On October 30, 2026, Chery Automobile Co., Ltd. (9973.HK, referred to as "Chery Automobile" or "the Company") released a performance report that defied the trend: according to unaudited financial data for the nine months ended September 30, 2026, the Company achieved revenue of 241.234 billion yuan in the first three quarters, a year-on-year increase of 12.29%; gross profit of 39.004 billion yuan, a year-on-year increase of 32.38%, gross profit margin increased to 16.17%; R&D expenditure of 11.046 billion yuan, a year-on-year increase of 40.21%; profit for the period of 14.595 billion yuan, net profit margin 6.05%; profit attributable to owners of the Company 13.963 billion yuan.

During the same period, according to data released by the National Bureau of Statistics of China, revenue in the automobile manufacturing industry increased by 2.6% year-on-year; total profit decreased by 22.8% year-on-year; operating profit margin was 3.3%. Chery Automobile's revenue growth rate and profitability are significantly higher than the industry level; moreover, the gross profit growth rate of 32.38% and revenue growth rate of 12.29% are both higher than the sales volume growth rate of 10.5%, demonstrating high-quality growth resilience.

Systematic deep cultivation in the global market, large-scale realization of new energy products, and continuous increase in R&D investment jointly constitute the three main lines of Chery Automobile's high-quality growth. What runs through them is the comprehensive deepening and landing of the Globalization 3.0 strategy.

This year, Chery accelerated the implementation of the Globalization 3.0 strategy. From the executive team to the organizational system, adjustments and upgrades were carried out, promoting integrated coordination between domestic and foreign markets and truly localized R&D, manufacturing, procurement, sales, and services. The Company moved from product exporting to ecosystem exporting and system exporting, transforming from a "Chinese company doing global business" to an "enterprise citizen with global operations, decentralized, and integrated into local regions."

In the first three quarters, the Company commissioned its first overseas regional operation center in Barcelona, Spain, and simultaneously launched the Spanish Research Institute, moving decision-making rights for R&D, manufacturing, supply chain, compliance, public affairs, etc., to the European local level. In South Africa, the Company acquired the Roslyn plant from a global major automaker and launched a localization plan, striving to achieve an initial target of 40% localization rate for vehicle production in South Africa before 2028. Chery's globalization is no longer just about selling cars overseas, but about growing the organization overseas, building capabilities locally, and keeping contributions locally.

Picture shows the scene of the commissioning ceremony of Chery South Africa Roslyn Plant

According to data statistics from market research institute Dataforce, Chery Automobile's sales volume in Europe (covering EU, UK, and EFTA markets) ranked first among Chinese brands in September. In the same month, according to statistics from the UK automotive manufacturers and traders association (SMMT), Chery ranked first in new car brand sales for the second consecutive month in the UK, again surpassing Volkswagen, and its JAECOO 7 topped the UK full-model sales list again. Now, for every 10 new cars sold in the UK, 1 comes from Chery.

According to statistics from the China Passenger Car Association (CPCA), Chery Automobile's new energy monthly wholesale volume has ranked in the top three of the industry for 6 consecutive months. From China to the globe, Chery New Energy is powering up simultaneously on multiple categories and price points.

The sales data for the first three quarters released by Chery Automobile previously showed: the all-new QQ3 has exceeded 10,000 units in sales for six consecutive months, with currently 100,000 units of global orders pending delivery; Fengyun A9 won the sales champion in the 150,000-yuan pure electric mid-size car segment, delivered over 7,000 units in September, and monthly orders exceeded 20,000 units; Fengyun T7 delivered 6,168 units in September, with pending orders exceeding 16,000 units; iCAR V23 maintains leadership in the new energy box-style sub-market, with cumulative global sales exceeding 100,000 units; LUXEED V9 has ranked first in the MPV market over 400,000 yuan for 4 consecutive months since its launch, and welcomed the 30,000th delivery in October; Freeland 8 has completed the first batch of deliveries in September and entered the scale delivery phase.

