Suzuki vs XPeng: Revenue, Profit and Business Model
Suzuki had ~$42.2B of annual revenue in FY2026 and ~$2.9B of net income. XPeng had ~$10.7B (unaudited) of annual revenue in FY2025 and a net loss of ~$158.4M.
Latest financial snapshot
Financial summary
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.
XPeng
FY2025 revenue was ~$10.7 billion (RMB76.72 billion) (+87.7%), with a net loss of ~$158 million (RMB1.14 billion) and a first quarterly profit in Q4. In Q2 2026, revenue was ~$2.74 billion (RMB19.74 billion), gross margin 20.7% and net loss ~$186 million (RMB1.34 billion). Cash was ~$5.63 billion (RMB40.48 billion) at June 30, 2026.
Revenue and profit by year
Suzuki
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$42.2B | ~$2.9B | 7.0% | +8.0% | Source |
| FY2025 | ~$39B | ~$2.8B | 7.1% | +8.4% | Source |
| FY2024 | ~$36B | ~$1.8B | 5.0% | +15.8% | Source |
| FY2023 | ~$31.1B | ~$1.5B | 4.8% | +30.1% | Source |
| FY2022 | ~$23.9B | ~$1.1B | 4.5% | — | Source |
XPeng
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 (unaudited) | ~$10.7B | ~-$158.4M | -1.5% | — | Source |
| FY2024 | ~$5.7B | ~-$804.8M | -14.2% | +33.2% | Source |
| FY2023 | ~$4.3B | ~-$1.4B | -33.8% | +14.2% | Source |
| FY2022 | ~$3.7B | ~-$1.3B | -34.0% | +28.0% | Source |
| FY2021 | ~$2.9B | ~-$676M | -23.2% | +259.1% | Source |
| FY2020 | ~$812.4M | ~-$379.7M | -46.7% | +151.8% | Source |
| FY2019 | ~$322.6M | ~-$513.1M | -159.0% | +23815.3% | Source |
| FY2018 | ~$1.3M | — | — | — | Source |
Where the revenue comes from
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.
XPeng
- Vehicle Sales86
Sales of XPENG and MONA electric vehicles; ~$2.37 billion (RMB17.05 billion) in Q2 2026.
- Services and Others14
Technical R&D services for a car manufacturer, parts and accessories, and other services; ~$375 million (RMB2.70 billion) in Q2 2026.
Business model and strategy
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 advantage is its engineering of lightweight, fuel-efficient small cars and its position in India through Maruti Suzuki. It holds roughly 40% of the Indian passenger vehicle market, supported by a sales and service network of more than 4,000 outlets, which builds customer trust and gives it cost advantages in affordable cars.
XPeng
How it makes money
XPeng earns most of its revenue by designing, building and selling smart electric vehicles under the XPENG and MONA brands. In Q2 2026, vehicle sales brought in ~$2.37 billion (RMB17.05 billion) of ~$2.74 billion (RMB19.74 billion) in total revenue. The rest comes from services and other revenue (~$375 million (RMB2.70 billion) in Q2 2026).
Growth strategy
XPeng's growth plan has three parts: a wider vehicle lineup (new models such as the GX and MONA L03), more overseas sales (MONA L03 had its global launch in Munich in July 2026), and turning its in-house AI work into new businesses. That AI work covers Turing chips, driving models, robotaxis and the IRON humanoid robot, now housed in the separately financed Dogotix subsidiary.
Competitive advantage
XPeng develops its driver-assistance software and AI chips in-house and earns high-margin technical service revenue from Volkswagen. Its services and other segment posted a 75.1% margin in Q2 2026.
Questions about Suzuki vs XPeng
Which company has higher revenue — Suzuki Motor Corporation or XPeng?
Suzuki Motor Corporation had ~$42.2B (FY2026), while XPeng had ~$10.7B (unaudited) (FY2025). By latest annual revenue, Suzuki Motor Corporation is the larger business, with XPeng showing 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 Suzuki Motor Corporation vs XPeng?
Suzuki Motor Corporation's market capitalisation stands at $26.0B, while XPeng's is $10.6B. Suzuki Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to XPeng.
How does revenue per employee compare for Suzuki Motor Corporation and XPeng?
Suzuki Motor Corporation has $602k / employee in revenue per employee, while XPeng has $536k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Suzuki Motor Corporation and XPeng make money?
Suzuki Motor Corporation and XPeng generate revenue in fundamentally different ways. Suzuki Motor Corporation: Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model. XPeng: XPeng earns most of its revenue by designing, building and selling smart electric vehicles under the XPENG and MONA brands.
Which company is valued higher relative to revenue — Suzuki Motor Corporation or XPeng?
On a price-to-sales (P/S) basis, Suzuki Motor Corporation trades at 0.6x P/S and XPeng at 1.0x P/S. XPeng commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Suzuki Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Suzuki Motor Corporation bigger than XPeng?
By last reported revenue, Suzuki Motor Corporation (~$42.2B (FY2026)) is the larger company compared to XPeng (~$10.7B (unaudited) (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 Suzuki vs XPeng overview