Tesla: Tesla has dominated the world's automakers with a market cap of $1.37 trillion, while Chinese carmakers ramped up their competition. Billionaire Elon Musk's electric vehicle (EV) company currently tops the list of the world's 50 most valuable automakers.

According to Anadolu Agency, Japanese carmaker Toyota followed Tesla with a market cap of $240 billion. Chinese firms Xiaomi and BYD trailed behind Toyota with market caps of $111.9 billion and $110.1 billion, respectively. While most of Xiaomi's revenue comes from various technological products, the Chinese company announced it would start EV production in 2021 and launched its battery electric sports car, the SU7, last year.

European carmakers Ferrari, Porsche, and Mercedes-Benz followed the Chinese brands with market caps of $78.2 billion, $58.4 billion, and $57.7 billion, respectively. This data was compiled by Anadolu from the companiesmarketcap.com website, illustrating the evolving dynamics in the global automotive market.