Core Viewpoint - Chery Automobile faces significant challenges with its new model, the Fengyun X3L, which has seen disappointing sales and a recent incident during a performance test that highlights internal management issues and safety concerns [1][3][10] Sales Performance - The Fengyun X3L has not met sales expectations since its launch, with overall sales growth for Chery slowing to just 2% in October compared to previous months [1][9] - Other models in the Fengyun series, such as the Fengyun T9 and A8, have also experienced poor sales performance, with the T9's monthly sales dropping from over 8,000 to below 5,000 and the A8's sales falling below 1,000 units [5][6][8] Incident Analysis - An incident during a performance test at Tianmen Mountain resulted in the vehicle sliding backward and breaking three sections of guardrail, attributed to a failure in the safety harness [3][4] - Chery's explanation for the incident points to a lack of risk assessment and detail management, raising concerns about the company's internal processes [10][15] Internal Management Issues - Reports indicate that Chery's strict management practices have led to employee dissatisfaction, with claims of excessive overtime and harsh working conditions [10][13] - A recent incident involving a refusal to attend a mandatory Saturday meeting by a new employee garnered significant internal support, highlighting employee morale issues [12][13] R&D Investment - Chery's research and development spending is notably lower than competitors like BYD and Geely, with R&D expenses constituting only 3.4% of revenue, which has contributed to lower profit margins and product competitiveness [10][13][15] Market Competition - The automotive industry is characterized by intense competition not only in product and technology but also in overall management efficiency, suggesting that Chery's current management approach may hinder its market position [15]

Core Insights - The complaint index for the automotive industry surged by 38.53% year-on-year in the first three quarters of 2025, with service-related complaints accounting for 55.5% of the total [1] - BYD's service complaint index reached 62,440.95, representing nearly 70% of the total service complaints, with a staggering increase of 39,218.4, contributing to 90% of the overall service complaint index growth [1] - Major issues driving complaints include new vehicle iterations and price changes, affecting customer sentiment and vehicle resale values [1] Company-Specific Summaries - **BYD**: Key issues include discrepancies between vehicle configurations and official announcements, as well as unfulfilled promises regarding purchase subsidies and maintenance rights. Complaints about the "thousand-mile-eye" feature not functioning persist [2] - **Changan Automobile**: After excluding iteration and price drop issues, Changan's service complaint index surpassed BYD's, with 97.3% of complaints related to non-upgraded vehicle systems [2] - **Chery Automobile**: Similar to BYD, Chery's complaints focus on non-upgraded vehicle systems, unfulfilled promises, and issues with deposit refunds, with over one-third of complaints related to system upgrades [2] - **FAW Hongqi**: Ranked fourth in service complaints, with the primary issue being non-upgraded vehicle systems, leading to performance lags [2] - **Geely**: Complaints mainly stem from issues with deposit refunds and unfulfilled promises, with 45% of complaints related to deposit refunds due to delays in vehicle deliveries [2] Industry Trends - The primary service issues across various automotive companies include non-upgraded vehicle systems, unfulfilled promises, and deposit refund problems, indicating a significant challenge in customer service and satisfaction [2]

Core Viewpoint - The rapid development of domestic new energy vehicles (NEVs) is notable, but there remains a significant demand for domestic fuel vehicles, indicating a complex market landscape [1]. Sales Performance - The best-selling fuel vehicle is the Xingrui, accounting for one-third of monthly sales, followed by Boyue L and Emgrand [3]. - The overall sales of fuel vehicles have remained stable compared to last year, but there is increased pressure from the growing interest in NEVs [4]. - The most popular fuel vehicles in the store include the M8, GS8, M6 series, and the Ying Su series, with Ying Su selling around 18-20 units monthly [6]. - The top-selling fuel cars are the fourth-generation CS75PLUS, CS55PLUS, and Yidong PLUS, collectively selling about 35 units monthly, representing over 65% of total sales [9]. Customer Demographics - Fuel vehicle buyers are predominantly middle-aged, with a mix of professions including factory workers, nurses, and teachers, often requiring vehicles for long-distance travel [3]. - The customer base for the Ying Su is diverse, including first-time buyers and retirees, with a general preference for the reliability of fuel vehicles over NEVs [6]. - Younger customers, often purchasing their first car, primarily consider fuel vehicles, with some interest in plug-in hybrids [10]. Market Trends - There is a noticeable decline in overall sales compared to last year, with profit margins also decreasing, leading to a push for additional services [7]. - The acceptance of NEVs is increasing, with customers recognizing the advantages in product configuration and overall purchase experience [7]. - The market for fuel vehicles is expected to improve slightly next year due to potential changes in tax policies and the reduction of subsidies for NEVs [13][15]. Competitive Landscape - Competing fuel vehicles include popular models like the Langyi and Suteng, with domestic brands such as Chery, GAC, and Changan being compared within similar price ranges [3]. - The lack of competitive pricing and product offerings in the NEV segment is noted, particularly in the 150,000 yuan price range, which is currently underserved [7]. - The best-selling fuel vehicles in the store include the Aiyue 5 and Aiyue 8, appealing to younger consumers due to their affordability and design [12].

