Changan
As one of China's Big Four state owned automakers, Changan successfully avoided the irrelevance of its peers by aggressively partnering with Huawei and CATL to launch Avatr and Deepal, proving a legacy state enterprise can actually innovate in the EV era.
Revenue
$33.2B
FY2024
Profitability
Profitable
Division
EV and Smart Mobility
Public (State-Owned)
Headquarters
Chongqing
State-Owned Enterprise
Operating Model
What They Do
Changan Automobile is a state owned automotive manufacturer. Historically, it produced cheap passenger cars and operated joint ventures with Ford and Mazda. Today, it operates highly successful EV and hybrid brands like Deepal (mass market) and Avatr (premium).
Who They Serve
Moat: Where They Win
The Huawei Alliance
Rather than trying to build autonomous software itself, Changan formed a massive partnership with Huawei to build the Avatr brand. Huawei provides the autonomous driving brain and electric motors, while Changan handles the heavy manufacturing.
Deepal's Mass Appeal
Changan successfully launched Deepal as a direct, lower cost competitor to BYD and Tesla, capturing the critical youth demographic with aggressive styling.
Legacy Scale
As a state backed entity, it possesses massive capital reserves, localized government support in Chongqing, and a vast supply chain.
Business Model
Model Type
Revenue Streams
Profitability
Status
Profitable
Revenue
$33.2B
FY2024
Division
EV and Smart Mobility
Public (State-Owned)
Margin Profile
Steady but lower tier margins typical of legacy automakers, currently executing a costly transition to EV architecture offset by state backing.
Catalyst: Why Now
Changan is the rare state owned enterprise that successfully navigated the EV transition. In 2024, it solidified its partnership with Huawei by investing directly in Huawei's spun off intelligent automotive unit, securing its position at the absolute forefront of China's smart driving supply chain.
Competitive Landscape
* Competitive threat index · China domestic market positioning
Western Analogs
Mental model only, not a 1:1 comparison
Founder
State-Owned Enterprise
Founder & CEO
Changan traces its historical roots back to 1862 as a military ordnance factory in Shanghai, making it China's oldest automaker. Today, it is led by Chairman Zhu Huarong, a highly pragmatic executive who openly recognized that legacy automakers could not survive the software era alone, orchestrating the ego less, strategic pivot to rely on tech giants like Huawei and Tencent for digital architecture.