Picture shows some Chery new energy models

On a global scale, Chery Automobile is accelerating the export of new energy and intelligent products. The high-end brand focusing on new energy and intelligence, OMODA & JAECOO, has entered 79 global markets. JAECOO 7, JAECOO 5, and OMODA 5 entered the UK top 10 best-selling cars list. iCAR V23 ranks first in the sub-market of Thailand, Malaysia, Nepal, South Africa, and other countries. Zhongheng G700 has exceeded 30,000 units in global sales 11 months after launch, ranking first among Chinese luxury SUVs in 8 countries including Saudi Arabia, UAE, Mexico, etc. LEPAS has launched and delivered new energy models in countries such as UK, Italy, Thailand, Indonesia, South Africa, and simultaneously launched pre-warm or pre-sale in Europe, Australia, Middle East, etc. Currently, for every 7 new energy vehicles exported from China, 1 comes from Chery.

Picture shows Chery overseas family users participating in the new car global premiere event

R&D expenditure is a key cut to observe Chery's growth logic. In recent years, Chery has continuously increased investment in electrification and intelligence. In the first three quarters, the Company's R&D expenditure was 11.046 billion yuan, a year-on-year increase of 40.21%, the growth rate is about 3.3 times the revenue growth rate; the proportion of R&D expenditure to revenue rose from 3.67% year-on-year to 4.58%. Exchanging today's investment for tomorrow's technology leadership is the hardest investment behind Globalization 3.0.

Chery Automobile is comprehensively transforming into an AI-driven global technology ecosystem company. On October 20, Chery released the "Rayong 2035" strategy. Taking the physical AI vertical foundation large model CheryMind as the technology infrastructure, it launched V2G + Swift Charging + Wireless Charging, Rhino S Solid-state Battery, Ziwei Chip, Robotaxi, Lingxiao eVTOL, Native 48V Low-voltage Electrical System, MoJia Robot and other core technologies, assisting travel, energy, food, life and other freedom scenarios. Chery uses AI for gene restructuring, dedicated to creating a "paradise for global adventurers, a paradise for entrepreneurs, a holy land where new technologies constantly emerge."

Chery Swift Charging achieves charging "charge for 5 minutes, range increases by 500 kilometers", compressing waiting time to the time it takes to drink a cup of coffee. The industry's first commercialized AC V2G technology, connects vehicles to the grid, charge during valley hours and sell during peak hours, helping users earn money and generate revenue, and can also realize emergency external power supply, solving overseas power grid outage problems, making every vehicle a mobile, distributed, truly green energy carrier, creating truly new energy vehicles; the first batch of "Vehicle-Grid Interaction Program" V2G sites cover Shanghai, Guangzhou, Hefei, Wuhu, and other places.

Picture shows Chery Automobile Swift Charging Demonstration Station

Picture shows overseas guests watching Chery Flying Fish Intelligent Driving Unit technology display

Picture shows overseas guests interacting with MoJia Robot during 2026 Chery Global User Ecosystem Conference

Globalization 3.0 Value Continues to Rise: High Recognition of Domestic and Foreign Securities Firm Ratings

Public research reports from various institutions show that this year, JPMorgan, Citi, Deutsche Bank, CICC, CITIC Securities, CSC Financial, Huatai Securities, Guotai Haitong, Zhongtai Securities, Dongwu Securities, and other domestic and foreign securities firms covering Chery Automobile, have shown highly consistent consensus in rating direction: Buy or Outperform Industry, and core logic points to the same set of judgments—Globalization system capabilities and improvement of new energy economic benefits.

All institutions have given Chery Automobile an "Overweight" rating, unanimously agreeing: Chery's overseas business has completed the transition from product exports to local operations, forming a first-mover advantage and scale profitability platform; the economic benefits of the new energy business are in a continuous improvement channel.

The consensus on the rating direction of domestic and foreign securities firms provides the market with a comparable external coordinate: a structural growth narrative anchored by globalization system capabilities and improvement of new energy economic benefits has formed a considerable consensus at the investment institution level.

From "Going Out" to "Going In", from selling products to building systems, Chery Automobile's Globalization 3.0 is pushing the Company to a new position: a global technology ecosystem company driven by AI, operating locally globally, and defining growth through technological innovation.

Zhiliao Auto/Chen Yi

Recently, Fortune Magazine released the latest Fortune Global 500 list, Chery Automobile ranked 383rd with revenue of 41.778 billion US dollars.

Actually, Chery was already on the Fortune 500 last year, with an even higher rank then, 233rd. The difference is that this year Chery was evaluated independently as a listed company entity. That is to say, although it has been on the Fortune 500 for two consecutive years, the value is different. This year, Chery needs to undergo comprehensive scrutiny from the capital market and the industrial system.

