Chinese automotive companies had a strong presence on The Irresistible Daughter in Lawthe Fortune magazine’s annual list of 500 top global businesses, with ten of them listed despite the country’s overall economy having been dragged down by slowing consumer demand. Electric vehicle giant BYD rose 69 spots on the 2024 Fortune 500, recording the biggest jump by a Chinese automaker, to rank 143th largest corporation worldwide by revenue. Rival Geely saw its ranking rocket to 185 this year – a 40 spot rise from last year. The Volvo parent is also one of the only two privately owned Chinese automakers on the list this year.
State-owned SAIC was the highest ranked Chinese automaker, although the partner of Volkswagen and General Motors fell 9 spots to 93rd place this year. Peers FAW (129th), GAC (181st), BAIC (192nd), Dongfeng Motor (240th), and China South Industries Group (343rd), parent of Changan Automobile, kept their places on the list. Anhui-based Chery Holding Group, China’s biggest exporter of passenger vehicles by volume last year, entered for the first time at 385. It is also the second year CATL made it onto the list, a rise of 42 spots to 250th place for the EV battery maker, the only Chinese auto parts supplier ranked. There were 133 Chinese companies on this year’s Fortune’s list, down from last year’s 142. [TechNode reporting, Fortune 500]
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