On January 14th, the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council publicly disclosed the 2024 compensation details for the heads of 81 central state-owned enterprises. This list included two central state-owned vehicle manufacturers: Dongfeng Motor Group Co., Ltd. (hereinafter referred to as "Dongfeng Motor Group") and China FAW Group Co., Ltd. (hereinafter referred to as "China FAW"). In terms of compensation, the 2024 annual salaries for the heads of both Dongfeng Motor Group and China FAW were below one million yuan, creating a stark contrast with the compensation structures seen at state-controlled and privately-owned automotive companies. First, looking at China FAW, Chairman and Party Committee Secretary Qiu Xiandong's payable annual salary was 909,700 yuan; Director, General Manager, and Deputy Party Committee Secretary Liu Yigong received 886,900 yuan; Director and Deputy Party Committee Secretary Liang Guiyou received 816,900 yuan. Standing Committee Members of the Party Committee and Deputy General Managers Wu Bilei and Chen Bin received annual salaries of 394,800 yuan and 330,900 yuan, respectively. Standing Committee Member of the Party Committee and Chief Accountant Fang Shili received an annual salary of 750,100 yuan. Standing Committee Member of the Party Committee and Head of the China FAW Discipline Inspection and Supervision Team dispatched by the Central Commission for Discipline Inspection and the National Commission of Supervision, Sun Jiguang, received 136,300 yuan. Next, examining Dongfeng Motor Group, Chairman and Party Committee Secretary Yang Qing's payable compensation was 868,600 yuan; Director, General Manager, and Deputy Party Committee Secretary Zhou Zhiping's annual salary was 651,500 yuan. Deputy General Managers and Standing Committee Members of the Party Committee, Zhang Zutong and You Zheng, both received 781,700 yuan, while Deputy General Managers and Standing Committee Members Huang Yong and Peng Yuanpu received 517,800 yuan and 388,400 yuan, respectively. Director, Deputy Party Committee Secretary, and Chairwoman of the Labor Union Liu Yanhong received an annual salary of 390,900 yuan. Director, General Manager, Deputy Party Committee Secretary, Chief Accountant, and Standing Committee Member of the Party Committee Feng Changjun received 776,800 yuan. Secretary of the Discipline Inspection Commission, Standing Committee Member of the Party Committee, and Supervisory Commissioner of the National Commission of Supervision stationed at Dongfeng Motor Group Co., Ltd. Huang Chuan received 776,800 yuan. China Changan Automobile Group, officially established in July 2025, is the third central state-owned vehicle manufacturer. According to Changan Automobile's annual report, in 2024, Changan Automobile's Chairman and Party Committee Secretary Zhu Huarong's total pre-tax remuneration was 2.2574 million yuan, Director and Chief Accountant Zhang Deyong received 1.8183 million yuan, Vice President Wang Hui received 1.9162 million yuan, Vice President Deng Chenghao received 760,100 yuan, and Vice President Klaus Zyciora received 2.95 million yuan. The compensation for Changan Automobile's senior executives was significantly higher than that of the other two central enterprises; however, as China Changan Automobile Group had not yet been established at that time, the above data is for reference only. Compared with privately-owned automakers and new energy vehicle startups, the compensation for heads of central state-owned enterprises appears relatively conservative. New energy vehicle startups often use high stock option incentives tied to performance, with option incentives constituting an extremely high proportion, deeply linking executive pay to sales volume and market capitalization, which suits rapid expansion and talent retention during the growth phase. Taking Li Auto Chairman Li Xiang as an example, his annual compensation was 639 million yuan, including a base salary of 2.665 million yuan and stock option incentives of 636 million yuan, triggered that year by achieving the target of 500,000 vehicle deliveries, making it the highest in the industry. Leapmotor Chairman Zhu Jiangming's annual salary was 8.119 million yuan, also composed of a base salary plus performance pay, although he stated his personal salary was 80,000 yuan. Founders or chairmen of privately-owned automakers like Geely, Great Wall, and BYD typically hold substantial equity stakes, with their salaries being largely symbolic, as their core earnings come from equity appreciation and dividends. For instance, Geely Automobile founder Li Shufu's personal salary is generally below 500,000 yuan, and was 376,000 yuan in 2024, far lower than CEO Gui Shengyue's 32.01 million yuan and President An Conghui's 25.37 million yuan.
Comments