Operating Profit of 20 Global Automakers Plunges 62.9%

Revenue for 20 major global automakers rose 2.4% to $2.54 trillion, but operating profit fell from $159 billion to $59 billion, according to the Korea Automobile Technology Institute. Margins dropped from 7.9% to 2.3% amid electrification costs, software development and Chinese competition.

• Revenue rose 2.4% to $2.54 trillion while profit fell 62.9% to $59 billion
• Operating margin dropped from 7.9% in 2023 to 2.3%
• Converting a production line for demand shifts costs up to $400 million per model
• Chinese automakers' European market share rose to 11% in H1