It is worth mentioning that there are 10 Chinese car companies and automotive parts companies that entered the Fortune 500 this year. In addition to Chery, there are BYD, CATL, Geely, SAIC, etc., all of which are well-known. Among them, BYD has the highest rank, with revenue of 111.853 billion US dollars, ranking 91st.

Domestically, BYD is now the truly deserved "number one". Cars sell well, and profits are high. Last year, BYD's new energy vehicle sales reached 4.6 million, topping global new energy vehicle sales for consecutive years, annual revenue was 804 billion yuan, net profit 32.6 billion yuan.

Moreover, it is willing to invest heavily in R&D. For example, in 2025, BYD invested as high as 63.4 billion yuan in R&D, ranking first among A-share listed companies for two consecutive years. So far, BYD's cumulative R&D investment has exceeded 250 billion yuan.

The key point is that BYD's batteries, chips, motors, electronic controls, etc., are all manufactured by itself. Previously, people thought this "doing everything yourself" model was too asset-heavy and too slow. But facts have proven that as long as you can weather the storm, you can use economies of scale to further reduce costs.

What is BYD's moat? Cost and scale. Others spend 100 yuan to build a car, BYD might only need 80; others sell 100 cars a year, BYD can sell 200.

What about Chery? It is another model.

Starting from 2001, Chery had already started selling cars overseas. At that time, most Chinese car companies were still competing domestically. So strictly speaking, Chery can be considered one of the first batch of "going global" Chinese car companies.

Of course, it was indeed difficult at first. In 2001, Chery's export volume did not even exceed 100 units. But it proceeded steadily, continuously expanding its overseas footprint. So far, Chery's business has covered more than 130 countries and regions worldwide, ranking first in export volume of Chinese brand passenger cars for 23 consecutive years.

Chery's "going global" is not a one-off deal. It has 16 production bases worldwide, with over 3,100 overseas dealer outlets. Local manufacturing networks for Chery exist in places like Brazil, Indonesia, Thailand, Malaysia, etc.

Foreign media summarize Chery's "going global" model as "encircling cities from the countryside", which is not wrong. After all, it first established brand awareness in markets with lower thresholds such as the Middle East, Latin America, and Southeast Asia, selling mature fuel vehicle models like Tiggo and Arrizo, before penetrating into high-regulation markets like Europe.

In 2025, Chery exported 1.344 million vehicles, equivalent to one Chery being sold overseas every 23 seconds on average. Total annual revenue was 300.29 billion yuan, breaking the 300 billion yuan threshold for the first time. Net profit was 19.51 billion yuan, overseas revenue was 157.42 billion yuan.

Simply put, Chery has become a Chinese car company where "half of the car sales rely on overseas markets".

More notably, Chery's overall average vehicle price is about 103,500 yuan, while the overseas average vehicle price is 121,600 yuan. For the same car, selling it overseas is nearly 20,000 yuan more expensive than domestically.

So you see, Chery's success logic is simple: if you can't compete domestically, sell it abroad. The path to success is never singular.

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Chery was the first to break the traditional path of "domestic model modifications for export", establishing a new development model for "native global vehicles": From the very first day of product definition, it conducts forward development targeting global market user needs. Safety standards, durability verification, usage scenarios, etc., are based on the highest global requirements. No longer making "fast-moving consumer goods", but "durable goods, works of art".

This concept is being translated into solid market performance.

OMODA&JAECOO dual brands launched only three years ago, global cumulative sales broke 1 million vehicles; entered the UK market less than two years ago, cumulative sales immediately broke 100,000, with JAECOO 7, JAECOO 5, OMODA 5 three models entering the UK top 10 best-selling car list.

LEPAS L6 successfully launched in South Africa and Thailand, its domestic homologous model "native global vehicle" Fengyun T7 directly benchmarks 2026 version European 5-star safety standard, just launched in August, 24-hour orders broke 23,188 vehicles, verifying the "one platform, global blooming" R&D path.

Picture shows LEPAS L6

Energy Switch: For every 7 new energy vehicles exported from China, 1 is from Chery

While scale continues to climb, the export product structure of Chery is undergoing profound transformation, new energy vehicles have become the "powerful engine" driving growth.

January-August, Chery Group new energy exports exceeded 450,000 vehicles, year-on-year growth 136.8%, growth rate exceeding the overall market. According to China Passenger Car Association data, January-July, Chery New Energy cumulative export volume ranked second in the industry; since April, monthly new energy exports have continuously been firmly in the top two of the industry.

