Domestic automakers climb Fortune rankings

Chinese automakers have a strong presence in Fortune Magazine's list of the top 500 global companies with several rapidly ascending in the rankings, showcasing the influence of domestic brands.

The annual Fortune 500 assesses companies based on revenue. The latest rankings released last week show that State-owned SAIC was the highest Chinese automaker, at 93rd in the list. Its revenue reached $105.2 billion in 2023. It debuted on the Fortune 500 in 2004 and has been among the top 100 for 11 years in a row.

New energy vehicle giant BYD surged 69 spots on the list, the largest leap among global automakers, to secure the 143rd position. Its revenue saw a substantial increase of $22.1 billion, reaching $85.1 billion in 2023.

BYD's NEV sales hit 3.02 million units sold in 2023, when it entered the top 10 of best-selling global car brands for the first time. BYD's NEVs are sold in 88 countries and regions worldwide, spanning more than 400 cities.

Geely saw its ranking rocket to 185th this year, a 40-spot rise from 2023. Its revenue totaled $70.4 billion in 2023. The auto group, which owns brands including Volvo, Polestar and Lotus, has been on the Fortune 500 list for 13 years.

In 2023, Geely Auto exceeded its sales target, selling 1.69 million vehicles, including 487,000 NEVs. It exported 274,000 vehicles in the year, up 38 percent year-on-year.

Chery made its debut on the list with a revenue of $39.1 billion, ranking 385th. The automaker's sales reached 1.88 million units in 2023, doubling the figure from 2021.

The Anhui province-based company has exported a total of 3.9 million vehicles, staying at the top among Chinese passenger car brands for 21 consecutive years. In 2023, one out of every three passenger cars exported from China was from Chery.

In contrast, Dongfeng Motor dropped 52 places to 240th on the latest list, the largest decline among global automakers. The company's weakening performance is linked to challenges stemming from its joint ventures with Nissan, Honda and Citroen.

In response to this, Dongfeng is accelerating its NEV transformation and focusing on brands such as Voyah, M-Hero and Nammi. Voyah's sales soared 97 percent year-on-year in the first seven months of this year to 36,400 units.

Among its peers, FAW Group moved up two positions to 129th place and BAIC Group climbed one spot to 192nd. Meanwhile, GAC Group dropped 16 places to 181st.

Besides Chinese automakers, it is the second year CATL made it onto the list. The electric vehicle battery provider rose 42 spots to 250th place with revenue of $56.6 billion in 2023.

It has been the world's largest EV battery provider for seven consecutive years and is the only Chinese auto parts supplier ranked on the Fortune 500. In the first five months of this year, its global market share reached 37.5 percent.

China's burgeoning NEV sector has driven the ranking of Chinese automakers in the Fortune 500 list. The improved ranking also reflects the competitiveness of Chinese brands in the global market, industry analysts said.

With increasing global demand for reduced carbon emissions and green transportation, NEVs provide significant market opportunities for Chinese auto companies, they added.