Based on the latest data for Q1 2025, BYD stands out as the Chinese passenger car manufacturer with the highest single-quarter net profit, reaching 9.155 billion yuan (1.28 billion USD). It achieved a single-quarter gross profit margin of 20.7%, surpassing Tesla’s 16.3% for the same period.
Financial reports show that BYD’s single-quarter R&D expenditure reached 14.223 billion yuan (1.98 billion USD), exceeding its net profit.
Coming in second on the list is Geely, with a single-quarter net profit of 5.672 billion yuan (791 million USD), second to BYD. Its gross profit margin stands at 15.78%, roughly on par with Tesla. Geely’s single-quarter R&D expenditure was 3.328 billion yuan (464 million USD).
SAIC Group takes the third spot, achieving a single-quarter net profit of 3.023 billion yuan (422 million USD). SAIC Group’s gross profit margin is 8.13%. SAIC Group’s overall R&D expenditure also surpassed its net profit, reaching 3.881 billion yuan (541 million USD).
Here is a summary of the profitability and R&D spending of the top Chinese passenger car manufacturers (sorted by net profit):
| Rank | Brand | Gross profit margin | Net profit / R&D expenditure (billion yuan) |
|---|---|---|---|
| 01 | BYD | 20.7% | Net Profit 9.155 / R&D Expenditure 14.223 |
| 02 | Geely | 15.78% | Net Profit 5.672 / R&D Expenditure 3.328 |
| 03 | SAIC | 8.13% | Net Profit 3.023 / R&D Expenditure 3.881 |
| 04 | GWM | 17.84% | Net Profit 1.751 / R&D Expenditure 1.906 |
| 05 | Changan | 13.86% | Net Profit 1.353 / R&D Expenditure 1.501 |
| 06 | BAIC | 9.9% | Net Profit 0.929 / R&D Expenditure 0.082 |
| 07 | Seres | 27.62% | Net Profit 0.748 / R&D Expenditure 1.051 |
| 08 | Li Auto | 20.51% | Net Profit 0.647 / R&D Expenditure 2.51 |
| 09 | Leapmotor | 14.9% | Net Profit -0.13 / R&D Expenditure 0.8 |
| 10 | Xpeng | 15.56% | Net Profit -0.66 / R&D Expenditure 1.98 |
The brands ranked fourth to tenth are Great Wall Motors, Changan, BAIC, Seres, Li Auto, Leapmotor, and Xpeng.
Seres’s gross profit margin reached 27.62%. The success of the Aito M9 model has allowed Seres to be the first to open up the high-end market for Chinese brands.
New energy vehicle brands like Li Auto, Leapmotor, and Xpeng have also shown progress, with Leapmotor and Xpeng being just a step away from achieving profitability.
Editor’s comment
New energy vehicle technology is still in a phase of rapid development, making substantial R&D investment indispensable for many automakers. In the table above, only Geely and BAIC’s quarterly R&D expenditures were less than their net profits. While Geely’s expenditure remains a significant figure, BAIC’s R&D spending appears negligible compared to that of other companies. This raises concerns about the future prospects of the automaker responsible for brands like Stelato and Arcfox.
Source: Autohome
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