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Changan Automobile Company Profile: Revenue, Business Model & Strategy

Research depth: 10 milestones · 10 FAQs

Chongqing Changan Automobile (SZSE: 000625) is a Chinese state-controlled automaker based in Chongqing and majority-owned by the central SOE China Changan Automobile Group. Chairman Zhu Huarong leads it.

How Changan Automobile makes money: Changan makes money by building and selling vehicles, and it does this in two ways. The first and largest is its own brands: mass-market Changan petrol and hybrid cars (CS-series SUVs, UNI-series crossovers), the Deepal…

Annual Revenue (FY2025)~$22.8B
Employees58,274
CEOZhu Huarong
Founded1862
IndustryAutomotive / Electric Vehicles
By Swet ParvadiyaLast reviewed:

Changan Automobile key figures

Changan Automobile had revenue of ~$22.8B for fiscal year 2025, up 2.7% from FY2024. Net income was ~$566.5M, a net margin of 2.5%.

Source: Chongqing Changan Automobile Company (SHE:000625) annual reports, as compiled by S&P Global (via StockAnalysis) · Last reviewed October 2026

Revenue growth, FY2021 to FY2025
+11.8% a year
Compound annual rate, ~$14.6B to ~$22.8B
Peak revenue year
FY2025
The latest annual year is the highest in this series
Revenue per employee
~$391,186
FY2025 revenue divided by 58,274 employees; headcount may use another date
Current chief executive
Zhu Huarong
In the role since 2020 (6 years)
Documented transactions
4
Between 2009 and 2025
Founded
1862
164 years ago
Where was Changan Automobile founded?
Changan Automobile was founded in Chongqing, China in 1862.
When did Changan Automobile start?
Changan Automobile was founded in 1862.
Who founded Changan Automobile?
Changan Automobile was founded by Li Hongzhang.
How old is Changan Automobile?
Changan Automobile is 164 years old as of 2026.
In-Depth Analysis
801 words · 5 min read

Introduction: A 160-Year Industrial Odyssey

In the highly contested landscape of the global automotive industry, few manufacturers boast a corporate heritage as storied as Chongqing Changan Automobile Co., Ltd. (SZSE: 000625). Tracing its origins back to December 1862 during the late Qing Dynasty, when statesman and military reformer Li Hongzhang established the Bureau of Western Arms in Shanghai, Changan is recognized as China's oldest continuous industrial enterprise.

From manufacturing military munitions and building China's very first military off-road jeep (the Yangtze River Type 46) in 1959, Changan transitioned into commercial vehicles in the 1980s and passenger cars in the 1990s. Today, headquartered in the southwestern industrial metropolis of Chongqing, Changan has established itself as one of China's 'Big Four' state-owned automotive groups. Selling 2.913 million vehicles in 2025 (1.11 million of them NEVs) and generating CN¥164.0 billion (about $22.8 billion) in revenue, Changan has emerged as a strong global leader at the forefront of the new energy vehicle (NEV) and smart connected driving revolution.

The Dual-Track Transformation: Beyond Foreign Joint Ventures

For decades, major Chinese state-owned automakers relied heavily on profits generated by 50:50 joint ventures with foreign automotive giants. Changan was no exception, operating high-volume manufacturing alliances with Ford Motor Company (Changan Ford), Mazda (Changan Mazda), and previously Suzuki (Changan Suzuki) and PSA Group (Changan PSA).

However, under the stewardship of Chairman Zhu Huarong, Changan recognized that joint venture reliance was a strategic trap. As multinational brands lost pricing power in China's rapidly evolving consumer market, Changan aggressively channeled its capital and engineering muscle into proprietary brand development. Through its 'Third Innovation and Entrepreneurship Program,' Changan systematically expanded its proprietary vehicle lineup, most notably the blockbuster CS35, CS55, and CS75 SUV families and the youth-focused UNI design series. By 2023, vehicles bearing Changan's own proprietary badges accounted for more than 80% of total group deliveries, a higher self-reliance ratio than almost any other state-owned automotive conglomerate in China.

