According to Q1 2025 financial reports, BYD reported the highest single-quarter net profit among Chinese passenger car makers, posting 9.155 billion yuan (approximately 1.28 billion USD). The company achieved a gross profit margin of 20.7%, outpacing Tesla’s 16.3% in the same period. BYD’s research and development expenditure for the quarter was 14.223 billion yuan (about 1.98 billion USD), exceeding its net profit.
Geely ranked second with a net profit of 5.672 billion yuan (791 million USD) and a gross profit margin of 15.78%, roughly in line with Tesla’s performance. Geely’s R&D spending reached 3.328 billion yuan (464 million USD).
SAIC Group placed third, reporting a net profit of 3.023 billion yuan (422 million USD) and a gross profit margin of 8.13%. Its R&D investment totaled 3.881 billion yuan (541 million USD), also surpassing its net profit for the quarter.
| 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 |
Data source: Q1 2025 financial reports of car companies.
The remaining top ten Chinese passenger car manufacturers, sorted by net profit, include Great Wall Motors, Changan, BAIC, Seres, Li Auto, Leapmotor, and Xpeng. Great Wall Motors posted a gross margin of 17.84% with 1.751 billion yuan (248 million USD) in net profit and 1.906 billion yuan (270 million USD) in R&D expenditure. Changan achieved a 13.86% margin, 1.353 billion yuan (192 million USD) in profit, and 1.501 billion yuan (213 million USD) in R&D outlays. BAIC recorded a 9.9% margin, 0.929 billion yuan (133 million USD) in profit, and notably lower R&D spending of 0.082 billion yuan (12 million USD).
New energy vehicle maker Seres led the group with a 27.62% margin, generating 0.748 billion yuan (107 million USD) in profit against 1.051 billion yuan (150 million USD) in R&D costs, driven in part by success of the Aito M9 model in the high-end segment. Li Auto posted a 20.51% margin and 0.647 billion yuan (91 million USD) profit, investing 2.51 billion yuan (360 million USD) in R&D. Leapmotor and Xpeng recorded margins of 14.9% and 15.56%, with net losses of 0.13 billion yuan (18 million USD) and 0.66 billion yuan (93 million USD), and R&D investments of 0.8 billion yuan (115 million USD) and 1.98 billion yuan (285 million USD), respectively. Both are on the cusp of profitability.
Among these companies, only Geely and BAIC spent less on R&D than they earned in net profit, highlighting the industry’s continued emphasis on research investment amid rapid new energy vehicle development.
