Automaker Chery set to debut a new electric vehicle (EV) brand named "Yueji" this year, with the initial model planned for release by the end of the year.
In the dynamic world of automotive manufacturing, Chinese brand Chery is making waves with its impressive performance and ambitious plans for the future.
Last year, Chery sold a total of 1.88 million vehicles, marking a significant 52% year-on-year increase. Of this total, 71.3% were Internal Combustion Engine (ICE) and hybrid models, with its six passenger car units primarily focusing on vehicles in the RMB 100,000-200,000 price range.
Chery is not content with resting on its laurels. The company is aiming to outpace the industry's growth by 10-20% in 2024, requiring the sale of at least 2.256 million vehicles. To achieve this, Chery is promoting systematic, innovative Research and Development (R&D) and embracing digital marketing more readily.
One of Chery's strategies for growth is the launch of a new brand, Yueji, in the third quarter of 2022. Yueji is expected to focus on new energy vehicles (NEVs) and will be overseen by Chery's Omoda and Jaecoo (O&J) unit. The first model of Yueji, codenamed T1GC, is expected to be a hybrid compact SUV.
Yueji is actively fundraising and plans to establish stores in urban areas. Bumper injection molds for Yueji's components are being sourced, indicating that production is underway. No publicly available information identifies a specific person expected to lead the acquisition of Yueji from Chery in the third quarter of this year.
Chery is also investing in new technology like intelligent driving for premium positioning. The company's NEV brand iCar launched the iCar 03 model on February 28, 2024, priced between RMB 109,800-169,800 (USD 15,170-23,460).
In addition to Yueji, Chery has also launched a premium sub-brand, Exeed. The first model, the Sterra ES SUV, was released in December 2023. Exeed is adjusting its communication strategy to emphasize a "technology" label.
Most of Chery's suppliers are self-sourced, with external suppliers mostly from Europe, responsible for supplying interiors, seating, and other components. Chery has restructured its business units for user co-creation, product management, styling, procurement, and quality assurance.
As Chery continues to grow and innovate, it is benchmarking itself against Huawei's organizational practices and culture. This strategic move suggests that Chery is aiming to emulate Huawei's success in the tech industry and bring that same level of innovation to the automotive sector.
With its focus on new energy vehicles, innovative technology, and a commitment to growth, Chery is poised to make a significant impact in the automotive industry in the coming years. The company plans to reveal at least 22 NEV models and 18 ICE models in 2024 as part of its "sea of cars" strategy to penetrate the NEV market.
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