Domestic Automakers Climb Fortune Rankings

A report from chinadaily.com.cn on Aug. 29th, 2024:

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 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 such as Farizon, 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.

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.