AutoBeta(AutoBeta.net)11/08 Report--

On November 8th, the holding group released the latest monthly sales report. According to the data, Chery sold 132828 vehicles in October, up 50.4 per cent from a year earlier. Sales of new energy vehicles (including new energy passenger vehicles and commercial vehicles) in October were 19354, up 118.3% from a year earlier. From January to October 2022, Chery Group sold a total of 1026758 vehicles, an increase of 38.8 percent over the same period last year, and sold more than one million vehicles for the first time, of which 207893 new energy vehicles were sold, an increase of 182 percent over the same period last year, nearly twice the sales of new energy vehicles for the whole of last year.

"ensure annual sales of 1.5 million vehicles and strive for 2 million vehicles" is the target set by Chery holding Group for annual sales in 2022. According to the target of 1.5 million vehicles, by the end of October, the target sales rate of Chery holding Group will be 68.4%. To achieve the target, Chery Holdings Group needs to sell 473242 vehicles in November and December, that is, an average of 240000 vehicles a month. Although this time of year is an important point for major car brands to release new cars and rush sales, Chery Holdings Group is still a long way from its full-year target or unable to meet its global sales target.

According to the official website, the current Chery holding passenger car business section is mainly composed of Chery Automobile, EXEED Star Road, Jetway, Chery Jaguar, Chery Land Rover, Kaiyi and other brands, covering entry-level to luxury-level products. In terms of brand segmentation, Chery is the most important source of sales for Chery Holdings.

Chery's October sales rose 46.9 per cent to 93359 vehicles from a year earlier; cumulative sales from January to October rose 54 per cent to 773222 vehicles. Chery Automobile's products include Ruihu series, Ai Ruize series and Oumengda three major product series, Ruihu series has Ruihu 8, Ruihu 7, Ruihu 3X, Ruihu 5X models on sale; Arize series has Arize GX, Erize 5 PLUS models for sale Ou Mengda is the first model under Chery's new product line OMODA, which officially launched on July 12. OMengda locates the compact SUV with a price range of 9.29-126900 yuan. Among the many models, Ruihu series is the main sales model. From January to October 2022, the cumulative sales of Ruihu 8 series and Ruihu 7 series were 159500 and 134900 respectively, accounting for 38.07% of Chery's total sales. After entering the second half of 2022, Chery has launched a number of new cars, including Erize 5 GT, Erize 8, the new generation of Ruihu 7 Plus, and so on. Data show that Arize 8 has sold 10, 000 cars since its launch on September 26, making it another popular model under Chery.

Starway Motor sales rose 29.1 per cent year-on-year to 6510 vehicles in October and 59.9 per cent year-on-year to 42922 vehicles from January to October. As a key strategy for Chery to attack high-end brands, Chery applies almost all the advanced technology to Xingtu, and places high hopes on it. When the first new car, TX/TXL, was launched in 2018, Chery Yin Tongyue put forward the annual sales goal of Xingtu brand to reach 100000 cars, but the ideal is very plump and realistic. The data show that from 2019 to 2021, Xingtu sold 14000, 18000 and 37154 cars respectively, a huge gap from Yin Tongyue's earlier forecast of 100000 annual sales.

After entering 2022, its sales increased compared with the same period last year, but it is still not satisfactory. At present, Xingtuo's products include chasing wind series, TX series, TXL series and moon series. In early October, Xingtuo officially released the official production version of its Xingtuo Yaoguang model. The new car is based on the concept car AtlantiX and is built by the brand-new Xingdu M3X Mars architecture 2.0.It is equipped with 2.0TGDI engine and the starting price may be around 200000 yuan. it is expected to be listed within this year. The car is regarded as a blockbuster model of Xingtu brand this year, shouldering the important task of strategic transformation of Xingtu brand.

Sales of Jettos rose 126.1% to 25174 units in October compared with the same month last year. Sales increased by 22.9% to 140908 units from January to October compared with the same period last year. Jettos announced the new brand LOGO at the brand refurbishment conference on July 26, and said that it would sell 500000 units in 2023 and 1 million in 2026. In the follow-up, the Jetway brand will launch more competitive brand-new models, and the new product strategy will be X, T, P, V four product series layout. Respectively hit SUV, hard cross-country, hard pickup, MPV models, the formation of "4 urban SUV+3 cross-border series + N hybrid models" plan. Among them, the Jetway Tmurx debuted at the Chengdu Auto Show on August 26th. The new car is located in a medium-sized SUV, with a brand-new interior and exterior design language, and offers two layout versions with five seats and seven seats, but the new car will not be available until the third quarter of 2023.

Taken together, Chery, Starway, Jettcut and Chery New Energy vehicles have all achieved good growth in the first 10 months. However, among independent brands, it is generally believed that Chery's annual sales target of "1.5 million-2 million vehicles" is very "radical". In terms of annual sales in 2021, the cumulative sales of Chery Group in 2021 was 961900 vehicles, an increase of 31.7% over the same period last year, reaching an all-time peak, but before 2022, Chery Holdings's overall sales had not exceeded 1 million. This is also the reason why the industry thinks that Chery Holdings's annual sales target of "1.5 million-2 million vehicles" is difficult.

In 2022, the brands of Chery holding passenger car business section successively launched a number of models, including Chery's new product line OMODA "O'Mengda", Ruihu 8 Pro, Chery Erize 5 GT, Erize 8, the new generation Ruihu 7 PLUS, Jetway Dasheng (Xmur1), Shortcut TLV X, Xingtuo Yufeng ET-i, Xingtuo Yaoguang production version and other new cars. However, this way of "piling up new products" has not led to a sharp increase in Chery Holdings' sales. Take Oomengda, the first model of Chery's new product series, as an example, the car sold only 5647 vehicles in March as a new product. Among them, the July-September sales were 812,1954 and 2881 respectively. We might as well wait and see how much sales Chery Holdings can achieve towards the end of the year.

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