Haval vs TVS Motor: Revenue, Profit and Business Model
A full-year revenue figure is unavailable here for Haval. TVS Motor had ~$6.5B of annual revenue in FY2026 and ~$350.1M 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. Haval operates as the dominant SUV-specific brand under its massive parent company, Great Wall Motor (GWM), which commands a multi-billion dollar valuation globally.
TVS Motor
In FY2026 TVS Motor posted consolidated revenue of ~$6.5 billion (₹56,028 crore) (up from ~$5.12 billion (₹44,134 crore)) and profit attributable to owners of ~$350 million (₹3,018 crore), up 35%. Standalone revenue rose 30% to ~$5.48 billion (₹47,270 crore), operating EBITDA grew 37% to ~$705 million (₹6,079 crore) (12.9% margin) and operating PBT rose 40% to ~$577 million (₹4,975 crore). Momentum continued in Q1 FY2027 (April-June 2026): consolidated revenue rose 33.5% to ~$1.89 billion (₹16,296 crore) and consolidated net profit jumped 67% to ~$118 million (₹1,019 crore), with standalone EBITDA margin at 12.8%.
Revenue and profit by year
Haval
A revenue figure is unavailable here for Haval. What is known about its finances is in the summary above.
TVS Motor
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$6.5B | ~$350.1M | 5.4% | +26.9% | Source |
| FY2025 | ~$5.1B | ~$259.3M | 5.1% | +13.6% | Source |
| FY2024 | ~$4.5B | ~$195.6M | 4.3% | +21.1% | Source |
| FY2023 | ~$3.7B | ~$154.1M | 4.1% | +31.7% | Source |
| FY2022 | ~$2.8B | ~$87.8M | 3.1% | — | 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.
TVS Motor
- Domestic Motorcycle Sales38
Sales of commuter and performance motorcycles across India, powered by the flagship Apache RTR and RR performance series and commuter models such as the Raider 125 and Radeon.
- Scooter Portfolio (ICE & Electric)30
Market-leading scooter lineup headlined by the TVS Jupiter family, sporty TVS Ntorq 125, and the rapidly growing TVS iQube electric scooter ecosystem.
- International Exports20
Direct vehicle and CKD kit exports to more than 80 countries spanning Africa, Latin America, Southeast Asia, and the Middle East, alongside overseas assembly in Karawang, Indonesia.
- Mopeds, Commercial 3-Wheelers & Spare Parts12
High-margin genuine replacement parts, authorized dealer workshop services, TVS King passenger/cargo 3-wheelers, and the utilitarian TVS XL100 heavy-duty moped.
Business model and strategy
Haval
How it makes money
Haval builds only SUVs, which keeps its R&D and manufacturing costs lower than those of automakers with full ranges. Its offer is value: a Haval SUV comes with large screens, leather seats and advanced safety sensors of the kind found in European premium SUVs, at a much lower price than foreign joint-venture brands.
Growth strategy
Haval faces strong competition at home, especially from electric vehicle makers such as BYD, so it is moving to new energy vehicles and to exports. It is launching plug-in hybrid versions of its most popular models, such as the H6, because demand for petrol SUVs in China is falling. It is also expanding abroad, with a focus on Australia, South Africa and South America, to offset the price war in China.
Competitive advantage
Haval's advantage is cost efficiency through vertical integration. Its parent, Great Wall Motor, makes most major components of a Haval SUV in-house, including engines, transmissions and batteries. That reduces its exposure to supply shortages and lets it price below competitors that buy from outside suppliers.
TVS Motor
How it makes money
TVS Motor Company operates a high-volume, integrated two-wheeler and three-wheeler manufacturing business model, generating revenue through the engineering, assembly, and global wholesale distribution of commuter motorcycles, premium performance bikes, scooters, and urban electric vehicles.
Growth strategy
TVS Motor Company's growth strategy centers on three strategic pillars: aggressive premiumization, multi-category electrification, and global market expansion.
Competitive advantage
TVS Motor Company's competitive advantage stems from its award-winning engineering excellence, being the only two-wheeler company to win the prestigious Deming Prize for total quality management, combined with strong brand equity in sporty performance motorcycles (Apache series) and early leadership in the electric vehicle transition with its best-selling iQube electric scooter family.
Questions about Haval vs TVS Motor
Which company has higher revenue — Haval or TVS Motor Company?
TVS Motor Company had ~$6.5B (FY2026). A comparable annual revenue figure for Haval was unavailable here.
What is the market cap of Haval vs TVS Motor Company?
TVS Motor Company has a market capitalisation of $20.8B. A public market cap figure for Haval was not available (it may be privately held).
How does revenue per employee compare for Haval and TVS Motor Company?
TVS Motor Company generates $1.18M / 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 TVS Motor Company make money?
Haval and TVS Motor Company generate revenue in fundamentally different ways. Haval: Haval builds only SUVs, which keeps its R&D and manufacturing costs lower than those of automakers with full ranges. TVS Motor Company: TVS Motor Company operates a high-volume, integrated two-wheeler and three-wheeler manufacturing business model, generating revenue through the engineering, assembly, and global wholesale distribution of commuter motorcycles, premium performance bikes, scooters, and urban electric vehicles.
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 TVS Motor overview