The faces of the Hurun 500 cars

Written by Qian Yaguang

Editor / Zhang Nan

Design / Division

A total of 19 companies in the automobile-related industry were shortlisted, with a total valuation of 13.10 trillion yuan, accounting for only 3.42% of the total value of the top 500 of 382 trillion yuan. Compared with 13.27 trillion yuan in 2022, it is a decrease of 1.22%.

On January 31, 2024, the Hurun Research Institute released the 2023 Hurun Global 500, which is the fourth consecutive release of the "Hurun Global 500" list.

The list lists the world's top 500 non-state-owned enterprises, ranked according to their market capitalization or valuation. The market capitalization of listed companies is calculated based on the closing price on October 31, 2023, and the valuation of non-listed companies is estimated with reference to listed companies in the same industry or according to the latest round of financing.

Overall, the automotive-related industry is not prominent in the top 500, with only Tesla, the most highly valued, in the top 10 – in the top three, Tesla, Toyota and Bosch in the top 100, one in the 101-200 and seven each in the 201-300 and 301-400, and one outside the 400.

From the perspective of country distribution, the United States has a total of 6 companies on the list, ranking first, Germany has 4 companies on the list, Japan has 3 companies on the list, China has 2 car companies on the list, Italy, France, Sweden, South Korea each have 1 on the list.

From the perspective of subdivided industries, there are 14 car companies, 3 parts and components, and 2 car dealers.

Judging from the shortlisted companies, they are basically old faces, and Ideal Auto, which entered the list with a valuation of 310 billion yuan, is the only new company on the list. It was founded in 2015 and is also the youngest company on this year's list. It is the most powerful new car-making company in China in 2023, with sales of 376,000 units, and all models are medium and large range-extender SUVs, with an average price of more than 350,000 yuan.

From the perspective of corporate valuation, Tesla's valuation is still the highest, reaching 4,619 billion yuan, followed by Toyota with 1,875 billion yuan and Bosch at 970 billion yuan. Tesla's valuation is more than the next seven automakers, Toyota, BYD, Mercedes-Benz, Ferrari, Stellantis, BMW, and Volkswagen combined.

Tesla, which recorded record sales and revenue in 2023, saw its valuation drop 5.2% in 2023 compared to 4,872 billion yuan in 2022 due to declining profits

Judging from the ranking changes in the list, there are 9 companies that have advanced, of which Ferrari has risen the most, moving forward from 402 to 251, and its valuation has risen from 261 billion yuan to 420 billion yuan.

There are 8 companies that have regressed, of which Hyundai has dropped the most in the rankings, from 152 to 418, and its valuation has dropped from 566 billion yuan to 261 billion yuan.

In terms of valuation changes, there were 10 companies that rose, the most prominent were Toyota, which increased by 294 billion yuan, Ferrari increased by 159 billion yuan, Stellantis increased by 123 billion yuan, and Ferrari, which increased by 160%, the largest increase was Ferrari.

There were 8 companies whose valuations fell, with Hyundai having the largest decline of 305 billion yuan, Tesla by 253 billion yuan, Mercedes-Benz by 218 billion yuan, and Hyundai, which had the largest decline, by 53.89 percent.

Hurun Report, Chairman and Chief Research Officer, said that Hurun Global 500 companies are the backbone of the world economy, and through this list, we can understand the current situation of the world economy.

Judging from the performance of automobile-related companies, although the valuation accounts for a small proportion, it also reflects the development of the industry to a certain extent. The number of companies on the list has increased by one, and the total valuation has not changed much.

Among the 19 companies, Tesla's valuation exceeds the sum of the next seven car companies, indicating that the capital's views on the development trend of the automotive industry have not changed significantly, and electrification and intelligence are still the general direction of the automotive industry.

There are only three new energy vehicle companies on the list, Tesla, BYD and Ideal, which are very few companies in the industry that have achieved profitability, indicating that finding the profit code is the top priority for the sustainable and healthy development of car companies in an increasingly competitive market

The total value of the 2023 Hurun Global 500 companies increased by 12% from 2022 to 382 trillion yuan. The threshold for entering the Hurun Global 500 was raised by 7% from last year to 217 billion yuan.

There were 337 companies in the top 500 that rose in value, with 48 of them new entrants. 163 companies fell or remained unchanged in value, and another 48 companies were off the list. 56% of companies are direct-to-consumer and 44% are B2B companies. 53% of companies sell physical products, and 47% sell software and services.

According to the list, the total value of the world's top 10 most valuable companies increased by 18 trillion yuan from last year to 89 trillion yuan, accounting for 23% of the total value of Hurun's top 500 companies.

Apple remains the world's most valuable company with a value of 19 trillion yuan, an increase of 12%. Microsoft ranked second with 18 trillion yuan, an increase of 39%, or 5 trillion yuan, the biggest increase this year. Alphabet ranked third, up 18 percent to 11 trillion yuan, and Amazon ranked fourth, up 13 percent to 10 trillion yuan. Nvidia, Meta Platforms, Eli Lilly and TSMC are new to the top 10. With the exception of TSMC, the top 10 are all from the United States.

From the perspective of countries, the United States dominated the list with 261 companies, an increase of 1, accounting for 52% of the total number of Hurun Global 500 companies and 65% of the total value, China ranked second with 33 companies on the list, a decrease of 2, followed by Japan with 28 companies, the United Kingdom with 23 companies, Canada ranked fifth with 20 companies, and the European Union with a total of 69 companies on the list.

In terms of value, five industries account for half of the Hurun Global 500, led by financial services, followed by consumer goods, software and services, healthcare, and retail. On average, each company is worth 760 billion yuan, has annual sales of 360 billion yuan, has 88,000 employees, and has been established for 68 years.

Among them, software and services companies are the biggest winners this year, followed by semiconductors, and media and entertainment companies. The total value of software and services companies increased by 10 trillion yuan in the past year.