Chinese automaker Chery has made significant strides in its financial performance, as evidenced by its recent filing for an Initial Public Offering (IPO) in Hong Kong. The company reported a net income of RMB 11.3 billion in the first three quarters of 2024, representing a 58.5 percent year-on-year increase. Additionally, Chery saw a 38 percent year-on-year growth in vehicle sales, selling a total of 2.6 million vehicles in 2024.
Chery’s IPO filing revealed that CICC, Huatai Securities, and GF Securities will serve as joint sponsors for the offering, although the exact amount of funds to be raised has not been disclosed. As one of the few remaining unlisted automakers in China and a major player in the country’s auto export market, Chery’s IPO is expected to fuel further growth and expansion.
The company’s strong financial performance in 2024 was driven by impressive global sales figures, with over 1.54 million units sold in the first three quarters of the year, marking a 51.8 percent year-on-year increase. Chery also maintained its position as the top Chinese-brand passenger car exporter for the 22nd consecutive year.
Looking ahead, Chery plans to utilize the funds raised from the IPO to focus on vehicle research and development, expand its product portfolio, and enhance its core technological capabilities. The company aims to develop next-generation vehicles and advanced technologies, expand into new overseas markets, and execute its globalization strategy.
In addition to its financial success, Chery achieved significant milestones in vehicle sales in 2024. The company sold a total of 2.6 million vehicles, marking a 38 percent year-on-year increase. Notably, Chery’s exports reached 1,144,588 vehicles, up 21.4 percent from the previous year, and sales of Chery new energy vehicles (NEVs) surged by 232.7 percent, totaling 583,569 units.
Overall, Chery’s revenue for 2024 exceeded RMB 480 billion, representing a growth rate of over 50 percent year-on-year. The company’s strong performance underscores its position as a key player in the global automotive market and sets the stage for continued growth and innovation in the years to come.
