Chery Holding posts 1.2% YoY growth in 2020 revenue

Shanghai (Gasgoo)- Chery Holding announced on Tuesday it earned 105.6 billion yuan ($16.25 billion) in revenue for the year of 2020, a year-on-year growth of 1.2%. By the end of 2020, the group had achieved annual revenue topping 100 billion yuan ($15.388 billion) for the fourth year in a row.

Photo credit: Chery Holding

The revenue growth was largely credited to the robust automobile sales. Chery Holding sold roughly 730,000 new vehicles and saw its global cumulative deliveries exceed 9 million units last year. Notably, both the Chery Tiggo 8 series and the Jetour family had annual sales volume of over 130,000 units.

The group's product lineup was further enriched last year with the roll-out of such models as the Tiggo 8 PLUS, the Arrizo 5 PLUS, the EXEED TXL and the Jetour X70 PLUS.

In spite of the global spread of coronavirus, Chery Holding still gained increase in overseas business. Last year, the group exported a total of 114,000 vehicles, representing a jump of 18.7% from a year earlier.

Chery Holding said it has already set up 6 R&D hubs around the world, and deployed 10 manufacturing plants and 1,500 plus dealerships and service outlets outside China. Currently, the capacity of its overseas plants has amounted to 200,000 cars per year.

The auto parts business of Chery Holding obtained full-year revenue of over 12.3 billion yuan ($1.893 billion yuan). In 2020, the group saw two auto parts subsidiaries, namely EFORT and RAYHOO, go public.

As part of efforts to promote the development of auto intelligentization, Chery Holding kicked off the operation of its R&D center in Nanjing in last May and carry out cooperation with Baidu and Huawei in ICV (intelligent-connected vehicle) field.