The automotive industry is witnessing a dynamic shift, characterized by an increasing concentration of market shares among leading manufacturersAs the competition heats up, traditional automakers are rising to the occasion, taking decisive steps to boost their sales figuresOne of the standout players in this thriving automobile market is Chery, a name that has recently resounded with considerable impact thanks to a series of impressive monthly sales performances.

The year-end festivities began with Chery breaking its sales recordsOn December 1st, the company announced that it sold a staggering 280,000 vehicles in November alone, marking a notable increase of 32.2% compared to the same month last yearWhat makes this milestone particularly remarkable is the comprehensive growth across all segments of its operationsThis growth is not merely limited to total volume; Chery has outperformed expectations in various categories, including new energy vehicles, fuel-powered cars, domestic sales, and exports.

In detail, the company's sales in the new energy vehicle sector reached 78,000 units, a staggering increase of 268% year-on-year

Furthermore, sales of traditional fuel-powered vehicles amounted to 200,000 units, which indicates a moderate increase of 6.1%. Chery's export performance was equally commendable, with 104,911 vehicles shipped overseas, up by 10.5%. Domestic sales also saw a robust growth of 50%, totaling 175,000 vehiclesSuch results demonstrate that Chery has effectively managed to expand across four critical strategic areas: new energy vehicles, traditional fuel cars, overseas exports, and domestic sales.

Historically, Chery has faced criticism for its slow response in the new energy sector, often dubbed as being "late to the game." The company's chairman, Yin Tongyue, recognized the imperative of committing to this emerging field and took the reins in pushing the agenda forwardWith relentless determination, he declared that Chery would no longer shy away from aggressive expansionOver the past year, the company's share of new energy vehicles skyrocketed from a meager 5.7% to an impressive 27.8%. This transformation saw monthly sales leap from 33,000 units to 77,000 in just seven months.

This exceptional growth trajectory can be attributed to Yin's vision and strategic oversight

At the end of last year, he set ambitious targets for Chery, aiming for the company to reestablish itself among the top three in the new energy sector by mid-2024, with a goal of securing the second position by year's endDuring an event on October 18, dubbed Chery Technology Day, he boldly proclaimed that the company aims to achieve sales milestones of 1 million vehicles per quarter and potentially 1 million vehicles monthly, striving to place Chery within the top ten global automakers.

When analyzing the current performance of Chery versus other domestic brands, one can certainly argue that they are increasingly in hot pursuit of BYDThe competition within the domestic market is gaining momentum, and Chery's aggressive push signifies a new phase for its growth strategy.

As of 2024, Chery has initiated the full-throttle implementation of its four major new energy vehicle lines: Fengyun, Xingtu, Jetour, and iCAR

These models cater to a variety of price segments and aim to attract a wider customer baseHighlighting its commitment to innovation, Chery showcased 15 new vehicles at the Guangzhou Auto Show, including several concept cars that hint at its forward-thinking approach and readiness for future competition.

Chery is also making strides in the realm of automotive intelligence, positioning itself as a traditional automaker that is adapting to the demands of technological advancementsYin, at 62 years of age, took a humorous jab at himself by declaring himself an "old man" entering the live streaming space to personally test Chery's smart driving systemThis enthusiasm is backed by substantial investments and a clear focus on technological development.

The company has announced plans to invest over 100 billion yuan in R&D over the next five yearsThis investment strategy includes the recruitment of more than 25,000 R&D professionals and the establishment of 300 Yaoguang labs dedicated to multidisciplinary research

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Notably, Chery's R&D team comprises nearly 3,000 experts, with over 400 holding master's degrees or higher—demonstrating a strong foundation for innovation.

At a global innovation conference on October 18, Chery unveiled its remarkable achievements in new energy and intelligent vehicle technologyThese include the Mars architecture, Kunpeng power, Lion intelligent cabin, Da Zhuo autonomous driving, and the Galaxy ecosystem, which represent the cutting edge of the company's technology and future aspirations.

Moreover, as many in the industry align with tech giants like Huawei for collaborative projects, Chery has established itself as an early adopter of smart car technologiesThe company has launched two new models under its Zhi Jie brandIn November alone, Zhi Jie sold 11,401 vehicles, and on November 26, the Zhi Jie S7 was re-launched with upgrades and reduced pricing, indicating a bright outlook for future sales.

Chery's impressive sales growth in the current year can largely be attributed to its aggressive pursuit of an Initial Public Offering (IPO). Despite the positive sales performance and the promising export figures—where Chery currently holds a leading position—uncertainty still looms over the exact timeline for the company's IPO

The marketplace has buzzed with speculation about Chery's potential listing, and while the company has shown strong numbers, clarity regarding its IPO remains elusive.

In recent years, the prospect of an IPO for Chery has been a recurring subject of discussionWith the company posting commendable sales and performance metrics, it has benefitted from the underlying strength of the Huawei stock concept, creating expectations for a timely debut on the stock market.

However, while Chery is racing towards its IPO, it's essential to recognize that the automotive industry's future competition extends beyond mere numbersAlthough Chery has made great strides in new energy vehicle sales, enhancing overall product perception remains a challengeFor many consumers, the mention of Chery's new energy vehicles conjures up memories of the QQ Ice Cream, an existing product that has garnered attention but may not fully encapsulate the essence of the brand's innovation aspirations.

There is an urgent need for Chery to elevate its brand perception in the new energy sector to enhance its attractiveness and sustain its competitive edge