The New Energy Triad: Deepal, Avatr, and Changan Nevo

To dominate China's rapid transition to zero-emission mobility, Changan rejected the practice of merely retrofitting batteries into legacy gasoline vehicle platforms. Instead, the automaker architected a comprehensive multi-brand new energy ecosystem:

  • Deepal (Shenlan): Positioned as a mass-market smart electric marque competing directly with BYD, Tesla, and XPENG. Built on Changan's dedicated EPA1 and SDA digital architectures, Deepal vehicles (such as the SL03 sedan, S07 SUV, and G318 rugged off-roader) offer both pure-electric (BEV) and super-extended-range (EREV) configurations, eliminating range anxiety with total driving ranges exceeding 1,200 km.
  • Avatr: An ultra-premium intelligent electric vehicle brand created through the groundbreaking CHN Alliance uniting Changan (manufacturing and chassis), CATL (world-leading battery cells), and Huawei (HarmonyOS smart cockpits and Qiankun ADS 3.0 autonomous driving). Vehicles like the Avatr 11 SUV and Avatr 12 gran coupé compete at the technological zenith of smart luxury mobility.
  • Changan Nevo (Qiyuan): Designed to accelerate the electrification of mainstream family passenger transport, delivering high-efficiency plug-in hybrid and pure electric sedans and crossovers.

Global R&D Architecture: Six Countries, Nine Locations

A core pillar of Changan's product excellence is its deeply integrated global research and development infrastructure. Operating under the strategic philosophy of 'Global Wisdom, Local Excellence,' Changan established specialized engineering centers across six nations:

  • Turin, Italy: Global Exterior and Interior Automotive Design Studio.
  • Yokohama, Japan: Interior Craftsmanship, Ergonomics, and Quality Finishing.
  • Birmingham, United Kingdom: Advanced Powertrain, Transmission, and Blue Core Hybrid Engineering.
  • Detroit, United States: Advanced Chassis Dynamics and Autonomous Safety Systems.
  • Munich, Germany: Next-Generation Software and Connected Mobility.
  • Chongqing, Shanghai, and Beijing, China: Overall Vehicle Integration, Battery Systems, and Crash Safety Validation.

This decentralized research network allows Changan to produce vehicles with European aesthetic flair, Japanese interior durability, and advanced Chinese software connectivity.

The 'Vast Ocean Plan': Global Expansion Beyond China

In April 2023, Changan officially unveiled its overseas commercial blueprint: the 'Vast Ocean Plan' (Hai Na Bai Chuan). The plan was upgraded to Vast Ocean Plan 2.0 in 2026, and Changan now targets 1.5 million overseas sales by 2030, up from 637,000 in 2025. It is investing in localized manufacturing and distribution outside China.

A primary milestone is its first overseas NEV manufacturing base in Rayong, Thailand. Designed to serve as Changan's primary right-hand-drive export hub for ASEAN markets, Australia, and New Zealand, the plant will produce Deepal and Avatr models locally. Simultaneously, Changan is establishing distribution subsidiaries across Europe, the Middle East, and South America, positioning the marque as a true global competitor to legacy Western automakers.

Conclusion

From an arms foundry in 19th-century Shanghai to a 21st-century software-defined electric vehicle leader, Changan Automobile has continually reinvented itself across eras of profound political, industrial, and technological upheaval. Armed with leadership, high-quality battery and autonomous driving partnerships with CATL and Huawei, and a multi-brand electrified lineup, Changan is setting the pace for the future of intelligent transportation worldwide.

