Chery Automobile (HKG: 09973) has posted its unaudited results for the first three quarters of 2026, showing steady growth in revenue and a sharp increase in profitability. According to PCauto, the Chinese automaker's total revenue reached 241.234 billion yuan (about $33.98 billion), up 12.29% year-on-year. Gross profit jumped 32.38% to 39.004 billion yuan (about $5.49 billion), lifting the gross margin to 16.17%—2.46 percentage points higher than the same period last year. Net profit for the period stood at 14.595 billion yuan (about $2.06 billion), with profit attributable to shareholders at 13.963 billion yuan (about $1.97 billion).
Chery attributed the improved financials to its "Globalization 3.0" strategy, which has shifted from simply exporting cars to building a full ecosystem overseas. The company has opened a European operations center, a research institute in Spain, and a plant in Rosslyn, South Africa. It also became the third Asian member of IATF, the international automotive standards body, giving it a voice in setting global quality standards. In Europe, Chery now claims the top spot among Chinese brands in monthly sales, and it has been the best-selling brand overall in the UK for two consecutive months.
New-energy vehicles drive growth
New-energy vehicles (NEVs) have been a key growth engine. Chery's wholesale NEV volumes have ranked among the top three in China for six consecutive months, and its NEV exports account for one-seventh of China's total NEV exports. Several models have carved out leadership positions: the new QQ3 has sold over 10,000 units per month for six straight months; the Fengyun A9 is the best-selling BEV (battery-electric) mid-size sedan in the 150,000-yuan (about $21,100) segment; and the Zhijie V9 has topped the MPV sales chart above 400,000 yuan (about $56,300) for four months. Overseas, the JAECCO 7, JAECCO 5, and OMODA 5 have entered the UK's top ten best-selling cars, while the iCAR V23 leads sales in Thailand, Malaysia, Nepal, and South Africa. The Zongheng G700 is the best-selling Chinese luxury SUV in eight countries, including Saudi Arabia, the UAE, and Mexico.
Chery has also ramped up its technology investment. R&D spending in the first three quarters reached 11.046 billion yuan (about $1.56 billion), up 40.21% year-on-year—3.3 times the growth rate of revenue. The company is focusing on fast-charging and vehicle-to-grid (V2G) technology. Its Xunlong fast-charging system, combined with V2G, can add 500 kilometers of range with a five-minute charge. The AC V2G solution, which allows vehicles to feed power back to the grid, is claimed to be the first commercially deployed system of its kind in the industry. It is already available in Shanghai, Guangzhou, Hefei, and Wuhu, enabling owners to earn revenue during peak demand or provide emergency power during outages.
Long-term roadmap: 'Yaoguang 2035'
Looking ahead, Chery is pursuing its "Yaoguang 2035" strategy, which uses its proprietary Chery Mind large model as a unified technology foundation. The company is developing 11 core frontier technologies, including Robotaxi, wireless charging, solar-powered vehicles, air water extraction, eVTOL (electric vertical take-off and landing) aircraft, solid-state batteries, self-developed chips, and an intelligent driving unit. Chery says it aims to transform into an AI-driven technology ecosystem company.
Despite the strong performance, Chery faces challenges. Overseas operations are subject to geopolitical risks and regional competition, while heavy R&D spending will continue to consume cash in the short term. Still, the company's diversified global footprint—spanning Europe, Southeast Asia, the Middle East, and Latin America—helps cushion the impact of intense price competition in China's domestic market.
