Chery Automobile adheres to the path of high-quality development despite expected sluggish growth in the automotive industry in 2024

At a symposium on high-quality development of the automotive industry hosted by the Ministry of Industry and Information Technology on January 9, Yin Tongyue, chairman of Chery Holding Group, expressed concerns about the outlook for the automotive industry in 2024. He believes that compared with 2023, the automobile industry will face more severe challenges in the new year, and it is expected that overall growth may tend to be low. This view may be based on the impact of current global economic instability, such as trade frictions and the epidemic. Yin Tongyue’s views remind relevant people in the automotive industry that they need to be more vigilant and strengthen innovation to deal with potential difficulties. Although the prospects are not optimistic, there are also opportunities in this highly competitive industry

Despite the not optimistic situation, Yin Tongyue emphasized that Chery Group will always give top priority to improving operating quality . Based on the significant growth in sales in 2023, Chery plans to promote high-quality development at a pace that exceeds the industry average growth rate in the next year. The sales growth rate they set is 10-20 percentage points higher than the industry average, demonstrating Chery's positive attitude and ambition towards market prospects.

Looking back on 2023, Chery Automobile’s market performance is remarkable. According to statistics, the company's cumulative sales this year reached an astonishing 1,881,316 vehicles, with a year-on-year growth rate of 52.6%, setting a record high. At the same time, Chery's annual revenue also exceeded the 300 billion yuan mark for the first time, a year-on-year increase of more than 50%. This achievement undoubtedly laid a solid foundation for Chery's future development. In terms of exports, Chery has also achieved remarkable results, with the annual export volume reaching 937,148 vehicles, a year-on-year increase of 101.1%, and it has been the champion of Chinese brand passenger car exports for 21 consecutive years.

According to the editor’s understanding, it was previously reported that Chery Automobile Group has set a sales target of 4 million vehicles in 2024. However, Yin Tongyue's statement showed that Chery did not blindly pursue doubling growth, but set sales targets more pragmatically.

Chery Automobile has made important breakthroughs in the core technology of electric vehicles. According to Gao Xinhua, executive deputy general manager of Chery Automobile Co., Ltd. and director of the R&D Institute, Chery has independently developed battery technology and plans to officially release it in 2024. This move will further enhance Chery's competitiveness in the electric vehicle market and inject new impetus into its future development. This breakthrough is of great significance to Chery because battery technology is the core of the development of electric vehicles. By independently developing battery technology, Chery can better grasp its technological advantages, improve product performance and quality, and meet consumer demand for electric vehicles. This move also proves Chery's strength and determination in technological innovation and lays a solid foundation for future development.

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