We are a passenger vehicle company headquartered in Wuhu, China. We design, develop, manufacture and sell a diverse and expanding portfolio of passenger vehicles, including internal combustion engine (ICE) vehicles and new energy vehicles (NEVs), to cater to the distinct and evolving needs and preferences of customers in both the domestic and overseas markets. Since our founding in 1997, with a commitment to leading industrial innovation and engaging in the global market, we offer high quality passenger vehicles to users worldwide. We are the second largest Chinese domestic brand passenger vehicle company, and the 11th largest passenger vehicle company globally, in terms of global sales volume of passenger vehicles in 2024, according to Frost & Sullivan.
Our Business and Sales Performance
According to Frost & Sullivan, we are the only passenger vehicle company among the global top 20 to achieve a sales volume increase over 25.0% for both NEVs and ICE vehicles and in both China and overseas markets in 2024, compared to 2023. Our sales volume of passenger vehicles increased by 49.4% in 2024, compared to 2023, the largest growth among the top global 20 passenger vehicle companies, according to the same source. We continually roll out models that enjoy popularity in the market. There were eight models, each achieving an average monthly sales of over 10,000 units in 2024. We have to date achieved success in China and overseas markets.
‧ Domestic Market. Both of our business scale and sales revenue grew rapidly with increasing market share, fueled by industry-leading technologies, a diversified product portfolio, strong brand equity and an extensive sales and distribution network. In 2024, our sales volume of passenger vehicles in China increased by 56.0%, while the sales volume of NEVs increased by 277.3%, compared to 2023. In 2024, we ranked first among the top 10 Chinese passenger vehicle companies in terms of sales volume growth of both ICE vehicles and NEVs in China, according to the same source. With products featuring high performance and safety, and technological innovation capabilities driven by cutting-edge intelligentization, we believe we can continue to drive sales growth going forward.
‧ Overseas Market. We exported our first vehicle in 2001. Through the 24 years thereafter, we sold over 13 million passenger vehicles globally to more than 100 countries and regions as of the Latest Practicable Date. Leveraging first-mover advantage, we achieved success in overseas markets with a diverse brand portfolio, multi-tier sales networks, a robust supply chain, localized R&D capabilities and a stellar reputation among consumers. All these factors made our passenger vehicles popular in overseas markets and empowered a strong growth of business amidst downturn of the global ICE vehicle market. We are the No. 1 exporter among Chinese domestic brand passenger vehicle companies in terms of export volume of passenger vehicles for 22 consecutive years since 2003, according to Frost & Sullivan. In addition, we are a leader in many major passenger vehicles markets. For example, we ranked first among Chinese domestic brand passenger vehicle companies in Europe, South America, and Middle East and North Africa, and second in North America and Asia (excluding China) in terms of sales volume in 2024, respectively, according to the same source.
Our Brands and Products
We have five major brands, CHERY, JETOUR, EXEED, iCAR and LUXEED. Each of our five major brands presents a distinct positioning, modality style and aesthetic experience to satisfy the needs of target customers and capture the significant growth potentials across market segments. During the Track Record Period, the revenue generated from our five major brands accounted for 89.1%, 92.7%, 91.5% and 90.3% of our total revenue in 2022, 2023 and 2024 and the three months ended March 31, 2025, respectively.
CHERY — Mass market brand
As our signature brand, CHERY is positioned as a first-rated car brand of safety, comfort and quality for the mass market and family use. CHERY was the first Chinese domestic passenger vehicle brand to achieve an accumulated sales of one million units, according to Frost & Sullivan. We sold more than 10 million units of CHERY brand vehicles as of the Latest Practicable Date.
‧ The CHERY brand consists of core product series of Tiggo, Arrizo and Fulwin, as well as OMODA and JAECOO, which mainly target overseas markets. Major models include Tiggo 8, Tiggo 7, Tiggo 5x, Arrizo 8, OMODA 5 and Fulwin T9, with each of the first five models achieving an average monthly sales volume of over 10,000 units in 2024 and Fulwin T9 recording a robust sales during the same year. In particular, Tiggo 8 ranked No. 1 and No. 3 in the global and China markets, respectively, among ICE vehicle models of Chinese domestic brand passenger vehicles companies by sales volume of ICE vehicles in 2024, according to Frost & Sullivan.
