CATL's Profits Dwarf Combined Earnings of Eight Chinese Automakers, Fortune Global 500 2026 Highlights Auto Industry's Profit Divide

On July 28, 2026, Fortune released its Global 500 list. In the automotive and auto parts sector, ten Chinese companies made the list: eight vehicle manufacturers—BYD, SAIC Motor, Chery Automobile, among others—and two auto parts suppliers: Contemporary Amperex Technology Co. Limited (CATL) and Jardine Matheson Holdings. In terms of profitability, CATL led the pack with a profit margin of 17.0%, significantly higher than Chery’s 6.3% and BYD’s 4.1%. FAW Group, SAIC Motor, Dongfeng Motor, and BAIC Group all reported profit margins below 2%, with BAIC at 0%. Geely Holding and GAC Group posted negative margins of -1.0% and -1.3%, respectively. CATL’s profit margin was more than 11 times the average of these eight automakers. In 2025, CATL recorded a net profit of USD 10.05 billion (approximately RMB 72.2 billion), surpassing the combined net profits of BYD, Chery, FAW, and SAIC. In the first half of 2026, CATL achieved total operating revenue of RMB 276.917 billion, up 54.80% year-over-year, and attributable net profit of RMB 43.284 billion, an increase of 41.98% year-over-year—translating to average daily earnings of approximately RMB 240 million. Meanwhile, several automakers reported losses during the same period: GAC Group projected a net loss between RMB 4.06 billion and RMB 4.57 billion; Seres swung from profit to loss, forecasting a net loss of RMB 1.5–1.8 billion; JAC Motors expected a net loss of around RMB 740 million; BAIC BluePark anticipated a net loss of RMB 1.77–1.97 billion; and Great Wall Motor projected net profit of RMB 2.35–2.6 billion, down roughly 60% year-over-year. According to data from the China Passenger Car Association (CPCA), from January to June 2026, China’s auto industry generated RMB 5,189.3 billion in revenue, up 1.8% year-over-year; incurred costs of RMB 4,610 billion, up 2.8%; and recorded profits of RMB 195.4 billion, down 20% year-over-year. The industry’s average profit margin stood at 3.8%, below the 6.5% average for downstream industrial enterprises. Globally, 35 automotive and auto parts companies made the Fortune Global 500, collectively generating USD 3,386.95 billion in revenue and USD 59.05 billion in net profit. Of these, 26 were profitable while nine posted losses. Stellantis Group suffered the largest loss at over USD 25.2 billion. Volkswagen (ranked 13th) remained the highest-ranked automaker for the fourth consecutive year, followed by Toyota at 14th. Ford, General Motors, Stellantis, BMW, Mercedes-Benz, Honda, and Hyundai all ranked within the top 100. Tesla ranked 116th, reporting its first-ever annual revenue decline in 2025 and losing its position as global EV sales leader to BYD. Among China’s ten listed companies, BYD ranked 91st, selling 4.602 million new energy vehicles (NEVs) in 2025, capturing a domestic market share of 27.9% and exporting 1.05 million units—a 145% year-over-year increase—with overseas revenue accounting for 38.6% of total revenue. The other Chinese companies ranked as follows: SAIC Motor (125th), Geely Holding (138th), FAW Group (183rd), CATL (260th), GAC Group (299th), Dongfeng Motor (319th), Chery Automobile (383rd), BAIC Group (413th), and Jardine Matheson (483rd). CATL rose 43 spots from the previous year, while Chery, entering the list for the first time as a publicly listed entity, was regarded as the only new mainland Chinese entrant. Chery Automobile ranked 30th among the world’s 50 most profitable companies by return on equity (ROE), with an ROE exceeding 36%; CATL also featured on this list. The average profit margin of China’s ten listed automotive and auto parts firms stood at 3.1%, notably higher than the global peer average of 1.7%, though significant disparities existed within the group.