AutoBeta(AutoBeta.net)10/01 Report--

On October 1st, Chery Holdings Group (hereinafter referred to as "Chery Group") released the latest monthly sales figures. Data show that in September 2024, Chery Group sold 244534 vehicles, an increase of 28.6 percent over the same period last year, of which new energy sales were 58941, an increase of 183.4 percent over the same period last year. The monthly sales, exports and new energy data of Chery Holdings all hit an all-time high in September, officials said. In addition, from January to September this year, Chery Group sold a total of 1752793 vehicles, an increase of 39.9% over the same period last year and 93% of the total sales in 2023.

Among the subdivided brands, Chery sold 151051 vehicles, with a cumulative sales of 1113541 in the first nine months, up 33.1 percent from a year earlier. Exeed Star Motor sold 15717 vehicles in the first nine months, and sold 95946 vehicles in the first nine months, up 18.1 percent from the same month last year. Jettos sold 60226 vehicles and sold 376672 vehicles in the first nine months, up 94.1 percent from a year earlier. From the sales data analysis, whether in September or the first nine months of this year cumulative sales, the above three major brands have achieved a good year-on-year growth trend.

In addition, the first product of the iCAR brand sold 5180 vehicles in September, with a cumulative sales of 42798 vehicles this year. ICAR 03, the first product of the iCAR brand, went on sale on February 28th with a total of six models with a price range of 10.98-169800 yuan. The car is based on i-MS multi-Rubik's cube new energy architecture, positioning hard pure electric SUV, power to provide a single / a double motor version of the vehicle 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). In addition, at the 2024 Chengdu International Auto Show, iCAR 03T was launched, with a total of two-wheel-drive long-lasting version and four-wheel-drive long-lasting version, with a price of 13.98-149800 yuan. After the launch, the car and iCAR 03 formed a 03 family, mainly targeting the youth market.

In addition to the above three major brands, Chery Group also has a good sales performance in the field of new energy competition. Data show that in the first nine months of this year, Chery Holdings sold a total of 330000 new energy vehicles. It is worth mentioning that exports are also an important source of sales of Chery Group, accounting for half of Chery Group's sales. According to the data, Chery Group exported 109048 vehicles in September, up 20.6% from a year earlier, and 829353 in the first September of this year, up 24.5% from a year earlier, accounting for 47.31% of total sales. By contrast, Chery's export sales rose 101.1 per cent to 937100 vehicles in 2023 from a year earlier, accounting for about half of total sales and well above the industry average of 56 per cent.

During the year, Chery Group successively launched blockbuster models such as Fengyun A8, iCAR 03, Jettos Mountain and Sea T2, Star era ET, 2025 Star era ES, Fengyun T10, Zhijie R7 and so on. However, it should be noted that times are changing, and consumer demand is also changing. With the rapid development of the new energy vehicle market, the competition for new products launched by automobile enterprises has no longer simply compared the price, but has evolved into a comprehensive competition of the product price ratio, not only the price, but also the volume configuration, volume speed, volume flow and so on. At the same time, the price war is also outrageous. Chery Chairman Yin Tongyue has also expressed his concern about the price war. The bottomless pressure drop cost will affect the quality of products sooner or later, and quality is the decisive factor that determines the long-term development of automobile enterprises.

Of course, for the current Chery Holdings, the top priority is to make more efforts on the sales of new energy vehicles, although the overall sales performance of Chery Group is relatively satisfactory, but the performance in the new energy market is still far behind that of traditional car companies such as BYD. By comparison, BYD sold 419426 vehicles in September, of which 164956 were pure electric passenger cars. In addition, at present, Chery Group relies more on miniature pure electric models in the field of new energy, and does not have much layout in the middle and high-end areas. Admittedly, Chery Group's pace of catching up in the new energy field still needs to be accelerated.

According to the plan, Chery Group's sales target for the year is 4 million vehicles, with a target completion rate of 43.82% in the first nine months. Judging from the sales situation in the first September of 2024, it is still difficult for Chery Group to achieve its sales target of 100% by the end of the year, and the test left to Chery Group continues.

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