As of April 13, 19 vehicle manufacturers have disclosed their 2024 financial reports. This includes 13 passenger vehicle companies and 6 commercial vehicle companies. Red Star Capital Bureau has compiled data on their sales, revenue, profit, and per-vehicle profitability. In 2024, 12 vehicle manufacturers reported year-on-year growth in revenue, net profit, and sales. GAC Group and JAC Motors saw declines in all three metrics. The “top three” domestic brands excelled. BYD, Geely, and Great Wall Motors ranked in the top three for revenue and net profit.
Eight car companies saw revenue growth. Eight companies exceeded 100 billion yuan in revenue. The total revenue of 19 listed vehicle companies surpassed 23,247 billion yuan. Their net profit reached 61.1 billion yuan, resulting in a net profit margin of 2.63%. Looking at revenue, GAC Group, JAC Motors, and FAW Jiefang experienced year-on-year declines in 2024. BYD led with a revenue of 777.1 billion yuan. Geely and Great Wall Motors followed with revenues of 240.2 billion and 202.2 billion yuan, respectively. Seres had the fastest revenue growth at 305%. Leap Motor ranked second with a growth rate of 92%. Zeekr came in third with a 47% growth rate.
Over 70% of car companies made a profit. Three companies reported net profits exceeding 10 billion yuan. Among the 19 listed vehicle companies, five posted losses, and six saw a decline in net profit year-on-year. BYD, Geely, and Great Wall Motors reported net profits over 10 billion yuan, with figures of 40.25 billion, 16.63 billion, and 12.69 billion yuan, respectively. These are the three most profitable car companies in 2024. Geely’s net profit growth leads at 213%. Yutong Bus ranks second with over 100% growth. Seres, Dongfeng Group, Ankai Bus, and *ST Hanma turned losses into profits. Leap Motor, Xpeng, and Zeekr reduced their losses year-on-year. Jianghuai Automobile is the only company that shifted from profit to loss. NIO is the only company that expanded its losses. Changan Automobile and Li Auto experienced revenue growth but saw net profit decline.
Three companies reported a sales decline. Six companies sold over one million vehicles. Among the 19 listed automakers, GAC Group, JAC Motors, and Dongfeng Group saw year-on-year sales drops. BYD led in sales with 4.2721 million vehicles. Changan Automobile, Geely Automobile, GAC Group, Dongfeng Group, and Great Wall Motors also surpassed one million vehicles in 2024. Leap Motor and Seres experienced the fastest sales growth. Leap Motor’s sales grew 103.8% to 293,700 vehicles. Seres’ sales rose 97% to 497,000 vehicles. In the commercial vehicle sector, JMC’s sales reached 341,200 vehicles, the highest. Ankai Bus had the fastest growth, with a 34.87% year-on-year increase.
Five car companies lose money on every sale. Dongfeng earns 30 yuan (0$) on each vehicle sold. Among the 19 listed car manufacturers, five report losses on every sale. NIO suffers the biggest loss, losing 100,000 yuan (13710$) per vehicle. In the passenger car sector, Li Auto shows the strongest profitability, earning 16,100 yuan (2210$) per vehicle. Great Wall Motors and Seres also exceed 10,000 yuan (1370$) in profit per vehicle. In the commercial vehicle sector, Yutong Bus leads with an 87,800 yuan (12040$) profit on each sale. China National Heavy Duty Truck and *ST Hanma also surpass 10,000 yuan (1370$) in profit per vehicle.
Red Star News reporter Wu Danruo Editor Deng Lingyao