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October 30, Chery Automobile disclosed its Q1-Q3 performance results. Q1-Q3 revenue totaled 241.234 billion yuan, a year-on-year increase of 12.29%; gross profit reached 39.004 billion yuan, up 32.38% YoY, with gross margin rising to 16.17%; R&D expenditure was 11.046 billion yuan, up 40.21% YoY; profit for the period was 145.95 billion yuan, with a net profit margin of 6.05%; profit attributable to Chery shareholders was 139.63 billion yuan. During the first three quarters, Chery's R&D expenditure was 11.046 billion yuan, up 40.21% YoY, with a growth rate approximately 3.3 times that of revenue; the ratio of R&D expenditure to revenue increased from 3.67% year-on-year to 4.58%.
It is worth noting that in the first three quarters of 2026, the domestic passenger car market wholesale declined 6% YoY, with the industry facing a difficult environment of fierce competition in a saturated market; retail sales declined by more than 20%, and major automakers are all shouting "stressful".
Furthermore, data released by CPCA offers a more intuitive sense of the industry's survival pressure—sales profit margin for the domestic automotive industry from January to September was only 3.3%, revenue increased slightly by 2.6%, but costs rose by 3.8%, with industry-wide profit declining 23% YoY. In September alone, sales profit margin was as low as 1.4%, hitting a four-year low.
Against the backdrop of ongoing price wars in the car market and generally pressured industry profit margins, Chery delivered a report of "simultaneous leap in scale and efficiency"—while revenue remained stable, the improvement in profit quality was even more significant.
Profit Quality, More Worth Attention Than Sales Volume
From the data curve perspective, Chery's growth logic is changing. For a considerable period in the past, the expansion of independent brands often came at the cost of "exchanging price for volume", with gross margins constantly diluted; but in this reporting period, based on a 12.29% revenue increase, Chery's gross profit growth rate reached about 2.6 times the revenue growth rate, with the gross margin increasing by over 2.4 percentage points compared to the same period last year.
This means that growth no longer relies solely on scale dilution, but comes from product structure optimization, increased proportion of high-margin overseas markets, and the realization of new energy and intelligentization premiums. For an automotive group in the acceleration phase of globalization, the improvement in profit quality weighs more than simple sales volume figures. This also explains why external focus on Chery is shifting from "how many cars sold per month" to "how much money earned per car"—in the current industry context where companies are trading price for market share, a gross margin that does not fall but rises is itself a testament to systemic capability.
Globalization 3.0: From "Selling Products" to "Building Ecosystems"
Supporting this performance is the accelerated implementation of Chery's "Globalization 3.0" strategy. Distinguishing from early-stage "product overseas" and mid-stage "capacity overseas", the core of Globalization 3.0 is moving from "product overseas" to "ecosystem overseas" and "system overseas". During the reporting period, the European Operations Center, Spain Research Institute, and South Africa Roslyn Factory were successively commissioned; Chery entered the IATF (International Automotive Task Force) as the third Asian board member, participating in the formulation of the highest global automotive quality standards.
In the market, Chery's monthly sales in Europe ranked Top 1 among Chinese brands, and it was consecutively ranked Top 1 in sales of all brands in the UK for two consecutive months. According to Chery's own description, the company is transforming from "a Chinese company doing global business" to "a corporate citizen that is globally operated, decentralized, and integrated into local communities".
Product Report: New Energy Hot Sellers Realized Simultaneously at Home and Abroad
The return on Globalization 3.0 at the product level is manifested as "new energy hot sellers realized simultaneously at home and abroad". Chery New Energy wholesale volume has ranked Top 3 in the industry for 6 consecutive months, accounting for 1/7 of China's new energy export total. By brand: New QQ3 sales exceeded 10,000 for 6 consecutive months; Fengyun A9 secured Top 1 sales of pure electric mid-size cars at the 150,000 level; JAECOO 7, JAECOO 5, and OMODA 5 entered the Top 10 of UK's best-selling car list; Zhijie V9 ranked Top 1 in MPV sales over 400,000 yuan for 4 consecutive months; iCAUR V23 topped the niche markets in Thailand, Malaysia, Nepal, South Africa, etc.; Zongheng G700 ranked Top 1 in Chinese luxury SUV sales in 8 countries including Saudi Arabia, UAE, Mexico, etc.
It is worth noting that these achievements do not rely on a single hot seller, but rather the simultaneous effort of six major sequences—QQ3, Fengyun, JAECOO/OMODA, Zhijie, iCAUR, and Zongheng—across different price bands and different markets, reflecting Chery's synergy effect of multi-brand layered overseas expansion. A clear thread is: from pure electric small cars in the mass market to high-end MPVs and luxury off-road vehicles, the Chery multi-brand series is scaling up volumes simultaneously in overseas markets with differentiated positioning.
Technical Foundation: R&D Intensity Rises to 3.3 Times Income
The technical foundation behind the growth is also thickening. During the reporting period, Chery's R&D expenditure reached 11.046 billion yuan, a 40.21% YoY increase, with the growth rate approximately 3.3 times the revenue growth rate.
In the energy replenishment field, "Xunlong Instant Charge" achieves 5 minutes charging for 500 km range; V2G technology has become the industry's first commercialized AC V2G solution—vehicles connected to the grid can "charge low, sell high" to help users generate revenue, and can provide emergency power supply externally when overseas grid power fails; the first batch has already covered Shanghai, Guangzhou, Hefei, Wuhu, and other areas.
The longer-term blueprint is the "Yaoguang 2035" strategy: using the vertical base large model CheryMind as 1 technical foundation, facing 4 major "scenario freedoms" of mobility, energy, food, and life, deploying 11 core technologies including Robotaxi, solid-state batteries, eVTOL, chips, Lingxi 8D Smart Sensing Cockpit, etc., accelerating the transformation into an AI-driven tech ecosystem company. As a base large model oriented towards the automotive vertical, CheryMind will coordinate smart cockpits, smart driving, and backend R&D, regarded as the key infrastructure for Chery to move from "manufacturing enterprise" to "tech company".
From Selling Cars to Building Ecosystems, Chery's Three Leaps
From early whole vehicle exports to today embedding "comprehensively promoting Globalization 3.0 strategy, building a global tech ecosystem company" into the main strategic title, Chery's globalization narrative has completed three leaps: selling products, building factories, building ecosystems.
When system overseas export becomes the new coordinate for this enterprise, what is truly tested is no longer whether a certain car sells well, but whether this system can continue to operate and innovate in a decentralized global market. R&D intensity reaching 3.3 times revenue growth rate, and energy networks starting to feed back user returns, mean this transformation is not merely on the slogan level. This Q3 quarterly report provides a very clear answer.
