Chery Automobile has reported revenue of 241.234 billion yuan (about $34 billion) for the first nine months of 2026, a year-on-year increase of 12.29%, according to financial results released on October 30 and covered by Sina Auto. The company's gross profit rose 32.38% to 39.004 billion yuan, lifting its gross margin to 16.17%, while net profit attributable to owners reached 13.963 billion yuan. Research and development spending climbed 40.21% to 11.046 billion yuan, equivalent to 4.58% of revenue, up from 3.67% a year earlier.
The results stand out against a weak domestic industry backdrop. According to China's National Bureau of Statistics, the automotive manufacturing sector saw revenue growth of just 2.6% and a 22.8% decline in total profit during the same period, with an operating margin of 3.3%. Chery's revenue and profit growth both outpaced its sales volume increase of 10.5%, a sign of improving efficiency, the company said.
Globalization 3.0: from exports to local operations
Chery has accelerated its so-called globalization 3.0 strategy, shifting from shipping cars abroad to building local operations. In the third quarter, the company opened its first overseas regional operations center in Barcelona, Spain, and launched a research institute there, moving decision-making on R&D, manufacturing, supply chain, and compliance closer to the European market. In South Africa, Chery acquired the Rosslyn plant from a global automaker and aims to achieve 40% local production by 2028.
The strategy is already showing results in Europe. According to market research firm Dataforce, Chery was the top-selling Chinese brand in Europe (covering the EU, UK, and EFTA markets) in September. In the UK, data from the Society of Motor Manufacturers and Traders (SMMT) showed Chery was the best-selling new-car brand for the second consecutive month, ahead of Volkswagen, with its JAECOO 7 topping the overall model sales chart. One in ten new cars sold in the UK now comes from Chery, the company said.
NEV lineup gains momentum at home and abroad
Chery's new-energy vehicle (NEV) monthly wholesale volume has ranked in the top three in China for six consecutive months, according to data from the China Passenger Car Association (CPCA). The company's new QQ3 has sold over 10,000 units per month for six straight months, with 100,000 global orders still pending delivery. The Fengyun A9, a battery-electric sedan, led its segment in September with over 7,000 deliveries and more than 20,000 orders in a single month. The Fengyun T7 delivered 6,168 units in September, and the iCAR V23 has accumulated over 100,000 global sales.
Internationally, Chery's premium NEV brands OMODA & JAECOO have entered 79 markets, with JAECOO 7, JAECOO 5, and OMODA 5 making the UK's top ten best-selling models. The iCAR V23 leads its segment in Thailand, Malaysia, Nepal, and South Africa. The Zongheng G700 has sold over 30,000 units in 11 months, topping China's luxury SUV sales in eight countries including Saudi Arabia, the UAE, and Mexico. Chery says one in seven new-energy vehicles exported from China is now a Chery product.
On the technology front, Chery unveiled its "Yaoguang 2035" strategy on October 20, built around the CheryMind AI foundation model. It introduced the Xunlong fast-charging system, which the company claims adds 500 kilometers of range in five minutes, plus a commercial AC V2G (vehicle-to-grid) solution that allows cars to sell power back to the grid. The company also showcased solid-state batteries, a self-developed chip, a robotaxi platform, and an eVTOL aircraft concept, as it positions itself as an AI-driven mobility technology company.
Investment banks including JPMorgan, Citigroup, Deutsche Bank, and several Chinese brokerages have issued "buy" or "outperform" ratings on Chery, citing its global system-building capabilities and improving NEV economics, according to public research reports cited by Sina Auto.
