The Japanese car manufacturer Toyota has had a dream 2023 and has emerged as the largest car manufacturer in the world in both sales and profits. The company, which registered 11.23 million vehicles last year, recorded profits of 4.49 trillion yen (85% more) between January and December, which at the current exchange rate is about 27.8 billion euros, which placed at the top of the engine. Far away, in second position, was Stellantis, commanded by Carlos Tavares, a cost killer of the automobile that, despite registering much fewer sales, was ahead of the German Volkswagen group in profits.
The Stellantis group (it has three plants in Spain in Vigo, Zaragoza and Madrid), with an operating margin of 12.8%, obtained profits of 18,625 million, 11% more, thus becoming the most profitable European automobile manufacturer in 2023. The Volkswagen group, which is focused on increasing its efficiency (especially in the brand that gives its name to the consortium where it intends to reduce its costs by 10,000 million), earned 16,013 million last year, 7.6% more. The company achieved this thanks to the increase in its turnover by 15.5% to 322,284 million. Volkswagen is thus the car manufacturer with the highest turnover in the world, notably ahead of Toyota's 270,000 million and Stellantis's 189,544 million, but it does not get the necessary juice from that turnover to reach the other two in profitability.
In fourth place in profits was Hyundai Motor group, which includes the Kia brand, which increased its profits by 57%, to 14,634 million euros. This was possible thanks to the increase in income of the Hyundai and Kia brands, which had a turnover of more than 182,000 million, 14.7% more, according to the results published by them.
Very close, in fifth place in this race for profits was the luxury manufacturer Mercedes-Benz, which obtained profits of 14,261 million euros, slightly below 2022 (1.7% less than then). The company claimed that this was due to the still present interruptions in the supply chain and rising costs, although its fall was much smaller than that of the other German luxury manufacturer, BMW, which earned 12,165 million. This represents a drop of 34.5% for the Munich-based automobile company, which is explained by the consolidation in its results of the joint venture Chinese BMW Brilliance, which had meant an extraordinary profit for the company in the previous year.
Ahead of the Bavarian company was the American manufacturer Tesla, which earned 13,921 million, 19% more, after registering record sales of 1.8 million units worldwide. The company led by Elon Musk had a turnover of around 89,831 million euros last year, 19% more, driven by its aggressive discount policy in its main markets. In this way, the American manufacturer has made its Model Y the most sold car in the world, something unprecedented for an electric vehicle, with 1.23 million registrations. The manufacturer expects that this year the growth in sales of electric cars will be noticeably lower that of the previous year.
Without leaving the United States is the next automobile company that earned the most in 2023, General Motors, owner of brands such as Chevrolet or Cadillac, which earned profits of 9.34 billion. The manufacturer, which for decades was the largest car seller in the world, delivered 6.18 million units, far from Toyota's leadership, and had a turnover of 158,529 million. The Japanese Honda, for its part, made profits of almost 5.8 billion, although it must be emphasized that a good part of its business is the sale of motorcycles, unlike the majority of companies on this list.
Closing the list of the largest manufacturers in the world, which does not include the Chinese car companies that are still pending to offer their final annual results, are Ford and Renault. Both companies managed to get out of the red numbers they had registered in 2022, when Ford was affected by the collapse in the value of Rivian, and Renault suffered its departure from Russia due to European sanctions on the country after the invasion of Ukraine (Russia was its second market after France). Both companies earned 4,025 and 2,315 million, respectively. Ford invoiced 11.5% more, up to 163,815 million, and Renault 52,376 million, which represents a 13.1% increase.
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