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Source: Times Finance Author: Wu Kai

On August 5, the 2024 Fortune Global 500 list was released. A total of 133 Chinese companies made the list (including companies from Taiwan, China), and the total revenue of the listed companies in 2023 was approximately US$11 trillion.

Image source: Times Finance

Among the 15 fields in which Chinese companies are listed, the development of "automobiles and auto parts" is relatively prominent, with a total of 10 Chinese automobile and auto parts companies on the list. SAIC Motor ranked 93rd among the top 100 with a revenue of US$105.2 billion. BYD is the Chinese company with the largest ranking improvement, rising 69 places from the previous year. Chery Holdings entered the list for the first time.

Specifically, the Chinese automobile and parts companies that entered the Fortune Global 500 list are SAIC Group, FAW Group, BYD, GAC Group, Geely Holding, BAIC Group, Dongfeng Motor Group, CATL, Chery Holdings and Xiaomi.

Data source: Fortune list, image source: Times Finance chart

Among the 10 companies on the list, most of them have risen in ranking compared to last year. BYD, the Chinese company with the largest ranking increase, rose 69 places compared to last year. At the same time, CATL's revenue further increased to US$56.6 billion after its first appearance on the list last year. In addition, Geely Holding's revenue ranking also rose 40 places to 185th, breaking the US$70 billion mark.

Although Chery Holdings is on the list for the first time, ranking 385th with a revenue of US$39.1 billion, its return on equity ranks among the top in the industry. Chery Holdings ranks 40th on the Fortune Global 500 list with a return on equity of 35%. CATL and BYD also rank among the top 10 in China in terms of return on equity, reflecting their excellent profitability.

Among the 10 automobile and parts companies on the list, BYD and Xiaomi performed particularly well.

BYD ranked 143rd in the list, with revenue of 85.1 billion US dollars, making it the third largest automaker in China in terms of revenue, and also the private automaker with the highest revenue. In July this year, BYD's 8 millionth new energy vehicle rolled off the production line. Fortune Chinese commented that BYD's achievements in the new energy vehicle industry marked a major breakthrough for China's auto industry in the new energy field.

In addition, as a dark horse in China's new energy vehicle industry, Xiaomi ranked 397th. Although Xiaomi's 2023 revenue does not include the automotive business, analysts say that the revenue from the automotive business will have an impact on the company's future ranking on the list. Lei Jun, founder, chairman and CEO of Xiaomi Group, has repeatedly stated that he wants to become one of the top five global automakers within 15 to 20 years.

In addition to the above-mentioned companies, Changan Automobile's parent company, China North Industries Group Corporation, ranked 343rd this year.

Huawei, a well-known domestic auto parts supplier and technology company, ranked 103rd, with revenue of $99.5 billion last year. "Huawei is still the leader among Chinese companies in this field," Fortune Chinese commented. Huawei is currently deeply involved in the Chinese auto industry as a parts supplier, and the Hongmeng Intelligent Driving Alliance it initiated sold more than 40,000 vehicles in July.

Analysts believe that the above-mentioned companies are driving Chinese cars, especially electric cars, to the world market. "Chinese companies such as Huawei, BYD and CATL are already world-class companies with considerable competitiveness," said Wang Zhile, a special contributor to Fortune Global 500.

Overall, the entry threshold for automobile and parts companies in this year's list is close to US$40 billion, and new energy vehicle companies with lower revenue scale are not on the list.

The automobile industry plays an important role in the global market. In addition to domestic brands, many overseas car companies are also on the list.

Among them, Volkswagen Group ranked 11th on the list with a revenue of US$348.4 billion, up 4 places from the previous year. American new energy vehicle giant Tesla ranked 110th with a revenue of US$96.8 billion, jumping 42 places from the previous year.

In addition, well-known multinational automobile companies and parts companies such as Toyota, Stellantis Group, Ford Motor, General Motors, BMW Group, Mercedes-Benz Group, Honda Motor, Hyundai Motor, Bosch, and Nissan Motor are also on the list.