Founded in 1997, Chery Automobile has long led the industry in innovation and deep international market penetration, achieving comprehensive global business coverage and industry-leading sales. This has cemented its solid position in China's domestic passenger car market. According to Frost & Sullivan, based on global sales for the nine months ended September 30, 2024, Chery Automobile is the second-largest domestic passenger car company in China and 11th largest passenger car company globally.
Reinforced Innovation to Establish Core Technological Competitiveness
Upholding the development philosophy of “Building the Enterprise through Technology,” Chery Automobile has been always regarding technological innovation as the core of its business growth. The Company has established a multi-tier and comprehensive R&D system, including the Kaiyang collaborative research initiative, Stellar Lab (core technology research and development platform), and research and development centers located in China, Europe, South and North America, and Southeast Asia.
Supported by this robust R&D system and strong research capabilities, Chery Automobile has pursued a technology strategy of “Dual Strategy of ICE (internal combustion engine) vehicles and NEVs,” and achieved technological synergies between ICE vehicle and NEV models. In the field of ICE technology, the Company produced China’s first self-develop proprietary ICE engine for passenger vehicle in 1999; its in-house developed Chery Power 8-speed automatic transmission was the first proprietary 8AT transmission with full intellectual property rights in China. In the field of new energy vehicle hybrid system technology, the Company’s high-performance hybrid engine boasts industry-leading thermal efficiency and the REEV engine can achieve an oil-to-electricity conversion efficiency of 3.7 kWh/L, ranking among the best in the industry, while its hybrid DHT’s maximum mechanical efficiency in pure electric mode is among one of the highest globally.
To promote intelligence technologies for NEVs to the next level and accelerate the adoption of intelligence solutions for ICE vehicles, Chery Automobile is committed to providing cost-effective intelligence solutions to users of both ICE vehicles and NEVs, such as its intelligent cockpit system and applications featuring smooth connectivity, personalized intelligence and comprehensive functions across China and overseas markets. In the first nine months of 2024, the percentage of its passenger vehicles equipped with L2 and above intelligent driving solutions reached 50.7%.
Rapid Growth Supported by a Diverse Shareholder Base
Powered by its exceptional technological advantages, Chery Automobile's diverse range of models has gained widespread market approval, resulting in soaring sales. In the first nine months of 2024, the Company's passenger car sales increased by 51.8% compared to the same period in 2023, leading the growth among the world's top 20 passenger car companies. Moreover, Chery Automobile was the only passenger vehicle company among the global top 20 to achieve a sales volume increase over 30.0% for both NEVs and ICE vehicles and in both China and overseas markets.
The rapid business growth has translated into outstanding financial performance. In the first nine months of 2024, Chery Automobile achieved revenues of approximately RMB 182.154 billion, marking a 67.7% year-on-year increase. Net profit reached about RMB 11.312 billion, a year-on-year growth of 58.5%. The return on equity (ROE) was 81.6%. As of September 30, 2024, the Company had cash and cash equivalents totaling RMB 41.938 billion, indicating robust capital reserves.
Previously, Chery Automobile has gone through several rounds of strategic financing, forming a diversified shareholder layout. This includes state-owned entities such as Anhui Credit Financing Guaranty Group Co., Ltd., Wuhu Investment Holding Co., Ltd., Bohai Industrial Investment Fund Management Co., Ltd., Qingdao Urban Investment International Development Group Co., Ltd., and Changshu Port Development Construction Co., Ltd., as well as renowned publicly-listed companies and investment institutions like Luxshare Investment (HK) Limited, CATL, Gotion High-Tech, and so on, providing substantial financial and resource support to the Company.
In 2024, Chery Automobile's outstanding performance in multiple dimensions, including sales volume, revenue, profit, new energy vehicles, fuel vehicles, and exports, has accumulated sufficient momentum for landing on the international capital market. A Hong Kong listing will not only help the Company establish a long-term capital replenishment channel but also benefit the activation of its equity incentive mechanism to maximize its value potential.
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