the top 500 chinese manufacturing companies in 2024 are released, and three automakers are among the top ten
2024-09-21
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on september 20, at the 2024 world manufacturing conference held in hefei, the china enterprise confederation and the china entrepreneur association released the list of china's top 500 manufacturing enterprises in 2024. at the top of the list, automobile companies performed outstandingly, among which saic group, faw group and byd were all shortlisted in the top ten of the list. the three automakers ranked sixth, eighth and tenth respectively with operating incomes of 744.7 billion yuan, 633.5 billion yuan and 602.3 billion yuan.
the development of the automobile industry is not only a reflection of a country's industrial strength, but also plays a vital role in the upgrading and progress of the entire manufacturing industry. in recent years, with the vigorous development of new energy vehicles in the domestic market, the market share of independent brands has continued to rise. in the first half of 2024, the market share of china's independent automobile brands has steadily increased, and its share of the domestic market has exceeded 60%, a record high. the vigorous development of the automobile industry has also created large automobile manufacturing companies.
in addition to the above three automakers, the first financial reporter learned that geely holding group, baic group, and dongfeng motor group were also shortlisted in the top 20 of the list of china's top 500 manufacturing companies in 2024. at the same time, catl, a leading power battery company that has risen along with new energy vehicles, ranked 23rd.
"as the world's largest automobile market, china can be expected to continue to grow." at the opening ceremony of the 2024 world manufacturing conference, thomas ulbrich, chief technology officer of volkswagen group (china), said that china's new energy vehicle segment will continue to expand at an annual growth rate of 15% until 2030. by then, china's total automobile sales will reach 28 million, of which new energy vehicles will have a penetration rate of 75%.
in addition to its large scale, wu borui said that the chinese automobile market has also formed a unique development rhythm, with the r&d cycle shortened to 3 years, the iteration cycle of electronic and electrical architecture/advanced assisted driving functions only 1.5 years, and the frequency of ota upgrades reaching monthly levels.
in order to develop rapidly at the speed of china, volkswagen established volkswagen (china) technology co., ltd. (vctc) in hefei last year. as volkswagen's r&d center in china, the company is allowed to make decisions on local r&d and connect with three joint venture partners, including saic volkswagen, faw-volkswagen and volkswagen anhui. it is expected to shorten the product launch cycle by 30% by 2026.
with the rapid improvement of product strength, chinese cars are also accelerating their export. according to the china association of automobile manufacturers, from january to august this year, my country's automobile exports reached 3.773 million units, a year-on-year increase of 28.3%, of which the export volume of traditional fuel vehicles was 2.955 million units, a year-on-year increase of 33.4%; the export volume of new energy vehicles was 818,000 units, a year-on-year increase of 12.6%.
according to information released by the china enterprise confederation, the top 500 chinese manufacturing companies in 2024 have overseas assets of 7.29 trillion yuan, an increase of 5.81% over the previous year. among them, two of the top ten companies with overseas assets are automobile and parts companies. geely holding group has 272.3 billion yuan in assets overseas, ranking fourth, and weichai power has 158.5 billion yuan in assets, ranking tenth.
(this article comes from china business network)
