Profit Margin Exceeds BYD, 23 Consecutive Years as Export Leader, Chery Joins Fortune Global 500

ZhiLiao Auto / Chen Yi

Recently, "Fortune" magazine released the latest Fortune Global 500 ranking, Chery Automotive ranked 383rd with revenue of $41.778 billion.

Actually, Chery was already on the Fortune Global 500 list last year, ranked even higher at 233rd. The difference is, this year Chery is evaluated independently as a listed company entity, after all, it went public on the HKEX last September.

In other words, although Chery was on the Fortune Global 500 list for two consecutive years, the significance differs. This year, Chery must undergo comprehensive scrutiny from the capital market and industrial sector.

Worth noting is, among Chinese automakers and auto parts companies entering the Fortune Global 500 this year, there are 10 in total. Besides Chery, there are BYD, CATL, Geely, SAIC, etc., all very well-known. Among them, BYD ranks highest, with revenue of $111.853 billion, ranking 91st.

Domestically, BYD is now the undisputed "leader". Cars sell well, and profits are high. Last year, BYD's NEV sales reached 4.6 million units, securing the global NEV sales champion title for consecutive years, annual revenue 804 billion yuan, net profit 32.6 billion yuan.

Moreover, it is willing to invest heavily in R&D. For example, in 2025, BYD invested as high as 63.4 billion yuan in R&D, ranking first among A-share listed companies for two consecutive years. So far, BYD's cumulative R&D investment has exceeded 250 billion yuan.

The key point is, BYD's batteries, chips, motors, electronic control, etc., are all self-made. In the past, people thought this "doing everything oneself" model was too asset-heavy and too slow, but facts prove that as long as you can survive, you can use economies of scale to further reduce costs.

What is BYD's moat? Cost and scale. Others spend 100 to make a car, BYD might only need 80; others sell 100 cars a year, BYD can sell 200.

What about Chery? It is a different model.

Starting from 2001, Chery was already selling cars overseas. At that time, most Chinese automakers were still competing domestically. So strictly speaking, Chery counts as one of the first batch of "going global" Chinese automakers.

Of course, it was indeed difficult at first. In 2001, Chery's export volume didn't even exceed 100 units. But it proceeded steadily, continuously expanding its overseas map. To date, Chery's business covers more than 130 countries and regions, ranking first in Chinese brand passenger car exports for 23 consecutive years.

Chery's "going global" is not a one-off deal. It has 16 production bases globally, with over 3,100 overseas dealer outlets. Brazil, Indonesia, Thailand, Malaysia, etc., all have Chery's localized manufacturing networks.

Foreign media summarized Chery's "going global" model as "encircling cities from the countryside". This is not wrong, after all, it first went to markets with lower thresholds like the Middle East, Latin America, Southeast Asia to build brand awareness, selling mature fuel models like Tiggo and Arrizo, and later penetrated into high-regulation markets like Europe.

In 2025, Chery exported 1.344 million vehicles, equivalent to a Chery being sold overseas every 23 seconds on average. Annual total revenue 300.29 billion yuan, breaking the 300 billion yuan threshold for the first time. Net profit 19.51 billion yuan, overseas revenue 157.42 billion yuan.

To put it plainly, Chery is now completely a Chinese automaker where "selling cars relies half on overseas markets".

More worth noting is, Chery's overall average vehicle price is about 103,500 yuan, overseas average vehicle price is 121,600 yuan. The same car sells nearly 20,000 yuan more overseas than domestically.

So you see, Chery's success logic is simple: if you can't compete domestically, go sell abroad.

Compared to BYD, Chery's moat is built up over time. Over 20 years of accumulation, Chery's overseas channels, brand recognition, and localized operational capabilities are not something that can be easily replicated.

This shows that the path to success is not singular. The "BYD model" can succeed, and the "Chery model" can also succeed.

However, both have their own problems to face. For example, how can BYD replicate its domestic model in the global market? How can Chery boost domestic sales? ... These are all issues that must be resolved.

ZhiLiao Auto original article, if reprinting is needed please contact us

*Pictures from the internet, if infringing please contact author to delete*