According to the latest data, Chery Group realized total operating revenue of RMB 315.1 billion in 2023, representing a year-on-year growth of 50.4% compared with RMB 200 billion in 2022. In a fiercely competitive market landscape, Chery boasts an annual sales volume of 1.881 million units, which places it at the top of the industry ranking. With strong overseas sales accounting for half of its total sales, Chery has maintained the leading position in China's automobile exports for 21 consecutive years.
Chery Group achieved remarkable sales with a total of 1,100,621 vehicles sold, marking a significant 48.4% year-on-year increase in H1 2024. This milestone represents Chery's first-ever half-year sales surpassing one million vehicles, accompanied by a historic high in global user base, now exceeding 14 million.
In early March, Chery announced that all its brand vehicle models, both new and used, would now come with a lifetime warranty. Additionally, they launched a trade-in program with subsidies totaling billions, aimed at replacing older vehicles with new ones. The consecutive release of these initiatives garnered widespread attention, signaling Chery's intention to break industry norms by becoming the first automotive company to offer lifetime warranties. This move also underscores Chery's determination to strengthen its presence in the domestic market.
Since the early days of its "Fengyun" export models, Chery has been committed to independent research and development, investing heavily in conquering key technologies such as engines, engine management systems, automatic transmissions, and car chassis. These technological advantages have allowed Chery to gain increasing dominance in overseas markets, expanding into emerging economies such as Egypt, Russia, and Brazil.
Chery has not only achieved significant milestones in exporting complete vehicles but has also made a substantial impact on the global market through its engine exports. Shortly after launching the first-generation Acteco engine in 2006, Chery successfully exported it to Fiat Group and an energy company in the United States. Subsequently, Chery exported over 1.2 million engines to more than 80 countries and regions including the United States, Japan, Eastern Europe, Israel, Turkey, India, and Brazil.
Despite its strong performance in traditional markets, Chery faces intensifying competition in the field of new energy vehicles. Established players like BYD dominate the domestic market, while newcomers such as Huawei and Xiaomi further escalate the competition. In response, Chery has set a challenging goal of increasing sales by 20 percentage points in 2024 and plans to invest 100 billion RMB in the research and development of new energy technologies.
