Chery Group's Impressive Q1 Surge: A Testament to Strategic Innovation

It has been a period of impressive growth for Chery Group during the first quarter of the year in a highly competitive market. Chery continues leading the way in new energy vehicle (NEV) sector due to high sales increase and concentration on innovation.

Faster growth and leading market position

The sales report from Chery Group for 2024 Q1 shows a remarkable Year-on-year growth of 60.3%, representing 529,604 units of new vehicles sold. With such an acceleration n in the first two months when Chery grew by 70% compared to industry average of 11.1%, it is evident that this group consistently maintains its position as industry leader through high-speed expansion.

New Energy Vehicle Sales and Export Success

One major driver behind Chery’s performance is its stellar 124.3% Year-on-year increase in NEV sales volumes with 60,133 units sold in Q1. Also, the automaker again led other car manufacturers who export from China with more than 40% growth on prior year’s numbers reaching 253418 units exported within this timeframe.

The Power of Four Brands and Strategic Innovations

The combined effort of Chery’s four-branded passenger cars has been instrumental in the achievement of these sales. Chery brand itself which is the sales base for our group experienced explosive growth of 57.6% in Q1 with 350314 units sold. The high-end EXEED brand targets premium markets with models like the YaoGuang C-DM, which boasts robust safety features. JETOUR focuses on an “ecosystem of travel”, and iCAR which is Chery’s first NEV brand have all contributed significantly to the overall performance of this automobile group.

Customer-Centric Policies and Technological Advancements

Chery demonstrates its commitment to customer value through policies like the “one billion Yuan subsidy substitution” and introduction of lifetime warranty for new and used vehicles under certain conditions. Technologically, Chery’s “YaoGuang 2025” strategy is an all-round plan covering areas like platform architecture and smart driving which reinforces its innovation commitment.

Future Outlook and Global Aspirations

Chery Group has an ambitious future outlook targeting growth of between 13%-23% Year-on-year. According to Chairman Yin Tongyue’s thoughts, the company’s global vision is to be “In somewhere, For somewhere,” reflecting its commitment to being a responsible global corporate citizen. With plans for significant events like the Beijing Auto Show and the ongoing collaboration with Huawei on the "ZhiJie S7," Chery is poised for continued expansion and success.