2023 Automotive industry Chery industry chain special report: Gain momentum to win overseas markets, gather momentum to "new"

Company profile: From 0 to 1, out of the "strange" win

Overseas market, "strange" win

In 2022, the passenger car industry exported 2.529 million units, +56.7% year-on-year. Entering 2023, the overseas market continued to maintain a high boom, as of October 2023, the total annual cumulative output of 3.306 million units, the same ratio of +67.3%, accounting for 84.3% of the total automobile exports, passenger car exports maintained a strong. In the 23M1-M10 vehicle export ranking, Chery ranked second with a total export of 742,000 units, a year-on-year increase of 1 times. In terms of export structure, Chery's exports accounted for 19.3% in October, 23, gradually approaching the export level of SAIC (20.5%), and far ahead of other independent brands.

From zero to one, successful counterattack

Chery started in 1997, the real control of the Wuhu municipal State-owned Assets Supervision and Administration Commission, when the establishment of the name "Anhui Auto parts Industry Company", does not have car production qualifications. In the same year, the company introduced a second-hand engine production line of Ford Motor with $29.8 million, and officially embarked on the road of car manufacturing. In 1999, Chery's first engine and car independently developed successfully rolled off the production line. In 2001, Chery exchanged 20% of its equity for SAIC's car production qualification, and changed its name to SAIC Chery, and Chery Fengyun was officially mass-produced. In the same year, 10 Chery Fengyun were exported to the Syrian market, and Chery took the first step to go to sea. In 2003, SAIC announced its official withdrawal from Chery, and Chery obtained automobile production qualification in the same year. After 2003, Chery developed rapidly, the millionth car successfully rolled off the assembly line in 2007, and by 2021, the global user exceeded 10 million, achieving a successful counterattack.

Comprehensive layout, diversified development

Chery Group: Established in 2010, Chery Group has laid out six business segments with the automotive industry as the core. Automotive segment: Core segment of the group. The business field covers the research and development, production and sales of passenger cars, commercial vehicles, minicars, special vehicles, special vehicles, powertrain and other products. It has more than 10 automobile manufacturing enterprises such as wholly owned Chery Automobile, Chery Commercial Vehicles, and joint venture Chery Jaguar Land Rover, Kaiyi, Qoros, and Ruiffo Special Vehicles. Parts sector: Chery Technology's products include chassis, body accessories, safety, power, electronic and electrical systems, and investment projects cover the entire industry of auto parts. Intelligent sector: With Wuhu Xiongshi Automobile Technology Co., Ltd. as the main operating body, Xiongshi Technology focuses on the technology development and ecological development of the whole industrial chain of intelligent automobile industry, including automatic driving, vehicle networking, data operation, etc., to achieve Chery's intelligent layout. Service sector: Ruiyuan International business covers two major areas: automobile production service and automobile consumer service. It involves seven business types, including circular economy, smart logistics, testing and certification and intellectual property services, automobile aftermarket, mobile travel, two-way trade, cross-border e-commerce and free trade zones.

Automotive plate -- core industry plate

The automotive sector is the core industrial sector of Chery Group, which is divided into passenger car and commercial vehicle business. In terms of passenger car business, the existing product brands such as Chery, EXEED Star Road, Jieto, Chery Jaguar, Chery Land Rover, Kaiyi, etc., have achieved a comprehensive brand layout from "entry level" to "luxury level". In terms of commercial vehicles, the existing product brands such as Kairui, Kairui New Energy, River, Wanda Bus, and its business covers a series of products such as new energy logistics vehicles, minivans, trucks, large and medium-sized buses, special vehicles, and special vehicles.

The overseas market has gained strength. In 2012, Chery exported 180,000 units (group caliber), +12.4% year-on-year; In 2022, Chery's exports reached a new level of 400,000 vehicles, and the annual export of 451,000 vehicles was +36.6%, and the CAGR of 12-22 was 9.9%. From January to October 2023, Chery Group exported 742,000 vehicles in total, double the year-on-year increase, far exceeding the annual export level in previous years. Domestic and export sales structure: Export volume accounted for 15.6% of total sales in 2020; Since 2023, exports have become an important increment of Chery, as of October, exports accounted for 51.1% of the total sales, domestic sales of 605,000 units, accounting for 48.9% of the total sales. Under the background of Chery's in-depth layout of overseas markets and the continuous recovery of domestic demand, domestic and foreign sales are expected to maintain synchronous growth.