Changan Automobile Key Facts

CompanyChangan Automobile
Annual revenue change+2.7% (FY2024–FY2025)
Financials~$22.8B (FY2025, last reviewed October 2026)
Market Cap$8.9B
FY2025 net income~$566.5M
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded1862
Founder(s)Li Hongzhang
CEOZhu Huarong
HeadquartersChongqing, China
IndustryAutomotive / Electric Vehicles
Employees58,274+

Changan Automobile Company Profile: Revenue, Business Model & Strategy

"What most people miss about Changan Automobile is the sheer scale of conflict it survived to become Automotive / Electric Vehicles."

Chongqing Changan Automobile (SZSE: 000625) is a Chinese state-controlled automaker based in Chongqing and majority-owned by the central SOE China Changan Automobile Group. Chairman Zhu Huarong leads it. In 2025 it sold 2.913 million vehicles, including 1.11 million NEVs, and reported revenue of CN¥164.0 billion (about $22.8 billion).

Revenue

~$22.8B

Founded

1862

Employees

58K+

Market Cap

$8.9B

Key Facts

  • Founded: Changan Automobile was established in 1862 and is headquartered in Chongqing, China.
  • Revenue: Changan Automobile had ~$22.8B in annual revenue (FY2025).
  • Valuation: Market capitalization of approximately $8.9B.
  • Scale: Changan Automobile employs 58,274 people globally.
  • Business Model: Changan makes money by building and selling vehicles, and it does this in two ways.
  • Competitive Edge: Changan's edge combines scale, state backing and in-house technology.

How Changan Automobile Makes Money

Capital Allocation & Scaling Mechanics

Changan makes money by building and selling vehicles, and it does this in two ways. The first and largest is its own brands: mass-market Changan petrol and hybrid cars (CS-series SUVs, UNI-series crossovers), the Deepal and Avatr electric brands, Changan Qiyuan family NEVs, and Kaicene light commercial vehicles. These sales show up directly in Changan's consolidated revenue. The second is its 50:50 joint ventures, Changan Ford and Changan Mazda. Changan accounts for its share of their profits as investment income instead of revenue. Other income comes from engines and components, auto finance, and a fast-growing export business. In 2025, overseas markets took 637,000 vehicles, or about 22% of total sales. Avatr is a majority-controlled subsidiary that uses CATL batteries and Huawei's driver-assistance and cockpit technology. Average revenue per vehicle at the listed company was about CN¥53,400 in 2025, which shows how much of Changan's volume comes from affordable cars.

What Is Changan Automobile's Growth Strategy?

Changan's growth plan rests on two levers that are both meant to double by 2030: NEVs and exports. Deepal sells mass-market BEV and range-extended models, Avatr sells premium smart EVs, and Qiyuan sells family cars. These are supported by the in-house SDA architecture and Blue Core hybrids. On exports, it now sells in 118 countries and regions through 1,124 outlets. It passed 100,000 overseas sales in a single month for the first time in March 2026, and it builds right-hand-drive NEVs at its Rayong plant in Thailand. The Middle East and Africa are a priority region in its 2030 global plan.

How Much Revenue Does Changan Automobile Generate?

Chongqing Changan Automobile reported FY2025 revenue of ~$22.8 billion (CN¥164.0 billion), up 2.7%. Net profit attributable to shareholders fell 44.3% to ~$567 million (CN¥4.08 billion), while net profit excluding one-off items rose 8.0% to ~$389 million (CN¥2.80 billion). Gross margin was 15.5%. R&D spending rose 23.8% to ~$1.75 billion (CN¥12.6 billion), about 7.7% of revenue. Cash and equivalents were above ~$7.51 billion (CN¥54 billion) at year-end. Results weakened in H1 2026: revenue was ~$9.12 billion (CN¥65.63 billion) (down 9.7%) and net profit attributable to shareholders was ~$114 million (CN¥817 million) (down 64.3%). Q2 revenue alone was ~$4.57 billion (CN¥32.9 billion) (down 14.5%). The board proposed a 2025 cash dividend of CN¥1.15 per 10 shares. In late August 2026, the market value was about CN¥63.8 billion (roughly $8.9 billion).

