Chery Automobile reported a 51% year-on-year (YoY) increase in overseas revenue and a 63.8% rise in new energy vehicle (NEV) revenue in the first half of 2026, according to its first interim results since listing in Hong Kong.
For the six months ended June 30, Chery recorded revenue of RMB 143.28 billion (USD 21.3 billion), up 1.2% YoY. Gross profit rose 25.1% to RMB 23.04 billion (USD 3.4 billion), while its gross profit margin increased to 16.1% from 13% in the same period last year.
Profit attributable to owners of the company reached RMB 8.57 billion (USD 1.3 billion). Chery reported a net profit margin of 6.3%, compared with an operating profit margin of 3.8% for China’s automotive manufacturing sector and an average profit margin of around 1.5% for domestic vehicle manufacturers, citing data from the National Bureau of Statistics and China Association of Automobile Manufacturers, respectively.
As of June 30, Chery held RMB 63.42 billion (USD 9.4 billion) in cash and cash equivalents, providing liquidity for areas including R&D, capacity expansion, brand development, and overseas operations.
NEVs account for more than 40% of revenue
Chery Automobile’s NEV revenue reached RMB 59.28 billion (USD 8.8 billion) in the first half of 2026, increasing 63.8% YoY. NEVs accounted for 41.4% of total revenue, up from 25.6% during the same period last year.
The shift comes as the company increases R&D investment across areas including batteries, electric motors and control systems, intelligent cockpits, and autonomous driving.
Its battery technology roadmap encompasses ternary lithium and lithium iron phosphate chemistries, along with short-blade, prismatic, and large cylindrical cell formats. These technologies are being developed for hybrid, battery-electric, and solid-state applications.
Chery is also developing all-solid-state batteries. The company said its Rhino solid-state battery cells have reached an energy density of 400 watt-hours per kilogram, with development targeting 600 Wh/kg.
By the end of 2025, vehicles equipped with Rhino batteries had accumulated more than 1.2 billion kilometers of mileage, according to the company. It said the highest mileage recorded by an individual vehicle was 160,000 kilometers, with no self-ignition or battery safety incidents recorded.
Chery Automobile oversees five automotive brands: Chery, Jetour, Exeed, iCar, and Luxeed. Together, they span segments ranging from mass market vehicles and family-oriented SUVs to premium and technology-focused models.
At group level, monthly NEV sales and wholesale volume have ranked among the top three in the industry since April, according to the company. The group’s domestic NEV penetration rate reached 62% in July.
Several recently launched models have also recorded early sales or order growth. The company said the Fulwin A9 electric sedan received 31,000 presale orders within 15 days, while the new QQ3 exceeded 10,000 units in monthly sales for four consecutive months. The iCar V27 has led monthly sales among range-extended SUVs in the RMB 200,000 (USD 29,685.9) price segment since launch, according to the company, while monthly deliveries of the Luxeed V9 surpassed 10,000 units. The Freelander 8 received more than 10,000 presale orders within 48 hours of its presale launch.
Alongside NEVs, Chery Automobile continues to maintain an internal combustion engine vehicle portfolio, allowing it to address demand for both conventional and electrified vehicles.
Overseas revenue climbs as Chery expands localization
Overseas markets were another major source of growth during the period. Chery Automobile recorded RMB 98.97 billion (USD 14.7 billion) in overseas revenue in the first half of 2026, an increase of 51% YoY.
The company has expanded its production and sales footprint outside China, including in Europe, South America, Africa, and the Middle East. As of June 30, it operated 12 major production bases worldwide, including three outside China.
NEVs are also taking a larger role in the group’s overseas business. During the first seven months of 2026, NEV exports at group level increased 175.7% YoY, more than twice the growth rate of overall exports during the period.
The group sold more than 100,000 NEVs in Europe during the same seven-month period, up 332.5% YoY. NEVs accounted for roughly half of its vehicle sales in the region.
The localized manufacturing footprint has also supported faster regional delivery and reduced some supply chain exposure. Chery said this reflects a broader shift in its overseas strategy, from primarily exporting vehicles to building a more localized operating system across production, sales, and after-sales services.
Chery’s expansion is taking place against a growing global automotive market. According to Emergen Research, the global automotive market was valued at USD 3.85 trillion in 2025 and is projected to reach USD 6.42 trillion by 2035, implying a compound annual growth rate of 5.2% for the 2026–2035 period.
Chery sees its R&D capabilities, multi-brand portfolio, and overseas footprint as key advantages as it expands in NEVs and international markets. Its first-half results provide some support for that view.
The results also reflect two broader shifts in the automotive sector: Chinese automakers are pushing further overseas, while electrification continues to reshape product strategy. Chery is pursuing both, with overseas markets and NEVs becoming increasingly important parts of its business.
This article was published in partnership with Newslink.
Note: RMB figures are converted to USD at rates of RMB 6.74 = USD 1 based on estimates as of August 28, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.