The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles.
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Since 2020, the global automotive sector has faced decreased demands and production halts resulting from the COVID-19 pandemic and automotive semiconductor shortages. This chip shortage led to around 11.3 million vehicles being cut from worldwide production in 2021, and forecasts estimate that these disruptions in the automotive supply chain will contribute to the removal of another seven million units from production in 2022.
Global automobile sales started recovering from the drop they recorded during the pandemic, reaching 66.7 million units sold in 2021. This sales volume is forecast to keep increasing in 2022, though the 2023 sales volume is expected to still be below 2019.
The market size, measured by revenue, of the Global Car & Automobile Sales industry is $3.8tr in 2023.
Carmart has compiled a list of the top 5 billionaires in the Global Car & Automobile industry based on their market share, revenue, and net worth. The rankings are derived from Bloomberg and Forbes billionaire reports as of 2023.
Here are five billionaires who have had a significant influence on the automotive industry:
6. Piero Ferrari – Net worth $6.6 billion
Piero Ferrari is vice chairman and 10% owner of luxury race car company Ferrari. His father Enzo founded Ferrari. Piero became a billionaire when Ferrari listed its shares on the New York Stock Exchange in October 2015. The company went public as part of a spinoff from Fiat Chrysler. He became the sole heir after his stepbrother and Enzo’s first son, Alfredo “Dino” Ferrari, died from muscular dystrophy in 1956. Piero actively supports Centro Dino Ferrari, a research centre for muscular and neurodegenerative diseases that his father cofounded in Dino’s memory.
5. Li Shufu – Net worth $18.2 B
Li Shufu is a Chinese entrepreneur and the founder of Geely Holding Group, an automotive manufacturing company. Geely owns multiple automotive brands, including Volvo Cars, Polestar, and Lotus. Li Shufu’s investments and acquisitions have expanded Geely’s presence globally, making him one of the key figures in the Chinese automotive industry.
4. Wang Chuanfu – Net worth $19.9 billion
Wang Chuanfu’s BYD reigns as king of China’s nascent electric vehicle market, which is the largest EV market in the world. Warren Buffett’s Berkshire Hathaway owns an approximately 6% stake in BYD. Born in a farm village in one of China’s poorest provinces in 1966, Wang was orphaned as a teen and raised by his elder brother and sister. The high achiever made it to college, excelling as he trained his sights on battery technology. Wang cofounded BYD as a rechargeable battery company in the mid-1990s.
3.Susanne Klatten – Net worth $25.1 billion
Susanne Klatten is a German heiress and entrepreneur who has a significant stake in the automotive industry. She inherited shares in BMW, one of the world’s leading luxury car manufacturers, from her family. Klatten has been actively involved in the business, serving on the supervisory board of BMW and supporting the company’s expansion into electric and autonomous vehicles.
Some people are born with a silver spoon but they didn’t stop at that. They push further to have their names printed in gold.
That can be said about Susanne Klatten who is currently Number 64 on Bloomberg’s billionaire list and the richest woman in Germany with a net worth of $25.1 billion as of May 5th 2023.
2. Stefan Quandt – Net worth $26.3 billion
Stefan Quandt is another German billionaire who inherited a substantial stake in BMW. He is the son of Herbert Quandt and holds shares in BMW through his family’s holdings. Like his sister Susanne Klatten, Stefan Quandt has been involved in the development and growth of BMW as a member of the supervisory board.
1. Elon Musk – Net worth $242.7 billion
Elon Musk is the co-founder and CEO of Tesla, an electric vehicle and clean energy company. He has played a crucial role in popularising electric vehicles and advancing autonomous driving technology. In addition to Tesla, Musk is involved in other ventures such as SpaceX and Neuralink. As of 2023, Musk was considered one of the richest individuals globally.