Picture shows global best-selling model JAECOO 7

A more convincing number: Currently, for every 5 cars exported from China, 1 is from Chery; for every 7 new energy vehicles exported, 1 is from Chery.

The explosion of new energy exports is not accidental. From LUXEED V9 refreshing the 500,000 level new energy MPV fastest delivery record, to Freelander 8 pre-sale 48-hour orders breaking 10,000, to Fengyun T7 exploding the pure electric SUV market with 24-hour 23,000 orders — Chery is using "hit new energy matrix" to cover all global niche tracks. New energy vehicles have become Chery's new business card for going global, also showing the new image of Chinese automotive technology brands in the global market.

Market Breakthrough: UK Overall Runner-up, Australia Top Three

Chery's export market layout has also achieved breakthrough from emerging markets to global high-regulation markets.

Europe as one of the most stringent automotive regulation markets globally, has become Chery's high-quality overseas export core position: January-July, Chery in Europe 24 countries cumulative sales exceeded 208,000 vehicles, year-on-year growth 201%; among them new energy sales reached 102,000 vehicles, year-on-year big increase 332.47%. In the UK, since March Chery has continuously firmly held the monthly car sales total list runner-up; in Australia, July single-month sales have already entered industry top three.

Picture shows Chery Group overseas vehicles about to board ship

High-regulation market breakthrough means Chery's product power is being verified in the world's pickiest markets, and also further promoted global weight improvement. According to China Passenger Car Association director Cui Dongshu's statistical analysis, January-July, Chery Group world sales share increased to 4.2%, ranked ninth globally. From "China Export Champion" to "Global Sales Share Top Ten", Chery has determined new coordinates in the global automotive industry pattern.

Beyond Business: Globalized "Chery Path"

Beyond business expansion, Chery simultaneously doing another thing: carving "long-termism" into every step of globalization.

August, Chery in partnership with World Conservation Union (IUCN) in Spain launched "Cherish Nature" second phase ocean ecological protection activity, focusing on Posidonia seagrass ecosystem restoration and protection — this is one of the UN-recognized global most important blue carbon ecosystems. Relying on recycled aluminum low-carbon material technology, multiple countries global biodiversity protection projects, social emergency rescue public welfare practices, etc., Chery also won 2026 Chinese Automotive Industry Sustainable Development Practice Cases "Green Development" "Smart Innovation Technology" "Harmony and Shared Benefit" three major honors.

Picture shows Chery Group working with IUCN to carry out Mediterranean Posidonia seagrass monitoring activities and seminars

At the same time "going out" "integrating in", embracing the world, contributing to the world — this is the true moat behind 7 million vehicles.

From 2001 to 2026, from 10 vehicles to 7.18 million vehicles, Chery 25 years of overseas journey is Chinese automotive speeding up globalization vivid microcosm. 7 million vehicles is milestone, even more so new starting point. Chinese automotive new overseas chapter, is writing in every global market.

At the moment the 7,000,000th “Chery-built” vehicle boarded the ship at the port, a new chapter was added to the history of Chinese automobiles "going global".

In August 2026, Chery Group's single-month exports reached 196,984 units, a year-on-year increase of 52.1%, continuing to firmly rank first in Chinese automobile exports; cumulative exports from January to August totaled 1,343,334 units, a year-on-year increase of 68.1%. Calculating down, on average, one “Chery-built” vehicle heads overseas every 16 seconds. Thus, Chery Group's global cumulative sales surpassed 20.44 million units, among which overseas cumulative sales exceeded 7.18 million units, becoming the first Chinese auto manufacturer to cumulatively break through exports of 7 million units.

From 2025 to the present, Chery has successively claimed the three "firsts" records of cumulative Chinese auto manufacturer exports reaching 5 million, 6 million, and 7 million units, completing three million-level leaps in just 14 months. Behind ranking first in Chinese brand passenger car exports for 23 consecutive years, lies Chery's systemic breakthroughs in dimensions such as product development, business structure, market layout, and overseas expansion concepts, exploring a globalization path for Chinese enterprises from "going out" to "integrating in".

Product Evolution: From "Revised Models for Export" to "Native Global Cars"

What Chery first broke was the traditional path of "domestic models revised for export", establishing a new development model of "Native Global Cars": from the first day of product definition, it conducts positive development facing global market user needs, with safety standards, durability verification, usage scenarios, etc., benchmarking the highest global requirements ———— not making "fast-moving consumer goods", but making "durables, artworks".

