Chery Holding eyes sales growth rate 10-20 percentages points higher than industry average in 2024

Beijing (Gasgoo)- On January 22, Chinese automaker Chery Holding brought together its four major brands—CHERY, EXEED, JEOUTR, and iCAR—to discuss the 2024 business strategies for the company. 

Photo credit: Chery

In 2023, the group achieved an annual revenue of 315.1 billion yuan, which surged 50.4% year over year, and an annual vehicle sales volume of 1,881,316 units, which hiked 52.6% from a year ago. The group's yearly export volume reached 937,148 units, showcasing an impressive year-on-year soar of 101.1%.

For 2024, Chery sets an ambitious goal with a focus on "sales growth rate surpassing the industry by 10-20 percentage points," continuing its high-quality development and working towards the vision of becoming a "world-class green intelligent travel technology company."

Photo credit: Chery

Brand-wise, the CHERY brand’s portfolio includes the Tiggo series, Arrizo series, Explorer series, and Fulwin series, forming a matrix of both oil-fueled and new energy vehicles. In 2024, Chery plans to launch 8 upgraded fuel-burning models and 5 new hybrid electric models, covering various market segments.

The EXEED brand posted a yearly sales volume of 125,521 units in 2023, representing a 134.9% leap year-on-year. In 2024, EXEED’s product lineup will undergo a complete transformation to new energy vehicles, introducing a comprehensive product matrix with 3 revamped oil-fueled models, 3 C-DM hybrid electric models, 2 pure electric models, and 2 extended-range electric models, targeting an annual sales goal of 300,000 units.

The group’s SUV brand, JEOUTR, exceeded expectations in 2023 with an annual sales volume of 315,167 units, which shot up 75% from the previous year. Continuing its two-pronged approach of oil-fueled and hybrid electric power options, JEOUTR plans to launch 7 fuel models and 8 hybrid electric models, aiming for a yearly sales target of 500,000 units in 2024.

In addition, iCAR, the group's first new energy electric vehicle brand, aims to capture the hearts of young car enthusiasts by creating desirable and innovative vehicles. With a focus on blockbuster products, iCAR plans to introduce 2 new models annually, explore differentiated markets, and establish new business models for channels.