2025 Auto Earnings Report: Geely and Chery Lead, Leapmotor Turns Profitable, New EV Makers and Foreign Brands Diverge Sharply

The 2025 automaker earnings season has concluded, revealing stark performance divergence. Geely reported record-high revenue of RMB 345.2 billion and net profit attributable to shareholders of RMB 14.41 billion, driven by its Galaxy and Zeekr strategies. Chery posted revenue of RMB 300.29 billion and net profit of RMB 19.51 billion, supported by robust overseas operations and accelerated growth in new energy vehicles (NEVs). Leapmotor turned profitable for the first time, with revenue of RMB 64.73 billion, fueled by stringent cost control and international expansion. Li Auto saw declining revenue amid challenges in its pure-electric vehicle transition but remains well-capitalized to invest heavily in AI. NIO achieved quarterly profitability and revenue growth, though it remained unprofitable for the full year, and plans to launch new models to reduce costs. Among foreign automakers, Volkswagen’s global profits halved, relying heavily on the Chinese market for support; BMW maintained flat global sales but experienced a decline in China, focusing instead on its “Neue Klasse” platform; Mercedes-Benz saw declines in both revenue and profit, yet retained its premium positioning and plans to introduce new models to stabilize its position. Overall, three key trends emerged in the 2025 automotive market: scale no longer guarantees profitability, overseas expansion has become essential, and intelligent technology is the decisive battleground.