Chinese Auto Suppliers Make Global Impact: Three Firms Rank Among Top 20 Worldwide

Three leading Chinese companies—CATL, Weichai Group, and HASCO—have been recognized among the top 20 global automotive suppliers in the 2024 Global Automotive Supply Chain White Paper, released recently. CATL ranked 7th, Weichai Group 8th, and HASCO 16th, with combined revenues exceeding 680 billion yuan ($94.5 billion) in 2023.

The White Paper, a collaboration between China Automotive News and Roland Berger, also revealed the top 100 global and Chinese automotive supply chain companies.

Global leaders Bosch, Denso, ZF, Hyundai Mobis, and Continental maintained their top five positions, with Hyundai Mobis and Continental switching ranks.

Yuan Wenbo, a partner at Roland Berger, noted a 13.2% annual revenue growth among the top 100 global suppliers, driven by market recovery and renewed investment. The profit margin for these companies increased to 6.1% in 2023, up from 5.4% the previous year.

Chinese automotive suppliers are playing an increasingly critical role in the global value chain. The White Paper highlighted the rapid rebound in revenue and profits for China's automotive parts industry in 2023. New energy and intelligent sectors have been particularly profitable, contributing significantly to the industry's overall growth. Profits from new energy components accounted for 36% of added value, while intelligent electronic parts saw a 200% net profit increase for the second consecutive year.

Ye Shengji, chief engineer of the China Association of Automobile Manufacturers, emphasized China's global advantages in new energy and intelligent connected vehicles. He advocated for stronger foundational research and a greater focus on interdisciplinary integration to maintain competitiveness.

Additionally, Ye underscored the importance of global expansion and the promotion of green, low-carbon development within the automotive supply chain to sustain this momentum.

News Source: China Daily