Changan Automobile vs Suzuki: Revenue, Profit and Business Model
Changan Automobile reported ~$22.8B of revenue in FY2025 and ~$566.5M of net income. Suzuki reported ~$42.2B of revenue in FY2026 and ~$2.9B of net income.
Latest financial snapshot
Changan Automobile
- Latest revenue
- ~$22.8B (FY2025)
- Net income
- ~$566.5M
- Net margin
- 2.5%
- Revenue growth
- +11.8% a year, FY2021–FY2025
Suzuki
- Latest revenue
- ~$42.2B (FY2026)
- Net income
- ~$2.9B
- Net margin
- 7.0%
- Revenue growth
- +15.2% a year, FY2022–FY2026
Financial summary
Changan Automobile
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).
Suzuki
Suzuki Motor Corporation (TYO: 7269) reported FY2025 (year ended March 31, 2026) revenue of ~$42.2 billion (¥6,293.0 billion), up 8.0% from ~$39 billion (¥5,825.2 billion), helped by stronger Indian demand after GST cuts. Operating profit fell 3.1% to ~$4.17 billion (¥622.9 billion) (9.9% margin) on yen strength and raw-material costs, while net profit attributable to owners rose to ~$2.94 billion (¥439.3 billion). In Q1 FY2026 (April-June 2026) revenue rose 22% to ~$11.4 billion (¥1,705.8 billion) and operating profit 11% to ~$1.06 billion (¥158.0 billion); Suzuki raised its full-year revenue forecast to ~$46.2 billion (¥6,900 billion) but cut its operating profit forecast to ~$3.62 billion (¥540 billion), citing Middle East instability and higher material costs.
Revenue and profit by year
Changan Automobile
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$22.8B | ~$566.5M | 2.5% | +2.7% | Source |
| FY2024 | ~$22.2B | ~$1B | 4.6% | +5.6% | Source |
| FY2023 | ~$21B | ~$1.6B | 7.5% | +24.8% | Source |
| FY2022 | ~$16.9B | ~$1.1B | 6.4% | +15.3% | Source |
| FY2021 | ~$14.6B | ~$493.8M | 3.4% | — | Source |
Where the revenue comes from
Changan Automobile
No segment breakdown is published.
Suzuki
- Passenger Automobile Manufacturing & Sales~88%
Engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
- Motorcycles & ATVs~8%
Producing commuter scooters (Access 125, Burgman) and high-performance sportbikes (Hayabusa, V-Strom, GSX-R series).
- Marine Outboard Engines & Power Equipment~4%
Manufacturing high-horsepower four-stroke outboard motors for commercial fishing and recreational marine vessels.
Business model and strategy
Changan Automobile
How it 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 and Avatr electric brands, Changan Qiyuan family NEVs, and Kaicene light commercial vehicles. These sales show up directly in Changan's consolidated revenue.
Growth 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. 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.
Competitive advantage
Changan's edge combines scale, state backing and in-house technology. It has made more than 30 million vehicles in total and sold 2.913 million in 2025. Its group R&D team of about 24,000 people holds 20,935 patents. China's National Enterprise Technology Center assessment has ranked it first for 14 consecutive years.
Suzuki
How it makes money
Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model. Its primary revenue streams comprise: First, Passenger Automobile Manufacturing & Sales (~88% of revenue), engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
Growth strategy
Suzuki Motor Corporation's growth strategy centers on its 'Growth Strategy for FY2030', focused on dominating emerging markets (especially India via Maruti Suzuki), scaling global small-car manufacturing, and executing a pragmatic multi-pathway electrification approach.
Competitive advantage
Suzuki's core competitive advantage lies in its high-quality mastery of lightweight, fuel-efficient compact car engineering and its unassailable market dominance in India via Maruti Suzuki.
Questions about Changan Automobile vs Suzuki
Which company has higher revenue — Changan Automobile or Suzuki Motor Corporation?
Changan Automobile reported ~$22.8B (FY2025), while Suzuki Motor Corporation reported ~$42.2B (FY2026). By last reported revenue, Suzuki Motor Corporation is the larger business, with Changan Automobile reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Changan Automobile vs Suzuki Motor Corporation?
Changan Automobile's market capitalisation stands at $8.9B, while Suzuki Motor Corporation's is $26.0B. Suzuki Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Changan Automobile.
Which is more financially efficient — Changan Automobile or Suzuki Motor Corporation?
Changan Automobile generates $391k / employee in revenue per employee, while Suzuki Motor Corporation generates $602k / employee. Suzuki Motor Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Changan Automobile and Suzuki Motor Corporation make money?
Changan Automobile and Suzuki Motor Corporation generate revenue in fundamentally different ways. Changan Automobile: Changan makes money by building and selling vehicles, and it does this in two ways. Suzuki Motor Corporation: Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model.
Which company is valued higher relative to revenue — Changan Automobile or Suzuki Motor Corporation?
On a price-to-sales (P/S) basis, Changan Automobile trades at 0.4x P/S and Suzuki Motor Corporation at 0.6x P/S. Suzuki Motor Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Changan Automobile. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Changan Automobile bigger than Suzuki Motor Corporation?
By last reported revenue, Suzuki Motor Corporation (~$42.2B (FY2026)) is the larger company compared to Changan Automobile (~$22.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Changan Automobile vs Suzuki overview