‧ We sold 813.1 thousand units, 1,141.2 thousand units and 1,523.3 thousand units of CHERY brand vehicles, respectively, in 2022, 2023 and 2024, representing a CAGR of 36.9%. We sold 358.7 thousand units of CHERY brand vehicles in the three months ended March 31, 2025.
JETOUR — Brand for off-road travel
JETOUR targets customers who are passionate about family travel and outdoor leisure. In January 2024, JETOUR brand vehicles quickly achieved an accumulated sales of one million units since their launch in 2018.
‧ In 2024, the sales volume of JETOUR X70 ranked No. 4 among all B-class SUV models globally, according to Frost & Sullivan.
‧ We sold 164.7 thousand units, 285.3 thousand units and 533.7 thousand units of JETOUR brand vehicles, respectively, in 2022, 2023 and 2024, representing a CAGR of 80.0%. We sold 148.0 thousand units of JETOUR brand vehicles in the three months ended March 31, 2025.
EXEED — Tech-luxury vehicle brand
EXEED targets customers who value performance and elegance, and provides them with a smooth and sophisticated travel experience.
‧ EXLANTIX ET (range-extended electric vehicle (REEV) version), a major model of the EXEED brand, is equipped with our REEV powertrain, the first of this kind in China that obtained technical validation by China Automotive Technology and Research Center (CATARC) as “Premium Drive — High-Quality Range Extender”, according to Frost & Sullivan.
‧ In 2022, 2023 and 2024, we sold 47.1 thousand units, 109.5 thousand units and 135.8 thousand units of EXEED brand vehicles, respectively, representing a CAGR of 69.7%. In 2024, the export volume of EXEED brand vehicles ranked No. 1 among high-end Chinese domestic brands, according to the same source. We sold 22.0 thousand units of EXEED brand vehicles in the three months ended March 31, 2025.
iCAR — Brand for young generation
iCAR, targeting Generation Z customers who are keen on technology and value freedom, is designed to bring in contemporary and smart travel experience.
‧ In 2024, iCAR 03 ranked fifth in terms of sales volume of A-class pure electric SUVs in China, according to Frost & Sullivan. Launched in December 2024, iCAR V23 ranked seventh in terms of sales volume of pure electric SUVs in China in January 2025, according to the same source.
‧ In 2024, the sales volume of iCAR brand vehicles amounted to 64.5 thousand units, ranking fourth among Chinese domestic brand A-class pure electric SUVs, according to the same source. Since the pre-sale release in late 2023 of iCAR 03, the first model under iCAR, we sold around 1,000 units of iCAR brand vehicles in 2023. In the three months ended March 31, 2025, we sold 18.4 thousand units of iCAR brands vehicles.
LUXEED — Brand for superior and intelligent NEVs
LUXEED, targeting customers who pursue intelligence, performance and innovation, is designed to provide them with a transformative and smart driving experience.
‧ As of the Latest Practicable Date, we launched two models under the LUXEED brand, namely S7, a smart sedan, and R7, a smart coupe SUV. In terms of sales volume in China in January 2025, R7 ranked No. 1 among all mid- to large-sized pure electric SUV models, according to Frost & Sullivan.
‧ In 2024 and the three months ended March 31, 2025, we sold 38.5 thousand units and 33.0 thousand units of LUXEED brand vehicles.
Our ESG Initiatives
Adhering to the philosophy of “In somewhere, For somewhere,” we are committed to providing green products to users worldwide and contributing to the sustainable development of the society.
‧ Sustainable Development. We implement full value-chain carbon reduction management. In 2024, renewable energy constituted 17% of our total energy consumption, which increased by 9.4 percentage points compared to 2023. In the same year, renewable electricity accounted for approximately 30% of our total electricity usage, increased by 15.3 percentage points compared to the counterpart in 2023.
‧ Green Operations. We have received national “Green Factory” certifications for our five production plants in China. In 2024, we launched 10 new models, nine of which were NEV models, to continuously increase the proportion of NEVs in our product portfolio.
Our ESG initiatives have won numerous accolades. We were named in the 2024 Fortune China ESG Impact List by Fortune China, and recognized as a Green Supply Chain Management Enterprise by the MIIT and Excellent Sustainable Development Practice Case by the China Automotive Industry Association in 2024.
Source: Chery Automobile (09973) Prospectus (IPO Date : 2025/09/17) |