231 billion), BYD ($107 billion), Xiaomi ($98 billion), and Ferrari ($81 billion).
Musk’s Trump Connection
Investors believe Elon Musk’s close relationship with Trump, along with Musk’s growing role in government, will serve as a powerful catalyst for Tesla. Additionally, some of the stock’s recent gains hinge on expectations that Trump’s planned corporate tax cuts will benefit U.S. manufacturers, including Tesla.
Tesla’s stock has also regained popularity due to investor expectations that its Robotaxi and Full Self-Driving (FSD) technology will drive a new phase of growth. Year-to-date, Tesla’s stock is up 57%.
However, Tesla’s massive market cap is not reflected in its production numbers. In 2023, Tesla sold 1.8 million vehicles, while Toyota sold 11.2 million vehicles during the same period.
Tesla’s success has further extended Elon Musk’s lead as the richest person on Earth. In December 2024, Musk’s net worth reached $462 billion, far ahead of Jeff Bezos in second place at $243 billion.
If you enjoyed this topic, check out this graphic showing where Tesla and BYD make their cars.
