September 2026
Largest Automakers Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Porsche, Mercedes-Benz, Volkswagen, BMW and Daimler Truck.
 | Porsche designs, engineers, and manufactures premium cars synonymous with its racing history heritage, engineering mastery, sporty design, and driving experience. Porsche is uniquely positioned in that its brand is associated with luxury, but it produces cars on a much larger scale than its superluxury peers. Porsche sold 311,000 vehicles in 2024 at an average price of EUR 129,000. Europe, North America, mainland China including Hong Kong, and the rest of the world accounted for 36%, 28%, 18%, and 18% of volume in 2024, respectively. Ninety-two percent of revenue is generated from the sale of cars and related services, with the remainder from the captive finance arm. Porsche’s equity is tightly held with Volkswagen owning 75.4% and Porsche SE (the Porsche/Piech family) owning 12.5%. | $51 | +5% | $46B | $51B | 1.2x | 7.7x | ||
| Mercedes-Benz Group is a premium automotive original equipment manufacturer, selling around 2 million passenger cars, including its Chinese joint venture, and just under 400,000 vans per year. The company's financial profile improved significantly following the spinoff of Daimler Truck in 2021. Unlike most automotive OEMs, Mercedes operates under its brand alone. In 2024, 14% of its passenger cars sold were top end (G Class, Maybach, AMG, S Class), 59% were core (C and E Class), and 27% entry (A and B Class). In volume terms, Asia and Europe are Mercedes' largest markets, each at just under 40% of 2024 vehicle sales, followed by North America at 16%. | $47 | -25% | $45B | $118B | 0.8x | 7.4x | ||
| Volkswagen Group is a global vehicle manufacturer whose brands span passenger cars, commercial vehicles, motorcycles, mobility services, and vehicle components. The organization serves B2B, B2C customers and counterparties through the operating assets, products, or financial capabilities described in the cited transaction materials. Its principal economics are Product sales, while its competitive position depends on sector expertise, asset quality, customer relationships, execution, and disciplined capital allocation. The business was founded in 1937 and is headquartered in Wolfsburg. Qatar’s option exercise created one of Volkswagen’s largest strategic shareholdings alongside the Porsche-Piëch families and Lower Saxony. The profile reflects the legal or operating business at the transaction date, including its historical identity where a subsequent listing, merger, privatization, disposal, or reorganization changed its name or ownership. | $81 | -25% | $40B | $214B | 0.6x | 3.9x | ||
| BMW is a German manufacturer of premium cars and motorcycles headquartered in Munich, trading as BMW Group. It sells cars under the BMW brand, including its i, M and X lines, as well as Mini and Rolls-Royce, and motorcycles under BMW Motorrad, and it also offers financing, leasing, insurance and car-sharing services. The company dates its founding to 7 March 1916; Rapp Motorenwerke became Bayerische Motoren Werke in 1917, and in 1922 the name and assets passed to aircraft maker Bayerische Flugzeugwerke, which became today's BMW AG. In 2025 BMW produced 2,463,681 cars and 202,563 motorcycles and reported revenue of €133.5 billion, operating income of €10.2 billion, net income of €7.5 billion and 154,540 employees; in 2024 automotive sales made up about 73% of revenue and financial services about 25%. In 2023 it was the world's ninth-largest vehicle producer and sixth-largest automaker by revenue. BMW is listed in Frankfurt and belongs to the DAX index, while Stefan Quandt holds 27.7% and Susanne Klatten 22.5% of the shares. Milan Nedeljković chairs the management board. | $63 | -38% | $38B | $149B | 1.0x | 6.9x | ||
| Daimler Trucks is the largest global truck and bus original equipment manufacturer, producing around 500,000 trucks per year. It has the dominant share of the highly concentrated North American truck market, at just under 40%, with its brands Freightliner and Western Star. It also has a large share, just below 20%, of the European truck market with its Mercedes-Benz brand offering. Its segments of Trucks North America, Trucks Mercedes-Benz, Trucks Asia, and Daimler Buses contribute 41%, 33%, 11% and 9% to revenue, respectively; however, Trucks North America contributes disproportionately (64%) to EBIT. An in-house financial services arm supports these businesses. Daimler spun out of Mercedes-Benz in December 2021. | $49 | +19% | $37B | $56B | 1.1x | 13.1x | ||
| Traton SE is the parent and holding company of the TRATON GROUP and one of the world’s commercial vehicle manufacturers. With its brands Scania, MAN, International, and Volkswagen Truck and Bus. The Group’s product portfolio comprises trucks, buses, and light-duty commercial vehicles. Transforming Transportation Together. For a sustainable world, this intention underlines the Company’s ambition to have a lasting and sustainable impact on the commercial vehicle business and on the Group’s commercial growth. | $40 | +25% | $20B | $53B | 1.1x | 8.4x | ||
| Porsche Automobil Holding SE is an automotive holdings company. The company's core investment is a controlling stake in Volkswagen AG. Through this stake, Porsche SE has an interest in passenger and luxury car manufacturers which include Volkswagen, Audi, SEAT, SKODA, Bentley, Bugatti, Lamborghini, and Porsche; motorcycles under the Ducati brand name; and commercial vehicles under Volkswagen Commercial Vehicles, Scania, and MAN. In addition to the automobile manufacturers, this core investment provides Porsche Automobil exposure to the Volkswagen Financial Services financing business. Porsche SE also has a minority stake in technology company INRIX, a company that provides connected-car services and real-time traffic information. | $29 | -27% | $8.8B | $14B | 4.6x | 4.7x | ||
| Median | $49 | -25% | $38B | $56B | 1.1x | 7.4x |
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