5 Most Valuable Car Companies by Market Cap Heading into 2024

4. VinFast

Total market cap as at 30th October 2023 (in $ billions): 95

The only private company in our list of the most valuable car companies by market cap heading into 2024, VinFast’s valuation has been obtained from Times and is based on huge investments made by its parent company Vingroup into EV production while leasing the battery, which should reduce consumer costs. However, the company has so far only sold 16,000 vehicles through the second quarter of 2023, and its extremely high valuation might be overstated, according to many.