As the electric vehicle landscape grows increasingly competitive with the emergence of new players, one might wonder where traditional automakers like Chery Automotive standA year ago, during the Chery Technology Day on October 16, 2023, Chairman Yin Tongyue, known for his modest demeanor, made a bold statement, declaring that Chery’s performance in 2024 would be nothing less than aggressiveAt that time, the industry didn’t pay much attention, especially since Chery's electric vehicle sales for 2023 were merely 128,600 units, a staggering 44.7% decrease compared to the previous yearIn stark contrast, Chery's old rivals BYD and Geely had sold 3.02 million and 487,000 vehicles, respectively, making Chery's numbers seem minuscule—only one twenty-third of BYD's and one-fourth of Geely's.
However, as 2024 unfolded, the automotive industry was taken aback to realize that Yin was indeed seriousChery's annual sales reached 2,603,916 vehicles, a remarkable 38.4% increase compared to 2023, and it marked a historical high in their yearly sales statisticsNotably, their electric vehicle performance was particularly impressive, with annual sales amounting to 583,569 units, experiencing a staggering year-over-year growth of 232.7%. This rise illustrates that while new entrants vie for a modest monthly sales figure of around 20,000 units, Chery achieved an impressive average monthly sale of nearly 50,000 units.
During the same period, BYD reported sales of 4.2721 million units, marking a 41.26% increase, while Geely’s electric vehicle sales hit 889,000 units, a 92% growthAlthough Chery still trails behind its competitors in absolute numbers, it has significantly narrowed the gap, with its 2024 sales reaching about one-seventh of BYD's and half of Geely's
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In December 2024, Chery achieved a breakthrough by selling over 102,600 electric vehicles in a single month for the first time, and in January 2025, it sold 57,000 units, boasting an impressive growth of 172.1%. Overall, Chery Group recorded sales of 224,323 vehicles in January 2025, a 10.3% year-over-year increase, marking six continuous months of sales exceeding 200,000 vehicles.
From a mere 15th place in 2023, Chery ascended to the top four amongst domestic automakers, making a dramatic turnaround in just one yearHow did Yin Tongyue orchestrate such a metamorphosis?
Chery's recent performance can be characterized as a “triple leap” over the past three yearsOfficial reports indicate that Chery’s revenue for 2024 reached an approximate 480 billion yuan, a remarkable over 50% year-on-year increase that signifies a tremendous leap of more than 150 billion yuanPublic data shows that in 2022, Chery's revenue was around 209.5 billion yuan, barely crossing the 200 billion yuan thresholdBy 2023, their revenue rose to 315.1 billion yuan, reflecting a 50.4% increase and a growth of 106.6 billion yuanThis marks the second consecutive year of surpassing 100 billion yuan in revenue growth for Chery, positioning it as one of the few companies in the domestic automotive sector to achieve such a feat.
While Chery's sales may not rival BYD’s, the company has consistently remained within the top ranks amongst domestic automakersThis stability is attributed to a consistent sales performance; unlike other companies that experience fluctuating monthly sales, Chery's deliveries have been remarkably steadyChery successfully achieved twelve consecutive months of sales increases in 2023, culminating in total sales of 1.88 million vehicles
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In 2024, Chery continued this upward trend, recording total sales of 2.6 million vehiclesBetween 2021 and 2023, Chery's annual sales figures crescendoed from 962,000 to 1.233 million, and finally to 1.881 million, nearly doubling within three years.
Remarkably, Chery has also been a frontrunner in China’s automotive export sectorIn 2023, they exported 937,000 vehicles, achieving a staggering 101.1% year-on-year increase, representing about half of their total salesStatistically, one out of every three vehicles exported from China that year was made by CheryIt's significant to note that in 2021, Chery's export volume was only 269,000 units, constituting merely 28% of total salesThis marks an extraordinary increase of 248% over three years—more than a threefold rise—cementing Chery’s position as the leading Chinese automotive brand in exports for 21 consecutive years.
