This is a naked gap!

2025 Autonomous Car Companies Net Profit Ranking per Vehicle
1. Seres: 517k units, 5.95 billion yuan net profit, 11,508 yuan per vehicle (gross profit margin 28.8%)
2. Great Wall: 1.324 million units, 9.86 billion yuan net profit, 7,447 yuan per vehicle
3. BYD: 4.602 million units, 32.6 billion yuan net profit, 7,083 yuan per vehicle
4. Chery: 2.806 million units, 19.5 billion yuan net profit, 6,949 yuan per vehicle
5. Geely: 3.025 million units, 16.85 billion yuan net profit, 5,570 yuan per vehicle
6. Li Auto: 406.3k units, 1.124 billion yuan net profit, 2,766 yuan per vehicle
7. Xiaomi: 411k units, 900 million yuan net profit, 2,189 yuan per vehicle
8. Changan: 2.913 million units, 4.07 billion yuan net profit, 1,397 yuan per vehicle
9. Leapmotor: 596k units, 540 million yuan net profit, 906 yuan per vehicle
Industry commonality: Increasing revenue without increasing profit, the price war heats up
• Tesla: 2024 net profit of 7.1 billion USD, about 3.8 billion USD in 2025, nearly cut in half
• On total profit of domestic new energy vehicles: BYD is first with a clear gap (32.6 billion yuan)
• On profit per vehicle:
Seres uses “Huawei + high-end” to drive out the profit ceiling for Chinese brands (11,508 yuan)
• Industry truth:
The whole industry is trapped in price wars and internal strife.
In China: BYD, Great Wall, Geely, Li Auto, and others are all cutting prices or cutting them in disguise (zero-interest financing, low-interest financing, giving insurance, etc.). In essence, it’s a hidden price war, and profits are continuously squeezed.
• Industry truth:
High-end positioning (Seres AITO) is the cure for profits; even if the cost-performance route (BYD, Changan, Leapmotor) scales up, it’s still difficult to earn thick profit margins.