Global automaker market value rankings reshuffle in 2025 as Xiaomi and BYD hold top four and Porsche exits top ten
Global automaker market capitalisation rankings as of December 31, 2025, show a reshuffling among the world’s largest listed carmakers, while the top four positions remained unchanged from a year earlier, according to CLS. The data reflect relative positioning between Chinese and non-Chinese automakers during a period of structural transition in the global automotive industry and highlight shifts among established manufacturers outside the leading group.
Tesla, Toyota, Xiaomi, and BYD ranked first through fourth globally at the end of 2025, with all four recording year-on-year increases in market value. Tesla remained the largest automaker by market capitalisation, followed by Toyota, while Xiaomi and BYD ranked third and fourth, respectively.
Global automaker market capitalisation top 10
| 2025 Rank | Change vs 2024 | Company | 2025 Market Cap (USD bn) | 2024 Market Cap (USD bn) | Market Cap Change (USD bn) |
|---|---|---|---|---|---|
| 1 | — | Tesla | 1,495.69 | 1,296.35 | +199.34 |
| 2 | — | Toyota | 278.99 | 262.69 | +16.30 |
| 3 | — | Xiaomi | 131.49 | 112.01 | +19.48 |
| 4 | — | BYD | 130.23 | 107.85 | +22.38 |
| 5 | +1 | General Motors | 77.42 | 58.58 | +18.84 |
| 6 | +2 | Mercedes-Benz Group | 67.96 | 53.63 | +14.33 |
| 7 | +2 | BMW Group | 66.70 | 50.56 | +16.14 |
| 8 | −3 | Ferrari | 65.61 | 76.83 | −11.22 |
| 9 | +1 | Volkswagen Group | 62.02 | 47.11 | +14.91 |
| 10 | +3 | Maruti Suzuki India | 59.39 | 44.16 | +15.23 |
Beyond the top four, the global top ten experienced notable changes in rankings compared with 2024. BMW, Mercedes-Benz, and Volkswagen moved up the rankings, while Porsche dropped out of the international top ten by the end of 2025. Maruti Suzuki India ranked 10th, leaving two Chinese companies as the only global automakers in the top ten by market capitalisation.
Xiaomi’s ranking was supported by disclosures from its founder, chairman, and chief executive Lei Jun, who stated during a livestream on January 3 that the company plans to allocate more management focus to its automotive business in 2026. Lei confirmed a 2026 delivery target of 550,000 vehicles and said Xiaomi Auto delivered more than 410,000 vehicles in 2025.
BYD ranked fourth globally by market capitalisation, at 130.23 billion USD as of December 31, 2025, narrowly below Xiaomi’s 131.49 billion USD. BYD reported full-year 2025 new energy vehicle sales of 4.602 million units, including 2.2567 million battery electric vehicles, exceeding Tesla’s reported 1.64 million EV sales over the same period.
Within the broader global top 50 automakers by market capitalisation, 19 Chinese companies were included as of December 31, 2025, down from 21 a year earlier. These companies encompassed both established manufacturers and newer electric vehicle firms operating across multiple market segments. Beyond the leading group, several Chinese automakers showed mixed movements in the mid-tier rankings. Seres Group rose one position to 18th globally with a market capitalisation of 30.15 billion USD, while Great Wall Motor also advanced one place to 20th at 27.71 billion USD. SAIC Motor fell four positions to 21st, with a market value of 25.03 billion USD, whereas Geely Automobile climbed two spots to 22nd, with a market value of 24.64 billion USD. Chery Automobile ranked 24th globally, with a market capitalization of USD 23.03 billion, following its stock market listing on September 25.
As of the end of 2025, several automakers publicly confirmed progress related to Level 3 automated driving testing or regulatory procedures, alongside broader policy developments affecting the passenger vehicle market in 2026.
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