In 2024, Chery once again led the pack in automotive exports, shipping over 1.14 million vehicles, representing a 21.4% increase, thus maintaining its status as the top brand in passenger car exports from China for 22 years runningChery has indeed become a symbol of Chinese automotive exports, with products gaining immense popularity in regions such as Russia and BrazilSpecifically, for 2024, Chery’s fuel vehicle sales exceeded 2 million units, reflecting an 18.4% year-on-year increase, while domestic market sales surpassed 1.45 million units, a remarkable 55.5% increaseThe company not only ventured into the new landscape of electric vehicles but also maintained a stronghold in its traditional fuel vehicle market.
According to data from the China Association of Automobile Manufacturers, in 2024, China's total automobile exports reached 5.859 million units, with a year-on-year growth rate of 19.3%, reaffirming its position as the world’s largest automotive exporter
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Notably, Chery accounted for 1.14 million units of this export figure, around 20% in total exports, which helped elevate Chery’s global user base to 15.72 million, with over 4.5 million users located overseasIt stands as the first Chinese brand to have accumulated over 4 million in overseas sales.
The growth in sales and revenue has propelled Chery into the Fortune Global 500 list for the first time. 27 years ago, Chery started from humble beginnings, operating out of a small facility, and has successfully evolved into one of the most internationally recognized automotive brands within China, now part of the prestigious Fortune 500. The latest Fortune list highlights that Chery ranked sixth in the return on net assets, boasting a remarkable 35% return rate, significantly surpassing the average growth metrics within the industry.
In 2024, Chery marked a significant milestone by joining the ranks of the Fortune Global 500, placing 385thThis accolade holds immense significance for a non-listed automotive companyOn their official website, Chery announced, "On August 5, 2024, Fortune China released the 2024 Fortune Global 500 listChery Holding Group Co., Ltd. achieved a revenue of 39.0917 billion USD, ranking 385th." This not only signifies the addition of another Chinese company to the prestigious list but also highlights Chery as the leading automotive brand with significant overseas sales growth.
Furthermore, Chery has emerged as an invisible champion in multiple market segmentsIn the SUV market, Chery has garnered an impressive market share of 14.5% through its dedication to brands like the Tiggo and the Fengyun series, solidifying its dominance in the sectorThe Tiggo 7 series has accumulated global sales exceeding one million units, consistently crowned the export champion among Chinese automotive brands in the compact SUV category for three consecutive years
Notably, in 2024 alone, this model achieved global sales of over 280,000 units, representing a prime example of a domestic brand robustly competing with established joint venture models.
Chery is well-regarded within the automotive communityIndustry insiders often joke that Chery earns foreign currencies to fund its R&D endeavors, a narrative reinforced by Chery being the sole domestic brand achieving triple crown status at J.DPower (IQS/SSI/APEAL), securing top honors in quality metricsIt has also been awarded the highest accolade, a gold medal, at the ICQCC conference, often referred to as the “Olympics of Quality,” for the seventh timeThese multiple accolades further substantiate the narrative that Chery’s export success translates into robust profits for research and development, thereby creating a virtuous cycle.
In recent years, venturing abroad has been an essential goal for Chinese automakers, with many exploring overseas markets tirelesslyUltimately, the key to successful international expansion lies in product qualityCurrently, Chery is at the forefront of this endeavor, having established itself firmly in overseas marketsCrucially, the acceptance of Chery vehicles in foreign markets is built on product quality and technology, as international consumers do not share the same affectionate sentiments toward Chinese brandsChery’s impressive outcomes in the global automotive arena have been the result of rigorous research and product refinement.
While Chery remains a private entity and hasn't disclosed its market value with precision, previous reports indicated plans for an IPO valuing at around 50 billion yuanBy comparing this to the market capitalization of Great Wall Motors at 210 billion yuan and Geely at 158.6 billion Hong Kong dollars—as well as the valuation of Meituan, which is positioned higher on the Fortune list at 839.2 billion Hong Kong dollars—it's evident that Chery's market value appears significantly understated
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