This concept is being converted into solid market performance.

OMODA&JAECOO dual brand launch was only three years ago, global cumulative sales exceeded 1 million units; having entered the UK market for less than two years, cumulative sales broke 100,000 units, with the three models JAECOO 7, JAECOO 5, OMODA 5 joining the top 10 best-selling models in the UK.

LEPAS L6 was successfully launched in South Africa and Thailand, its domestic homologous model "Native Global Car" Fengyun T7 directly benchmarks the 2026 European 5-Star Safety Standards, launched in August, 24-hour orders broke 23,188 units, validating the R&D path of "One Platform, Global Success".

Image shows LEPAS L6

Power Switch: For Every 7 New Energy Vehicles Exported from China, 1 Comes from Chery

While scale continues to climb, the product structure of Chery's exports is undergoing profound changes, New Energy Vehicles have become the "powerful engine" driving growth.

January to August, Chery Group New Energy Vehicle exports exceeded 450,000 units, year-on-year growth 136.8%, growth rate exceeded the overall market. According to China Passenger Car Association data, January to July, Chery New Energy Vehicle cumulative export volume ranked in the top two in the industry; since April, monthly New Energy Vehicle exports have continuously maintained the top two in the industry.

Image shows Global Best-Selling Model JAECOO 7

A more convincing number: Currently, for every 5 cars exported from China, 1 comes from Chery; for every 7 New Energy Vehicles exported, 1 comes from Chery.

The explosion of New Energy Vehicle exports is not accidental. From Luxeed V9 breaking the 500,000-level New Energy Vehicle MPV fastest delivery record, to Freelander 8 pre-sale 48-hour orders breaking 10,000, to Fengyun T7 exploding the pure electric SUV market with 23,000 orders in 24 hours — Chery is using a "Blockbuster New Energy Vehicle Matrix" to cover all global niche tracks. New Energy Vehicles have become Chery's new card for going global, also showcasing a new technical brand image for Chinese automobiles in the global market.

Market Breakthrough: UK Overall Rank 2nd, Top 3 in Australia

Chery's export market layout has also achieved a breakthrough from emerging markets to global high-regulation markets.

Europe, as one of the markets with the strictest global automotive regulations, has become the core position for Chery's high-quality global expansion: January to July, Chery's cumulative sales in 24 European countries exceeded 208,000 units, year-on-year growth 201%; among which New Energy Vehicle sales reached 102,000 units, year-on-year increase 332.47%. In the UK, since March Chery has continuously maintained the second place in the monthly car sales total ranking; in Australia, July's single-month sales have entered the top 3 in the industry.

Image shows Chery Group export vehicles about to board ship

The breakthrough in high-regulation markets means Chery's product power is being verified in the world's most picky markets, and further promotes the increase of global weight. According to Cui Dongshu, head of the China Passenger Car Association, January to July, Chery Group's world sales share increased to 4.2%, ranking ninth globally. From "Chinese Export Champion" to "Top 10 Global Sales Share", Chery has established new coordinates in the global automotive industry landscape.

More Than Business: The "Chery Path" of Globalization

Beyond business expansion, Chery is synchronously doing another thing: engraving "long-termism" into every step of globalization.

In August, Chery in conjunction with the International Union for Conservation of Nature (IUCN) launched the second phase of "Cherish Nature" marine ecological protection activity in Spain, focusing on the restoration and protection of the Posidonia seagrass ecosystem — this is one of the globally most important blue carbon ecosystems recognized by the UN. Relying on recycled aluminum low-carbon material technology, biodiversity protection projects in multiple countries globally, socialized emergency rescue public welfare practices, etc., Chery also won the 2026 China Automotive Industry Sustainable Development Practice Cases "Green Development", "Innovative Technology", "Harmonious Benefit" three major honors.

Image shows Chery Group working with IUCN to carry out Mediterranean Posidonia seagrass monitoring activities and seminars

Integrating in while going out, embracing the world, contributing to the world — this is the true moat behind 7 million units.

From 2001 to 2026, from 10 units to 7.18 million units, Chery's 25-year journey of going global is a vivid microcosm of Chinese automobiles accelerating globalization. 7 million units is a milestone, more so a new starting point. The new chapter of Chinese automobiles going global is being written in every market globally.