In a recent study of 900 top companies, it was determined that, with $192 billion in debt, Volkswagen ranks first among the world’s most indebted companies according to a story on

That means it has more debt than countries like South Africa ($180.1 billion) and Hungary ($101.9 billion). Much of VW’s debt is tied to its large financing division.

Volkswagen is not alone in its position as an automaker with mountains of debt. Daimler, is the world’s third most indebted company with $151 billion in debt. Not far behind is Toyota with $138 billion in debt, Ford with $122 billion, and BMW with $114 billion. Out of the 10 most indebted companies in the world, five are automakers.

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