Summary
- SAIC Motor is a state-owned manufacturer based in Shanghai, known for badge engineering
- Leapmotor is a popular Chinese EV startup with balanced sales lineup
- Changan Automobile is a state-owned manufacturer with several brands under its umbrella
- Chery Automobile is a Chinese OEM with multiple specialized brands and JV with Jaguar Land Rover
- NIO Inc. is a well-known Chinese EV startup with a focus on battery-swapping and limited exports
Article
In this article, we take a closer look at the top plugin vehicle Original Equipment Manufacturers (OEMs) in the world, focusing on SAIC, Leapmotor, Changan, Chery, and NIO. SAIC Motor is a state-owned manufacturer based in Shanghai, with a long history dating back to 1955. SAIC specializes in badge engineering between its different brands, including IM Motors, MG Motors, Roewe, Rising Auto, and Maxus. The company also has joint ventures with General Motors and Volkswagen Group. The success of SAIC is largely attributed to its MG brand, which has a significant presence in export markets, making the company more vulnerable to tariffs in foreign markets.
Leapmotor, a Chinese EV startup, has been gaining traction in the market since it started delivering vehicles in 2019. The company made a deal with Stellantis in 2023 to export its vehicles to overseas markets, particularly in Europe. Changan Automobile, another state-owned Chinese manufacturer, has brands such as Changan, Qiyuan, Deepal, and Avatr under its umbrella. Changan has joint ventures with Ford and Mazda, but we focus on the namesake brand in this analysis. Chery Automobile, based in Wuhu, is the 5th largest OEM in China, with specialized brands like Exeed, Luxeed, Jetour, iCar, and Karry. Chery also has a joint venture with Jaguar Land Rover.
NIO Inc., a well-known Chinese startup, has been mass delivering vehicles since 2018 and is known for its battery-swapping operations. The company launched a daughter brand, Onvo, in 2024 to cater to a lower premium segment. In terms of sales, NIO’s best-selling models include the ET5 sedan/station wagon and the ES6 midsize SUV. While the company has landed in Europe, exports represent just 1% of total sales. When comparing the sales performance of these OEMs, SAIC stands out due to the success of its Wuling Mini EV and Wuling Bingo models. Changan is experiencing consistent growth, while Leapmotor, NIO, and Chery are also on a growth trajectory but may need more time to scale up.
Chery’s sales behavior has shifted towards higher-priced models, leading to increased revenue and profit margins. The company is expected to continue on a growth path in 2025. Overall, these OEMs are making significant strides in the EV market, with each having its own unique strategies for success. SAIC’s focus on cheap, small EVs has been instrumental, while Leapmotor’s partnership with Stellantis is opening up new opportunities in export markets. Changan’s diverse lineup and Chery’s shift towards higher-priced models indicate a promising future for these OEMs. NIO’s innovative battery-swapping operations and expansion into European markets also position the company for continued success in the EV industry.
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