Published on 1 Apr 2024 on Insider Monkey via Yahoo Finance
25 Richest Billionaires in Automotive Industry
In this article, we will be looking at the 25 richest billionaires in automotive industry. To skip our detailed analysis, head directly to see the 5 Richest Billionaires in Automotive Industry.
Global Automotive Industry Outlook: 2024
The global automotive industry is thriving and we can see how it is transitioning from conventional vehicles to electric vehicles (EVs). The global automotive industry backs a lot of billionaires, especially Chinese billionaires in large numbers. According to research by MarketsandMarkets, China contributes about 60% to global EV sales annually. China controls the majority of the EV supply chain and continues to grow its global presence in EV leadership. China is expected to gain 12% of the European EV market share by 2025. Chinese EV makers have the advantage over cutting-edge battery technology and competitive pricing. In addition, Chinese EV makers are getting attention in the UK and other major European and Asian markets. In 2024, China will establish itself as a dominant force in the EV space both in the home market and globally.