Tesla's Market Cap Surpasses Next 37 Automakers Combined Despite Lower Profit Than Toyota
As of July 21, 2026, Tesla (NASDAQ:TSLA) had a market capitalization of $1.423 trillion, surpassing the combined value of the next 37 largest automakers and parts manufacturers at $1.415 trillion. This includes companies like Toyota, BYD, Ferrari, General Motors, Ford, and Hyundai. Toyota (NYSE:TM) reported a net income of approximately $25.45 billion for fiscal year 2026, while Tesla's GAAP net income in full-year 2025 was $3.8 billion — resulting in Toyota earning about six times more profit than Tesla last year. Despite this gap, investors are valuing Tesla higher due to expectations of future profits from AI and software advancements. Tesla’s per-vehicle profitability fell by roughly 40% year-over-year to around $2,140 for Q1 2026 — nearly matching Toyota's profit per unit at about $2,078. However, Tesla trades at a trailing P/E of 346 compared to Toyota’s 10.
Topics: automotive industry market cap profitability Tesla Toyota