Financial MetricEstimated Value
Net Worth / Valuation$8.90 Billion
Market Capitalization$8.9B
Employee Count58,274 +
Latest Annual Revenue~$22.8B (FY2025)

Historical Revenue Chart

Changan Automobile Annual Revenue History

Figures are in the currency each year was reported in.

Fiscal YearRevenue FigureYoY Change
FY2021~$14.6BN/A
FY2022~$16.9B+15.3%
FY2023~$21B+24.8%
FY2024~$22.2B+5.6%
FY2025~$22.8B+2.7%

The source for each year is listed on the Changan Automobile financials page.

Core Strength

One of China's 'Big Four' state-backed automotive groups, operating high-efficiency assembly complexes and long-standing joint ventures with global manufacturers like Ford and Mazda.

Key Weakness

Aggressive price-slashing across China's passenger EV market pressures unit gross margins for newly launched new energy vehicle (NEV) sub-brands.

Who Are Changan Automobile's Main Competitors?

Changan Automobile is one of the 'Big Four' state-owned automotive groups in China, fiercely competing against SAIC, FAW, and Dongfeng. For decades, Changan generated massive profits simply by acting as the mandatory local manufacturing partner for foreign brands like Ford and Mazda. However, as Chinese consumers aggressively abandon foreign cars for domestic EVs, Changan has been forced to rapidly reinvent itself. It is now heavily relying on its deep partnerships with Huawei and CATL (via the Avatr and Deepal brands) to survive the brutal, hyper-competitive price war led by BYD.

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What Is Changan Automobile's Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

2012 -

Changan and Mazda formed the Changan Mazda joint venture in 2012 after the three-way venture with Ford was split.

2020 -

Zhu Huarong became CEO of Changan Automobile in 2020. Led Changan from 2.30 million vehicle sales and ~$14.6B (CN¥105.1B) revenue in 2021 to 2.913 million sales and ~$22.8B (CN¥164.0B) revenue in 2025, with NEVs rising to about 38% of volume.

How Did Changan Automobile Start and Grow?

Established

1862

Fiscal Revenue (FY2025)

~$22.8B

Workforce

58K+

HQ Location

Chongqing, China

Key Turning Point

2010: The Strategic Shift That Created a Behemoth

Recognizing that profits from Changan Ford and Changan Suzuki were vulnerable to multinational corporate whims, Changan pivoted large capital into developing its own independent vehicle platforms (CS SUV family).

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Explore Changan Automobile In Depth

Detailed research across every dimension of Changan Automobile — history, financials, leadership, and strategy.

Company History

Changan Automobile is one of China's oldest and largest carmakers, and its headquarters are in Chongqing. For decades, much of its profit came from joint ventures that built Suzuki, Ford, Mazda and PSA cars for China.

Full Changan Automobile history →

Revenue & Financials

Changan Automobile had ~$22.8B in revenue for fiscal year 2025. Data covers 5 fiscal years. Market capitalization stands at approximately $9B.

Changan Automobile financials →

Founders

Changan Automobile was founded by Li Hongzhang in 1862. Explore each founder's background, motivations, and their role in building the company.

Changan Automobile founders →

CEO & Leadership

Changan Automobile is currently led by Zhu Huarong. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

Changan Automobile CEO history →

Business Model

Changan makes money by building and selling vehicles, and it does this in two ways. The first and largest is its own brands: mass-market Changan petrol and hybrid cars (CS-series SUVs, UNI-series crossovers), the Deepal…

How Changan Automobile makes money →

Acquisitions

Changan Automobile has completed 4 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

Changan Automobile acquisitions →

Competitive Strategy

Changan's growth plan rests on two levers that are both meant to double by 2030: NEVs and exports. On NEVs, it runs three brands.

Changan Automobile strategy →

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Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

Frequently Asked Questions About Changan Automobile

What is Changan Automobile and what vehicles does the company manufacture?

