On June 12, the 2025 International Automative and Supply Chain Expo (Hong Kong) opened, themed "New Journey New Car", attracting nearly 40 companies. At the press conference, Yin Tongyue, Chairman of CHERY Holding, announced that around June 20, CHERY would become the first Chinese automaker to export over 5 million vehicles.
As a leader in China’s automobile exports, CHERY has excelled in overseas markets. Its journey of going global began in 2001, transitioning from product exports to factory establishment exports, and now entering the "technology innovation, smart manufacturing export" stage. CHERY has maintained its position as China’s top exporter of self-owned brand vehicles for 22 consecutive years. As of May this year, CHERY had exported 443,940 vehicles, covering 110 countries and serving over 16.7 million global customers, with more than 4.94 million users overseas.
However, CHERY’s export advantages are being rapidly challenged by new energy vehicle makers like BYD, and the company’s transition to new energy vehicles has faced difficulties. According to the company’s sales report, in April 2025, CHERY exported 88,000 vehicles, a year-on-year decline of 1.83%. From January to April 2025, CHERY’s total vehicle exports reached 343,000, maintaining its position as the top Chinese automaker exporter, but showing a minimal year-on-year increase of just 0.1%, nearly stagnant compared to last year’s 34.2% growth. In January 2025, BYD's export volume surpassed CHERY for the first time, topping China’s auto export rankings. In February, BYD once again overtook CHERY to become the export champion. Currently, although CHERY is making significant efforts to transform into new energy vehicles, with models like the TIGGO and ARRIZO, the majority of its revenue still comes from internal combustion vehicles. From 2022 to 2024, the share of revenue from new energy vehicles was 13.2%, 4.9%, and 16%, respectively.
To accelerate research and development of new energy vehicles and deepen its expansion in overseas markets, CHERY filed for an IPO with the Hong Kong Stock Exchange at the end of February this year, seeking to raise approximately USD 1.5 billion in its May 6 listing. This IPO reflects CHERY’s aim to maintain its leadership in exports while avoiding being overtaken, as well as to address its gaps in new energy vehicle development. However, challenges in the capital markets are significant, with investors becoming increasingly cautious about the transformation narratives of traditional automakers. CHERY’s future in the capital markets remains uncertain, with key attention on whether its global user base can boost sales of new energy vehicles, and whether its significant R&D investments will result in technological breakthroughs and globally influential products.