Original · Creator Alliance

Where Does Momenta's Revenue Actually Come From? Which Automakers?

CreatorCreator AllianceOct 20, 2026

By Wujie Aniu

Momenta already serves 26 automakers, but in the first half of this year, nearly 60% of revenue came from four customers.

The interim report lists these four customers as A, B, C, and D, together contributing about 959 million yuan, or 59.8% of total revenue for the same period. Among the major customers whose identities and amounts can be verified, Mercedes-Benz and SAIC both have equity relationships with Momenta and have also been contributing revenue for several consecutive years.

The interim report discloses that four customers each contributed more than 10% of revenue, totaling about 959 million yuan. Source: Momenta 2026 Interim Report, p. 50, September 30, 2026; original page cropped continuously. — The interim report discloses that four customers each contributed more than 10% of revenue, totaling about 959 million yuan. Source: Momenta 2026 Interim Report.

Mercedes-Benz and SAIC: Both Shareholders and Customers

Based on the share capital figures disclosed in the interim report as of September 8, 2026, SAIC Group disclosed an equity interest of 8.65% of Momenta's total share capital through investment entities, General Motors held 8.58%, and Mercedes-Benz held 6.13%.

Mercedes-Benz Digital Technology is a company under Mercedes-Benz; IM Motors is part of the SAIC system; SAIC-GM and SAIC Volkswagen are two joint ventures in which SAIC participates. The interim report lists Mercedes-Benz and SAIC as shareholders with significant influence over Momenta, and their relevant subsidiaries and joint ventures are also included as related parties.

The interim report sets out the related-party relationships between Momenta and its shareholders, as well as entities controlled or jointly controlled by shareholders. Source: Momenta 2026 Interim Report, p. 70, September 30, 2026; original page cropped continuously. — The interim report sets out the related-party relationships between Momenta and its shareholders, as well as entities controlled or jointly controlled by shareholders. Source: Momenta 2026 Interim Report.

In the first half of this year, Mercedes-Benz and its digital technology company together contributed about 288 million yuan, accounting for about 18% of Momenta's total revenue; SAIC-GM, SAIC Volkswagen, IM Motors, and SAIC Group together contributed about 361 million yuan, accounting for about 22.5%. Together, these six companies contributed about 649 million yuan, or about 40.5%.

Amounts by customer and their proportion of total revenue. Source: Momenta 2026 Interim Report, pp. 4 and 73, September 30, 2026; calculations and chart by the editor. The total row includes the line items in the table.