Chery ICE Dominance & NEV Infection

With the enhancement of product strength and active overseas expansion, Chery passenger vehicle has achieved rapid growth in recent years. In 2024, its global sales reached 2.75 million units, marking a YoY increase of 29.9%.

Export volume has increased year by year, with Chery passenger vehicles growing from 26k units exported in 2015 to 700k units in 2024, with exports accounting for nearly 30% of its total sales.

ICEs remain Chery’s main sales type, accounting for more than 80% of its total internal sales. BEVs have been promoted for several years but still cannot bear the main burden. PHEV+EREV has already surpassed BEV.

Chery PV currently has four brands, among which the Chery brand’s share has shrunk to 69%, while Jetour maintains a 22% share, and Exeed and Luxeed (the latter in collaboration with Huawei) together account for 8%. Tiggo 8, Jetour T-1, Exeed M38T, and Luxeed S7 are the main selling models for each brand.

Chery PV sales are currently concentrated in the 100k-200k RMB range, increasing from 46% in 2020 to 63% in 2024. The proportion of 200k-300k models has also increased to 11%. Upward movement in product strength has achieved positive results.

Except for North America, which declined by 27.9%, Chery’s exports to other regions showed significant growth in 2024. Europe and Asia are its main export regions, accounting for 45% and 32% of the share respectively.

Among the top 10 export countries, Russia is Chery’s main export destination, accounting for 36.8% of export share and growing 21% YoY in 2024. Mexico is the only country among the top ten that declined YoY, while Brazil grew by more than 86%, ranking third.