Haval vs Toyota: Revenue, Profit and Business Model
Haval does not publish annual revenue. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Financial summary
Haval
Haval's numbers sit inside Great Wall Motor's consolidated accounts. In 2025 GWM's operating revenue rose 10.2% to ~$31 billion (RMB 222.82 billion) on higher overseas and new-energy sales, but net profit fell 22.1% to ~$1.37 billion (RMB 9.87 billion) as price competition and spending on new models weighed on margins. Haval supplied about 758,000 of the group's 2025 vehicles. For 2026 GWM is targeting at least 1.8 million vehicle sales and ~$1.39 billion (RMB 10 billion) of net profit.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
Revenue and profit by year
Haval
Haval does not publish annual revenue. What is known about its finances is in the summary above.
Full Haval financialsToyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | Source |
Where the revenue comes from
Haval
- China SUV Sales
Not disclosed
Sales of the H6, Jolion, Big Dog, Raptor and Xiaolong through GWM dealers in China, still Haval's largest market.
- Overseas SUV Sales
Not disclosed
Exports and locally built vehicles sold in Australia, Russia, Thailand, Brazil, South Africa and the Middle East, a fast-growing part of GWM's revenue.
- Hybrid and Plug-in Hybrid SUVs
Not disclosed
Hi4, HEV and PHEV versions that carry higher prices than petrol models.
- Parts and After-sales
Not disclosed
Replacement parts, accessories and service through GWM's dealer network.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
Business model and strategy
Haval
How it makes money
Haval operates a highly focused, mass-market B2C automotive manufacturing model. Unlike traditional automakers that build every type of car, Haval only builds SUVs. This extreme specialization drastically reduces large R&D and manufacturing costs. Their business model is a classic 'Value Disruption' play.
Growth strategy
Facing large, severe competition in the Chinese domestic market (specifically from aggressive EV startups like BYD), Haval's growth strategy is aggressively pivoting to 'New Energy Vehicles' (NEVs) and large global export. They realize their traditional gas-powered SUVs are becoming obsolete in China.
Competitive advantage
Haval's absolute competitive advantage is its extreme, leading cost-efficiency and its deep, proprietary vertical integration. Great Wall Motor (the parent company) famously manufactures almost every single major component of a Haval SUV in-house (engines, transmissions, batteries, and even the microchips).
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about Haval vs Toyota
Which company has higher revenue — Haval or Toyota Motor Corporation?
Toyota Motor Corporation reported ~$339.6B (FY2026). A verified revenue figure for Haval was not available at the time of this comparison.
What is the market cap of Haval vs Toyota Motor Corporation?
Toyota Motor Corporation has a market capitalisation of $258.0B. A public market cap figure for Haval was not available (it may be privately held).
Which is more financially efficient — Haval or Toyota Motor Corporation?
Toyota Motor Corporation generates $905k / employee in revenue per employee. A comparable figure for Haval requires matching employee and revenue data from the same reporting period.
How do Haval and Toyota Motor Corporation make money?
Haval and Toyota Motor Corporation generate revenue in fundamentally different ways. Haval: Haval operates a highly focused, mass-market B2C automotive manufacturing model. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
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 Haval vs Toyota overview