Chery Group's representative NEV models (Source: Chery official website)

  Chery Automobile Co., Ltd.'s (Chery's) 2024 sales volume grew 38.4% year-over-year (y/y), surpassing 2.6 million units. With this growth rate, the company achieved the sales volume target it set at the beginning of the year, and the company rose to second place in China's passenger car market, demonstrating its strong market competitiveness. Annual sales also increased significantly over the previous year to CNY 480 billion.

    In 2022, Chery announced the "Yaoguang 2025" strategy. Under this strategy, the company will invest CNY 100 billion within five years to promote the shift to New Energy Vehicles (NEVs: BEVs, PHEVs, FCEVs), and will promote research and development of five core technologies. The company accelerated its shift to an NEV strategy in 2023, and in its passenger car business, it formulated a development strategy that combines a number of technology routes, including PHVs, range extender EVs, BEVs, and FCVs. At its 2024 technology event, the company reiterated that intelligence and AI will be the core of its future technology, and that it will focus on building a product development organization that will be updated in short cycles and an advanced technology development organization. Chery also plans to strengthen its global expansion, placing particular emphasis on local manufacturing, research and development, and team building in each country.

  In 2024, Chery maintained the top position in passenger car exports for the 22nd consecutive year. R&D centers have been built overseas and vehicles are sold in over 80 countries. Overseas operations cover more than 110 countries and territories with 4.5 million users outside China. The company is currently building local plants or expanding its business partners in Thailand, Indonesia, Malaysia, Vietnam, the Philippines, Kazakhstan, and other countries, and will continue to develop further markets outside China in the future.

  This report mainly summarizes Chery's sales volume, core technologies, and overseas expansion trends in 2024.

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