Tesla vs Zhejiang Geely Holding Group: Revenue, Profit and Business Model
Tesla reported $94.8B of revenue in FY2025 and $3.8B of net income. Zhejiang Geely Holding Group reported $87.9B of revenue in FY2025 and a net loss of $896.6M.
Latest financial snapshot
Tesla
- Latest revenue
- $94.8B (FY2025)
- Net income
- $3.8B
- Net margin
- 4.0%
- Revenue growth
- +33.6% a year, FY2016–FY2025
Zhejiang Geely Holding Group
- Latest revenue
- $87.9B (FY2025)
- Net income
- -$896.6M
- Net margin
- -1.0%
- Revenue growth
- +12.0% a year, FY2021–FY2025
Financial summary
Tesla
Tesla's revenue peaked at $97.69 billion in 2024 and slipped 2.9% to $94.83 billion in FY2025, while net income fell from $7.09 billion to $3.79 billion as vehicle prices and regulatory-credit income declined. The second quarter of 2026 reversed the top-line trend: revenue rose 26% to a record $28.24 billion, with automotive up 23% to $20.52 billion, services and other up 50% to $4.58 billion, and energy up 13% to $3.14 billion. Profit did not follow. GAAP net income fell 5% to $1.11 billion and adjusted EPS of $0.33 missed estimates because of higher R&D and AI infrastructure spending.
Zhejiang Geely Holding Group
Geely Holding does not publish full consolidated accounts the way a listed company does. Fortune's 2026 Global 500 lists FY2025 revenue of $87.87 billion (up 10%), a net loss of $896.6 million, total assets of $112.0 billion and stockholder equity of $17.5 billion. Its 2025 Global 500 entry listed FY2024 revenue of $79.9 billion. The largest listed unit, Geely Automobile Holdings, reported 2025 revenue of ~$48 billion (RMB 345.2 billion) and core net profit attributable to shareholders of ~$2 billion (RMB 14.41 billion). In the first half of 2026 it reported revenue of ~$24.1 billion (RMB 173.6 billion) (up 15%) and core attributable profit of ~$1.35 billion (RMB 9.68 billion) (up 46%) on sales of 1.42 million vehicles (up 1%).
Revenue and profit by year
Tesla
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $94.8B | $3.8B | 4.0% | -2.9% | Source |
| FY2024 | $97.7B | $7.1B | 7.3% | +0.9% | Source |
| FY2023 | $96.8B | $15B | 15.5% | +18.8% | Source |
| FY2022 | $81.5B | $12.6B | 15.4% | +51.4% | Source |
| FY2021 | $53.8B | $5.5B | 10.3% | +70.7% | Source |
| FY2020 | $31.5B | $721M | 2.3% | +28.3% | Source |
| FY2019 | $24.6B | -$862M | -3.5% | +14.5% | Source |
| FY2018 | $21.5B | -$976M | -4.5% | +82.5% | Source |
| FY2017 | $11.8B | -$2B | -16.7% | +68.0% | Source |
| FY2016 | $7B | -$674.9M | -9.6% | — | Source |
Zhejiang Geely Holding Group
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $87.9B | -$896.6M | -1.0% | +10.0% | Source |
| FY2024 | $79.9B | — | 0.0% | — | Source |
| FY2021 | $55.9B | — | 0.0% | — | Source |
Where the revenue comes from
Tesla
- Automotive sales and leasing~73%
Model 3, Model Y, Cybertruck and remaining other models, plus regulatory credits. $20.52B in Q2 2026.
- Services and other~16%
Supercharging, FSD and connectivity software, service, used cars, insurance and parts. $4.58B in Q2 2026, up 50%.
- Energy generation and storage~11%
Megapack, Powerwall and solar. $3.14B in Q2 2026, up 13%.
Zhejiang Geely Holding Group
No segment breakdown is published.
Business model and strategy
Tesla
How it makes money
Tesla operates a vertically integrated electric vehicle, clean energy generation, and software ecosystem model. The company generates revenue across four primary pillars: First, Automotive Sales and Leasing, selling mass-market electric vehicles (Model Y, Model 3) and premium models (Model S, Model X, Cybertruck) directly to consumers without franchised dealers.
Growth strategy
Tesla's growth plan rests on four bets. First, regain vehicle volume: deliveries fell 8.6% to 1.64 million in 2025, then rebounded to a record 480,126 in Q2 2026, up 25% year over year. Second, autonomy: Tesla runs a paid robotaxi service in several U.S. cities and is building the steering-wheel-free Cybercab, though the Q2 2026 shareholder letter dropped the target of volume production in 2026.
Competitive advantage
Tesla's advantage comes from brand strength, direct sales, software updates, charging infrastructure, battery and powertrain know-how, manufacturing scale, data, and energy-storage growth.
Zhejiang Geely Holding Group
How it makes money
Geely Holding is a holding company rather than a single carmaker. Most of its volume comes from Geely Automobile Holdings, the Hong Kong-listed unit that sells Geely, Geely Galaxy, Lynk & Co and Zeekr vehicles; that unit sold 3,024,567 vehicles in 2025 and reported revenue of ~$48 billion (RMB 345.2 billion).
Growth strategy
Growth is centred on new energy vehicles, which made up 2.293 million of the group's 4.116 million sales in 2025, and on overseas markets. The group is also simplifying its structure: Geely Auto took Zeekr private in December 2025 so it could combine product development, manufacturing and sales.
Competitive advantage
Geely combines large-scale Chinese manufacturing and EV supply chains with European brands, engineering centres and distribution, mainly through Volvo Cars. Shared architectures such as CMA (co-developed with Volvo) and the SEA electric platform let it spread development costs across many models and brands.
Questions about Tesla vs Zhejiang Geely Holding Group
Which company has higher revenue — Tesla, Inc. or Zhejiang Geely Holding Group?
Tesla, Inc. reported $94.8B (FY2025), while Zhejiang Geely Holding Group reported $87.9B (FY2025). By last reported revenue, Tesla, Inc. is the larger business, with Zhejiang Geely Holding Group reporting a smaller revenue base.
What is the market cap of Tesla, Inc. vs Zhejiang Geely Holding Group?
Tesla, Inc. has a market capitalisation of $1.49T. A public market cap figure for Zhejiang Geely Holding Group was not available (it may be privately held).
Which is more financially efficient — Tesla, Inc. or Zhejiang Geely Holding Group?
Tesla, Inc. generates $704k / employee in revenue per employee, while Zhejiang Geely Holding Group generates $645k / employee. Tesla, Inc. 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 Tesla, Inc. and Zhejiang Geely Holding Group make money?
Tesla, Inc. and Zhejiang Geely Holding Group generate revenue in fundamentally different ways. Tesla, Inc.: Tesla operates a vertically integrated electric vehicle, clean energy generation, and software ecosystem model. Zhejiang Geely Holding Group: Geely Holding is a holding company rather than a single carmaker.
Is Tesla, Inc. bigger than Zhejiang Geely Holding Group?
By last reported revenue, Tesla, Inc. ($94.8B (FY2025)) is the larger company compared to Zhejiang Geely Holding Group ($87.9B (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 Tesla vs Zhejiang Geely Holding Group overview