Chery: New intelligent EV brand iCAR; transforming into a global technology company
Promoting the Stellar 2025 strategy, launching the C-DM third-generation PHEV system in 2023
2023/06/21
- Summary
- Shift to NEV strategy: Full NEV conversion of each brand; Building C-DM, a 3rd-generation hybrid technology
- Stellar 2025 strategy: 4 areas, 2 platforms, 8 core technologies
- iCAR Brand: New energy architecture, ecosystem, scenario intelligence
- Production system: Qingdao gigafactory starts production, construction of Chery Automotive Parts Industrial Park begins
- Business overview: Sales and sales volume reach record highs in 2022, with rapid growth of NEVs
- Chery Holding Group’s sales volumes in China (factory shipments)
- LMC Automotive’s Sales Forecast: Chery Group’s light vehicle sales in 2026 will be 1.62 million units
Summary
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| Chery Automobile 2023 "New Energy Night" (Source: Chery Automobile) |
In 2022, Chery Holding Group Co., Ltd.'s (Chery Group’s) sales volume increased 29.9% year-over-year (y/y) to 1,241,000 units, ranking ninth among China's automotive group companies. Of this sales volume, 1,190,000 units were Chery own-brand vehicles and 51,000 were foreign brands (JLR). NEV (New Energy Vehicles: battery electric vehicles (BEV), plug-in hybrids (PHV), and fuel cell vehicles (FCV) passenger cars reached 240,000 units, up 141.4% from the previous year, with the share of mini-BEVs reaching 80%. Exports increased 69.0% y/y to 450,000 units, ranking Chery second among Chinese automakers.
Chery is accelerating its shift to NEVs, and in its passenger car business, it is adopting a strategy of concurrently promoting multiple technology routes such as PHEVs, range extenders, EVs, and hydrogen energy. At the Chery Automobile New Energy Event held in April 2023, the new intelligent EV brand "iCAR", the new NEV series "Sterra" under the Exeed brand, and the third generation hybrid technology, the Chery Power super hybrid system “C-DM” (Chery Dual Mode) were introduced.
Chery is accelerating its transformation into a global technology company, and in September 2022, the company announced its "Stellar 2025" strategy, which includes four technology areas: architecture, powertrain, intelligent technology, and ecosystem. The company will release the Super Hybrid Platform and the E0X High Performance Electric Platform in 2023, build 300 Stellar labs by 2025, and invest more than CNY 100 billion in R&D.
Related reports:
Chinese OEM Overseas Expansion Activities: SAIC, Chery, Dongfeng, Changan (June 2023)
Auto Shanghai 2023: SAIC, Chery (June 2023)
Chinese Market Q1 2023: GAC, Chery and Geely Announce 2023 Product Plans (Apr.2023)
2022 Chinese Market: New Vehicle Sales Up 2.2% to 26,864,000 units, Major Increases by BYD and Tesla (Feb. 2023)
2022 China Auto Forum: Development Trends of Smart EVs (Dec. 2022)
Chery: Strategic alliances with high-tech companies, exporting 500,000 units by 2025 (Aug. 2021)
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