Core Insights - Chery Automobile (9973.HK) is undergoing a transformation towards new energy and smart technology, with its sales scale, brand, and performance ranking among the top private car manufacturers in China, yet its market value is considered undervalued [3][4] - The company’s overseas advantages and stable cash flow from its traditional fuel vehicles could support a significant revenue and profit growth from 2025 to 2027 if fundraising is effectively invested in the new energy sector [3][4] Sales Performance - Chery has sold over 15 million vehicles, predominantly fuel cars, but is now leveraging its established brands to enter the new energy vehicle market [4] - From January to September, Chery Group's new energy vehicle sales increased by 77.1% year-on-year to approximately 588,000 units [6][15] - The company aims to achieve a revenue peak of approximately 269.9 billion RMB in 2024, prompting a strategic IPO in 2025 [3] Global Expansion - Chery has established a global production and sales network, exporting over 936,000 vehicles in the first three quarters of 2025, a 12.9% increase year-on-year [7] - The brand has successfully entered several European markets, including Spain, Italy, and the UK, with a notable sales increase of 145,000 units in Europe from January to September [8][9] Product Innovation - Chery is focusing on enhancing its brand and product offerings, transitioning from a technology-centric approach to a more market-oriented strategy [11][13] - The launch of the new model, the Jietu Zongheng G700, featuring amphibious capabilities, has generated significant attention and is expected to be a highlight in Chery's product lineup [14][15] Market Position - Chery's cumulative new car sales exceeded 2 million units from January to September, reflecting a 14.5% year-on-year growth, supported by its classic IPs, global network, and innovative competitiveness [15]

Core Viewpoint - Chery Automobile Co., Ltd. officially listed on the Hong Kong Stock Exchange on September 25, 2023, raising approximately HKD 91.45 billion, marking the largest IPO of a car company in the Hong Kong market this year [2] Company Overview - Chery Automobile, established in 1997 and located in Wuhu, China, focuses on innovation and international market expansion, offering a diverse range of passenger vehicles, including both fuel and new energy vehicles [5] - According to Frost & Sullivan, Chery is the second largest domestic passenger car brand in China and the eleventh largest globally based on projected sales in 2024 [5] Sales Performance - In 2024, Chery's passenger vehicle sales are expected to grow by 49.4% compared to 2023, leading the growth among the top twenty global passenger car companies [5] - The company is the only one among the top twenty global passenger car companies to achieve over 25% growth in sales for both new energy and fuel vehicles, as well as in domestic and overseas markets [5] Domestic Market Insights - Chery's passenger vehicle sales in China are projected to increase by 56.0% in 2024, with new energy vehicle sales expected to rise by 277.3% compared to 2023 [6] - The company ranks first in sales growth for both fuel and new energy vehicles among the top ten passenger car companies in China [6] International Market Presence - Since exporting its first vehicle in 2001, Chery has sold over 13 million vehicles across more than 100 countries and regions [7] - Chery has maintained the highest export volume among Chinese independent passenger car brands for 22 consecutive years since 2003 [7] - In 2024, Chery ranks first among Chinese independent brands in Europe, South America, and the Middle East and North Africa, and second in North America and Asia (excluding China) [7] Brand Portfolio - Chery operates five major brands: Chery, Jetour, Exeed, iCAR, and Zhijie, each catering to different customer needs and market segments [7] - The revenue contribution from these five brands has been consistent, accounting for 89.1% in 2022, 92.7% in 2023, and projected at 90.3% for the first quarter of 2025 [7] Chery Brand Highlights - The Chery brand, targeting the mass market and family users, has sold over 10 million vehicles, making it the first independent passenger car brand in China to surpass this milestone [8] - Key models such as the Tiggo 8, Tiggo 7, and others have shown strong sales performance, with the Tiggo 8 ranking first in the Chinese fuel vehicle market among independent brands in 2024 [8]

Core Viewpoint - The Fengyun T9, a new luxury mid-size hybrid SUV, is redefining family travel experiences with its superior capabilities and features, making it an ideal choice for autumn outings [1][12]. Group 1: Performance and Efficiency - The Fengyun T9 is equipped with the Kunpeng Super Energy Hybrid CDM 5.0 system, featuring a 1.5T hybrid engine with a thermal efficiency of 44.5% and a mechanical efficiency of 98.5%, resulting in a combined fuel consumption as low as 1.35L per 100 kilometers and a total range exceeding 1400 kilometers [3][5]. - In a recent rigorous test by Yiche, the Fengyun T9 achieved a comprehensive range of 1078.5 kilometers, ranking first in the 10-15 million hybrid SUV category among 65 popular new energy vehicles [5]. Group 2: Space and Comfort - The Fengyun T9 boasts a class-leading width of 1930mm and a wheelbase of 2770mm, providing ample space for passengers and cargo, with a maximum luggage capacity of 2065L, accommodating up to 30 suitcases [7][9]. - The vehicle features a flexible 5+2 seating arrangement, allowing the second and third rows to fold down easily, transforming the interior into a spacious area suitable for relaxation during trips [7][9]. Group 3: Technology and Features - The Fengyun T9 includes a 15.6-inch 2.5K high-definition display powered by an 8155 high-performance chip, supporting mainstream mobile connectivity for navigation and entertainment [10]. - Recent OTA updates have introduced features such as parking power preservation, a "one-click bed" mode, and three memory settings for the driver's seat, enhancing the overall travel experience [10]. Group 4: Promotional Offers - The company is offering various promotional benefits for the purchase of the Fengyun T9, including a 20,000 yuan trade-in bonus, lifetime free roadside assistance, and lifetime vehicle FOTA upgrades [12][13]. - Additional financial incentives include options for zero down payment or low monthly payments, along with a comprehensive warranty package valued at 10,000 yuan for the vehicle and 6,000 yuan for the battery system [13].

