AutoBeta(AutoBeta.net)04/03 Report--

On April 2, Chery Holdings Group (hereinafter referred to as "Chery Group") released the latest monthly sales and figures for the first quarter of 2024. Data show that in March 2024, Chery Group sold 181585 vehicles, an increase of 45.3 percent over the same period last year; the cumulative sales volume in the first quarter was 529604 vehicles, an increase of 60.3 percent over the same period last year, continuing to maintain a trend of rapid growth.

Chery Holdings was founded in 2010, with automotive, shipbuilding, finance, tourism and other business sectors, so far, Chery holding passenger car business plate is mainly composed of Chery Automobile, EXEED Star, Jettos, Chery Jaguar, Chery Land Rover, Kaiyi and other brands, its products cover entry-level to luxury products, of which Chery Automobile is the most important source of sales.

According to the data, Chery sold 116927 vehicles in March, up 40.7 per cent from a year earlier, with cumulative sales of 350314 vehicles from January to March, up 57.6 per cent from a year earlier. As the main source of Chery Group's passenger car sales, Chery's products cover small SUV, compact SUV, medium-sized SUV, almost covering the mainstream market. At present, Ruihu series and Erize series are the main sales force of Chery Automobile. Retail sales show that in February 2024, the top three models sold by Chery were Ruihu 8, Erize 8 and Ruihu 7, respectively. Sales were 8296, 7160 and 3652 respectively, followed by Ruihu 9, Exploration 06 and Irize, with sales of 2530, 2138 and 1775 respectively, while the rest were less than 1300.

The Xingtu brand sold 6653 vehicles in March, up 3 per cent from a year earlier. From January to March, it sold 23493 vehicles, up 44.4 per cent from a year earlier. As Chery's high-end brand, Starway Motor is Chery's third attempt to hit the high-end market. The two major brands Ruiqi and Guanzhi launched before have failed, but as a brand responsible for Chery's high-end development, its performance in the car market is hardly ideal. Take 2023 sales as an example, retail data show that the cumulative sales of Xingtuo cars in 2023 is 58309, of which the model with the highest sales is Xingtuo Yaoguang, with an average monthly sales of only about 2000, followed by Xingtu Lingyun and Xingtuo, with sales of 15208 and 10286 respectively. In terms of the cumulative sales of models for the whole year, there are no popular models at present, and the upward development of the Xingtu brand is still a long way to go.

The Jetway brand sold 35503 vehicles in March, up 82 per cent from a year earlier, with cumulative sales of 107476 vehicles from January to March, up 106.9 per cent from a year earlier. Jetway Motor is a series of automobile products launched by Chery Holdings Group in January 2018. It once belonged to Kairui Automobile. At the beginning of its launch, it adopted the model strategy of high configuration and low price, and quickly relied on the Chery channel end for layout.

As early as 2021, Jetta Motor set a goal of selling one million vehicles by 2026, while this year it will reach the sales target of 500000 vehicles and enter the first camp of Chinese brands. From the current sales analysis, this sales target is not easy for Jetta cars. ‍ is currently selling models such as Jettos, X90 Zilong, X90 PLUS, X90, New X70S, X70 Zhuge, X70 PLUS, X70, X70M, X70 Coupe, X70S, X95 Chieftain Edition, X95 Supreme Edition, X70S-EV and Jetty Travelers. Retail data show that in February, the sales of the X70, the traveler and the X90 were 7828, 4974 and 2889, respectively.

In terms of new energy models, iCAR 03, the first product of Chery's first new energy vehicle brand iCAR, went on sale in March with sales of 5487 vehicles. ICAR 03 went on sale on February 28th with a total of six models with a price range of 10.98-169800 yuan. As a new product, it sold about 5500 vehicles in the first month on the market, which is not bad on the whole. It is understood that iCAR 03 positioning hard pure electric SUV, based on i-MS multi-Rubik's cube new energy architecture to build, power to provide a single / a double motor version of the model choice, of which, the single motor version of the maximum power of 135kW (184hp), dual-motor four-wheel drive version of the maximum power of 205kW (279hp).

Yin Tongyue, party secretary and chairman of Chery holding Group, previously said: "in 2024, Chery will not be so polite in the ranking of the new energy industry! in terms of new energy and intelligent Networked cars, we are ready, and now we want to be the latecomers!" At present, Chery Group is speeding up the transformation of new energy, and its four major brands, Chery, Xingtuo, Jetway and iCAR, are comprehensively accelerating the transformation of new energy. It remains to be seen whether Chery can achieve the advantage of those who come from behind.

Taken together, Chery, Starway and Jetta all achieved good growth in March this year. Since 2024, Chery Group has launched a number of new cars. Among them, on March 11, Xingtuo Yaoguang C-DM launched a total of 5 models with a price range of 15.98-225800 yuan. The power is equipped with a hybrid system composed of 1.5TGDI hybrid engine and motor, and the WLTC condition is pure electric to continue 160km, and the comprehensive range exceeds 1343km. On March 20, the Jetway X90 PRO launched five models with a price range of 127900-169900 yuan, with 1.6T and 2.0T engines on the power. all models are equipped with wet double clutch gearbox. On March 30th, Chery Fengyun A8 launched a total of three models with a price range of 109900-129900 yuan, powered by a plug-in hybrid system composed of fifth-generation ACTECO 1.5TGDI engines and motors, CLTC pure electric range 127km, integrated mileage 1400+km, as for a number of new cars on the market, how much to boost Chery Group's sales remains to be seen.

In addition to the launch of a number of new cars, following the Chery Group's Chery, Xingtuo, Jetway, iCAR four major brands jointly announced on March 1, launched the "10 billion subsidy replacement" policy, April 1, Chery brand once again "10 billion subsidy replacement" further renovated, time-limited designated models plus purchase tax free, old cars up to 30000 yuan and other policies.

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