On August 5 this year, the 2024 Fortune Global 500 list was released. A total of 133 Chinese companies (including those from Hong Kong and Taiwan) made the list, some of which are automotive and parts manufacturers.

The Fortune Global 500 companies are ranked based on their total revenue for the fiscal year ending on or before March 31, 2024. To be included on the list, companies must disclose their financial data and report some or all of their data to government agencies. Chinese automotive and parts companies on the list are ranked based on their total revenue for fiscal year 2023.

10 Chinese automotive and parts companies make the list

According to media reports, nine Chinese automotive and parts companies made the 2024 Fortune Global 500 list, including SAIC Motor, FAW Group, BYD, GAC Group, Geely Holding, Beijing Automotive Group, Dongfeng Motor Group, CATL, and Chery Holding.

However, some reports claim that there are actually ten companies on the list from China, including SAIC Motor, FAW Group, BYD, GAC Group, Geely Holding, Beijing Automotive Group, Dongfeng Motor Group, CATL, Chery Holding, and Jardine Matheson Holdings (Hong Kong).

Ranking situation in 2024

Jardine Matheson Holdings, based in Hong Kong, primarily operates in real estate, transportation, hospitality, and has a small business in automotive parts. Strictly speaking, it cannot be classified as an automotive and parts company.

Many reports overlooked China North Industries Group Corporation Limited (CNIGC), the parent company of Changan Automobile in Chongqing. The correct list of Chinese automakers on the Fortune Global 500 should be: SAIC Motor (93rd), FAW Group (129th), BYD (143rd), GAC Group (181st), Geely Holding Group (185th), Beijing Automotive Group (192nd), Dongfeng Motor Group (240th), CATL (250th), CNIGC (343rd), and Chery Holding Group (385th).

Ranking situation in 2023

Compared to the 2023 Fortune Global 500 list, Chery Holding Group made its debut, while Xinjiang Guanghui exited the list. The number of Chinese automotive and parts companies on the list remained at ten.

Chery Holding Group debuts while Xinjiang Guanghui exits

Chery Holding Group made its debut on the Fortune Global 500 list with revenue of USD 39.0917 billion, ranking 385th.

Chery Automobile, a subsidiary of Chery Holding Group, is the first domestic auto brand to surpass one million in sales. Chery Holding Group is a diversified enterprise group with automotive industry as its core business, covering automobiles, auto parts, finance, real estate, modern services, etc. It owns wholly-owned Chery Automobile, Chery Commercial Vehicle, and joint ventures such as Chery Jaguar Land Rover, Kaiyi, and Refine Special Vehicles, among others. Its passenger car brands include Chery, EXEED, JETOUR, iCAR, Chery Jaguar, Chery Land Rover, and Kaiyi.

In 2023, Chery Holding Group sold 1.88 million vehicles, ranking eighth among China's top ten automotive groups. With over 930,000 vehicles exported, it has been the top Chinese brand in passenger car exports for 21 consecutive years, with an annual revenue exceeding RMB 300 billion.

Xinjiang Guanghui is the actual controller of Guanghui Auto, China's largest automotive dealer group. In the 2023 Fortune Global 500 list, Xinjiang Guanghui entered the top 500 with revenue of USD 30.9 billion, ranking 500th. However, due to severe competition in the domestic automotive market and other factors, both Xinjiang Guanghui and Guanghui Auto struggled, with significant revenue declines leading to their exit from the Fortune Global 500 list.

BYD climbs 293 positions in two years on the Fortune Global 500 list

SAIC Motor ranked 93rd on the Fortune Global 500 list with revenue of USD 105.2 billion in its 2023 consolidated financial statements, becoming the only Chinese automaker to rank among the top 100. However, due to declining performance, SAIC Motor slipped from 84th to 93rd.

Other companies that saw a decline in rankings include GAC Group, Dongfeng Motor Group, and CNIGC. GAC Group has been on the Fortune Global 500 list for 12 consecutive years, falling 16 places to 181st this year. Dongfeng Motor Group saw the steepest decline, dropping 52 places to 240th. CNIGC had the smallest decline, slipping from 341st to 343rd.

FAW Group, BYD, Geely Holding, Beijing Automotive Group, and CATL all saw improvements in their rankings. FAW Group rose two places to 129th. BYD jumped from 212th to 143rd. Geely Holding Group climbed 40 places to 185th. Beijing Automotive Group advanced one place to 192nd. CATL improved 42 places to 250th.

BYD has been on the Fortune Global 500 list for three consecutive years. Riding on the rapid development of China's new energy vehicles, BYD, a leader in the field, has seen its ranking soar on the list, improving by 293 positions in two years.

In the 2022 Fortune Global 500 list, BYD ranked 436th. In 2023, it jumped 224 places to 212th, making it the second-largest climber and the Chinese company with the most significant improvement. In the 2024 list, BYD rose 69 places to 143rd, ranking just below SAIC Motor and FAW Group. (End)