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Recently, Chery released its performance results for the first three quarters of 2026. In the context of the industry's overall performance narrowing, Chery achieved industry benchmark revenue results by relying on a reasonable global layout.
According to Chery's official data, its revenue for the first three quarters reached 241.234 billion yuan, a year-on-year increase of 12.29%; gross profit was 39.004 billion yuan, a year-on-year increase of 32.28%; gross profit margin increased significantly from 13.6% at the same period last year to 16.17%, net profit was 14.595 billion yuan, and net profit margin reached 6.05%.
In the first three quarters of this year, the revenue profit margin of the domestic automotive manufacturing industry was 3.3%, the single-month profit margin in September dropped to 1.4%, and the total industry profit decreased by 22.8% year-on-year. In comparison, Chery's performance remained stable with an upward trend, proving that its current strategic approach is highly effective.
Overseas Markets Support the Overall Picture
In the first three quarters of this year, Chery's total passenger car sales were 2.0769 million units, of which 1.4991 million units were exported, accounting for over 70%. Chery is the only car company capable of having overseas sales double the domestic sales.
This is also the key for Chery to achieve high revenue and high profits. In the first half of the year, Chery's overseas market revenue was 98.968 billion yuan, a year-on-year increase of 51%, accounting for nearly 70% of total revenue. This proportion is absolutely leading among independent car manufacturers that have publicly disclosed data. More critically, Chery's overseas business profitability is far higher than domestic. The overseas fuel vehicle gross margin is stable at 18.1%, overseas new energy vehicle gross margin is about 20%, and hybrid product gross profit performance is even better.
It is not difficult to see that the key behind the crazy overseas expansion of Chinese car manufacturers in recent years is profit improvement. Chery has built a solid "profit moat" with the high gross margin of overseas markets. While most Chinese brands are still struggling against involution with domestic market profits, Chery has already formed a healthy cycle of "offsetting domestic low gross margin with overseas high gross margin". This advantage is difficult for other leading car companies to replicate in the short term.
As is well known, Chery's overseas business was not built in a day. Having cultivated the overseas market for more than 20 years, Chery has comprehensively upgraded from simple "product going global" to "Globalization 3.0", aiming to move R&D, manufacturing, supply chain, and decision-making power all to the overseas market in advance, becoming a truly global car company.
This year, Chery activated its first overseas regional operation center in Barcelona, Spain, and simultaneously launched the Spain Research Institute, placing all core decision-making links of the European market locally for completion. In South Africa, Chery acquired the Rosslyn Plant from a global large car manufacturer, launched a localization plan, and strives to achieve a target of 40% localization rate for passenger car production in South Africa before 2028.
Currently, Europe has become an important market for Chery. Data shows that Chery's sales in the EU + UK + EFTA market ranked first among Chinese brands in September. In addition, Chery has ranked first in new car brand sales in the UK for two consecutive months. For every 10 new cars sold locally, 1 comes from Chery. The European market has extremely high requirements for safety, compliance, and channels. Chery can stand firm and become mainstream, relying on Chery's globalization system capabilities.
According to the plan, the proportion of overseas-produced cars in Chery's exported cars will exceed 50% for the first time by the end of 2026, rise to 60% in 2027, and reach 70% in 2030. Behind these numbers is Chery's ambition to completely rewrite "going global" to "globalization".
Technology is King, Innovation Wins
Good performance relies on capabilities, and Chery is the same. An enterprise with a tag of "Science and Engineering Guy", values user recognition of product technology.
Chery's R&D expenditure for the first three quarters was 11.046 billion yuan, a year-on-year increase of 40.21%. The R&D growth speed is 3.3 times the revenue growth speed, and the proportion of R&D expenditure to revenue rose from 3.67% at the same period last year to 4.58%. In an environment where the whole industry is cutting back spending and protecting profits, Chery instead intensified technology investment against the trend.
These R&D funds were not all invested in short-term realization projects, but concentrated on basic technology directions such as electric drive, hybrid transmissions, batteries, solid-state batteries, and AI large models. Including CheryMind Physical AI Large Model, Xunlong Instant Charge, Rhino S Solid-State Battery, Ziwei Chip, V2G Vehicle-Grid Interaction and other frontier technologies. These layouts are redefining cars from traditional mechanical products to AI-driven energy terminals. Especially V2G Vehicle-Grid Interaction technology, which has extremely high commercial value in overseas markets with insufficient grid stability, turning vehicles from pure consumer goods into distributed energy storage nodes.
The impact of underlying technology on Chery products is far-reaching. Especially in the context of a market where new energy is mainstream, car companies that can connect the technology chain are more likely to gain discourse power in the next round of market competition.
Just like the current status of Chery New Energy, its wholesale volume has ranked in the top three of the industry for 6 consecutive months. The new QQ3 has broken through 10,000 units in sales for six consecutive months, and still has 100,000 units of global orders pending delivery; Fengyun A9 delivered over 7,000 units in September, with single-month orders breaking 20,000 units; Zhijie V9 has ranked first in the market for MPV above 400,000 yuan for 4 consecutive months since its launch. Simultaneous growth of multiple categories and price ranges is not propped up by a single hit product, but the full realization of a complete product matrix.
It is worth mentioning that Chery New Energy's profitability is gradually rising. In the first half of the year, the gross margin of the new energy business increased significantly from 5.2% at the same period last year to 12.8%, officially entering the profit realization cycle.
For every 7 new energy vehicles exported in China, 1 comes from Chery. Its new energy products have topped sales in multiple segments in Thailand, Malaysia, South Africa, and other places. The volume in the overseas market further amortized R&D and manufacturing costs, allowing Chery's new energy business to say goodbye to the stage of "exchanging price for volume".
More importantly, Chery did not get involved in the price war of "exchanging profit for sales". Currently, price wars in the domestic market have crushed single-vehicle profit to just over 1,000 yuan. Simply comparing who is better at involution and who can cut prices is no longer of much significance. Chery's financial report tells the whole industry that the next round of victory depends not on domestic involution, but on who can truly run through the globalization capability and who can establish a sustainable profit channel in the overseas market. Chery's globalization is also a benchmark for sustainable development needed by the current Chinese automotive industry.
