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%. Its 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