Chongqing Changan Automobile Company Limited (Changan Automobile) is one of the 'Big Four' state-owned automotive manufacturing groups in China, headquartered in Chongqing. Tracing its industrial roots back to 1862, Changan manufactures passenger sedans, SUVs, crossover vehicles, light commercial trucks, and next-generation smart electric vehicles (EVs) across global markets.

Who is the CEO or Chairman of Changan Automobile?

Zhu Huarong is Chairman of Chongqing Changan Automobile, a role he has held since June 2020. Shareholders re-elected him for a third term on September 17, 2026. He is also Party Secretary and Chairman of the parent company, China Changan Automobile Group. Before becoming Chairman he was Changan's President from 2014.

Who owns Changan Automobile?

Changan Automobile is state-controlled. Its controlling shareholder is China Changan Automobile Group, which became a standalone central state-owned enterprise under China's SASAC in July 2025. Before that, the group sat under China South Industries Group. The remaining shares trade publicly in Shenzhen as A-shares (000625) and B-shares (200625).

How does Changan Automobile make money?

Changan earns most of its revenue by selling its own-brand vehicles: Changan petrol and hybrid models, Deepal and Avatr EVs, Qiyuan family NEVs and Kaicene commercial vehicles. It also books its share of profit from its 50:50 joint ventures with Ford and Mazda, and it earns money from components, finance and exports. Revenue was ~$22.8 billion (CN¥164.0 billion) in 2025.

Who are Changan Automobile's main competitors?

In China, Changan's main rivals are BYD, Geely, Chery, SAIC, GAC, Great Wall, Leapmotor and the Huawei-backed HIMA brands. Avatr also competes with Nio, Xpeng, Li Auto, Zeekr and Tesla. Overseas, Changan competes with Toyota, Hyundai-Kia, Suzuki and other Chinese exporters.

What are Changan Automobile's primary electric vehicle (EV) brands?

Changan has three dedicated new energy vehicle (NEV) brands. Deepal (Shenlan) sells mainstream BEV and range-extended cars. Avatr is a premium smart-EV subsidiary that uses CATL batteries and Huawei technology, and it refiled for a Hong Kong IPO in June 2026. Changan Qiyuan (Nevo) makes family NEVs. In September 2026, Changan began combining the back-office operations of Avatr and Deepal.

How many vehicles does Changan Automobile sell annually?

Changan sold 2.913 million vehicles in 2025, up 8.5% and its highest total in nine years. That figure includes joint-venture volumes. NEVs made up 1.11 million (up 51.1%) and overseas sales were 637,000 (up 18.9%). Cumulative production passed 30 million vehicles in late 2025.

What international joint ventures does Changan operate in China?

Changan operates prominent manufacturing joint ventures with international automakers, including Changan Ford (manufacturing Ford Mondeo, Explorer, and Lincoln models) and Changan Mazda (manufacturing Mazda3, CX-30, and CX-50 models for the Chinese market).

Where is Changan Automobile headquartered and what is its global R&D network?

Changan is headquartered in Chongqing, China. Besides its Chinese R&D centers, it runs overseas design and engineering offices, including studios in Turin (Italy) and Yokohama (Japan) and engineering in the UK, Germany and the US. The group's R&D staff numbers about 24,000 people.

What is Changan's 'Vast Ocean' (Hai Na Bai Chuan) international expansion plan?

The Vast Ocean Plan is Changan's overseas expansion strategy. An updated version, Vast Ocean Plan 2.0, was shown at Auto China 2026. Its 2030 targets are 1.5 million overseas sales and local manufacturing in key regions, including the Rayong plant in Thailand. In 2025, Changan sold 637,000 vehicles abroad across 118 countries and regions.

Analysis: How Changan Automobile Makes Money

Deep dive into the Changan Automobile business model, revenue streams, and strategic moats in 2026.

Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

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Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

Swet Parvadiya
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Sourced from public financial records

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.