On August 5, 2024, ten automotive-related companies included in the fortune global 500 were released, with 133 Chinese companies (including those from Taiwan) making the list. The total revenue of these companies in 2023 was approximately $11 trillion.
Among the 15 sectors represented by Chinese companies on the list, the “Automobiles and Parts” sector was prominent, featuring ten automotive-related companies included in the Fortune Global 500. SAIC Motor ranked 93rd with $105.2 billion in revenue, securing a spot in the top 100. BYD saw the most substantial improvement among these companies, climbing 69 positions from the previous year. Chery Holding made its debut on the list.
The ten automotive-related companies included in the Fortune Global 500 are SAIC Motor, FAW Group, BYD, GAC Group, Geely Holding, BAIC Group, Dongfeng Motor Group, CATL, Chery Holding, and Xiaomi. Most of these companies improved their rankings compared to last year. BYD’s notable ascent saw it jump 69 places, while CATL, having debuted last year, increased its revenue to $56.6 billion. Geely Holding also saw a 40-place improvement in its revenue ranking, reaching 185th place and surpassing the $70 billion mark.
Although Chery Holding made the Fortune Global 500 list for the first time, ranking 385th with $39.1 billion in revenue, it boasts one of the highest return on equity rates in the industry, placing 40th with a 35% return on equity. CATL and BYD also feature prominently among the ten automotive-related companies included in the Fortune Global 500 for their strong profitability.
Among these ten automotive-related companies, BYD and Xiaomi are particularly noteworthy. BYD, ranked 143rd on the list with $85.1 billion in revenue, is the third highest revenue car company in China and the leading private car company. BYD celebrated rolling out its 8 millionth new energy vehicle in July, marking a significant milestone in China’s new energy automotive sector.
Xiaomi made a remarkable debut at 397th place. Although Xiaomi’s 2023 revenue did not yet account for its automotive business, future automotive income is expected to affect its ranking. Xiaomi Group’s founder, chairman, and CEO Lei Jun has expressed ambitions to become one of the top five global car manufacturers within 15 to 20 years.
Additionally, China South Industries Group Corporation, the parent company of Changan Automobile, ranked 343rd this year among the ten automotive-related companies included in the Fortune Global 500.
The prominent domestic auto parts supplier and tech company Huawei ranked 103rd, with $99.5 billion in revenue last year. Fortune China highlighted Huawei as a leader among Chinese companies in the automotive sector. Huawei’s HarmonyOS alliance, which sold over 40,000 units in July, exemplifies its significant role in the Chinese automotive industry.
Analysts believe that these ten automotive-related companies included in the Fortune Global 500 are advancing Chinese automobiles, especially electric vehicles, onto the global stage. “Huawei, BYD, and CATL are already world-class competitors,” stated Wang Zhile, a special contributor to the Fortune Global 500.
The revenue threshold for automotive and auto parts companies to be included in the list this year was close to $40 billion, which meant that newer, emerging car companies with lower revenues did not qualify.
The automotive industry remains a major player in the global market. In addition to domestic brands, many international car companies also featured in the list. Volkswagen Group ranked 11th with $348.4 billion in revenue, climbing four places from last year. American electric vehicle leader Tesla ranked 110th, with $96.8 billion in revenue, up 42 places from the previous year.
Other well-known multinational car companies and parts suppliers, including Toyota, Stellantis Group, Ford Motor, General Motors, BMW Group, Mercedes-Benz Group, Honda Motor, Hyundai Motor, Bosch, and Nissan Motor, were also among the ten automotive-related companies included in the Fortune Global 500.