Core Viewpoint - The article discusses the purchase experience of a specific electric vehicle model, the Fangcheng Leopard Titanium 3, highlighting the financial aspects, competitive analysis, and user experience after the purchase [2][4][18]. Financial Summary - The purchase price of the Titanium 3 was 139,800 yuan, with additional costs including insurance of 5,500 yuan and registration of 200 yuan [2]. - After applying various subsidies totaling 34,000 yuan, the effective cost of the vehicle was reduced to 107,500 yuan [4]. - A financing plan was utilized, involving a loan of 100,000 yuan with a return of 4,000 yuan after two years and an annual interest of 3,000 yuan [3]. Competitive Analysis - The buyer considered several competing models, including the Wanjie M7, BMW i3, and BYD Han DMi, among others, with significant discounts available on these vehicles [6][7]. - The BYD Han DMi was seriously considered, with a final effective price of 108,800 yuan after discounts and subsidies [8]. Purchase Experience - The buyer's spouse was initially skeptical about the vehicle's appearance but was convinced by the features and suitability for her needs [14]. - The vehicle was ordered with a waiting period of approximately 20 days for delivery [16]. User Experience - After driving 2,000 kilometers, the user noted a significant difference in driving experience compared to traditional fuel vehicles, describing it as "silky" [18]. - The vehicle's space was deemed adequate, although the trunk was small, it was compensated by the presence of a front trunk [20]. - The vehicle's range was reported as 400 kilometers in urban settings and 300 kilometers on highways, with an average energy consumption of 15-18 kWh [22]. - The vehicle's intelligent driving features were praised, particularly for safety and parking assistance [24]. Additional Insights - The vehicle had no noticeable odor upon delivery, which is a positive aspect for new car buyers [26]. - The warranty for the battery system allows for up to 60,000 kilometers per year, which is more generous compared to many other brands [27]. - The buyer concluded that the vehicle had no significant drawbacks, emphasizing its value for money [28].

Core Insights - The Chinese automotive market has shown strong performance in the first half of 2025, with retail sales of narrow passenger cars reaching 10.901 million units, a year-on-year increase of 10.8% [1] - Domestic brands have captured a significant market share of 64%, indicating their dominance in the Chinese market [1] - BYD leads the sales chart with 2.146 million units sold, while Geely has seen a remarkable growth rate of 47% year-on-year [1][12] - New energy vehicle sales are on the rise, with companies like Leap Motor and XPeng showing significant growth [1][19] Group 1: Overall Market Performance - As of June 2025, the cumulative retail sales of narrow passenger cars in China reached 10.901 million units, reflecting a 10.8% increase compared to the previous year [1] - Domestic brands have increased their market share to 64%, solidifying their position in the market [1] - BYD has achieved a sales volume of 2.146 million units, maintaining its position as the top seller [12] - Geely's sales have surged by 47%, prompting the company to raise its annual sales target to 3 million units [1][12] Group 2: Performance of New Energy and Emerging Brands - Leap Motor has emerged as a leader among new energy vehicle manufacturers, with monthly sales nearing 50,000 units [1] - XPeng has also shown impressive growth, selling more vehicles in the first half of 2025 than in the entire previous year [1] - The new energy vehicle segment is experiencing rapid growth, with companies like BYD and Geely leading the charge [12][19] Group 3: Traditional Automakers' Performance - Some traditional automakers are showing signs of recovery, with brands like FAW-Volkswagen and SAIC Volkswagen reporting positive year-on-year growth [1][9] - FAW Toyota has seen a significant increase of 16% in sales, indicating a rebound in the joint venture segment [1][9] - However, brands like GAC are struggling, with a decline in sales, highlighting the challenges faced by traditional automakers [1][9] Group 4: Export Performance - SAIC has become a leader in overseas sales, with 494,000 units sold, accounting for nearly 25% of its total sales [10] - Changan has also made strides in international markets, with overseas sales exceeding 300,000 units, a growth of over 45% [10] - GAC has reported a 45.6% increase in overseas sales, completing 55% of its annual export target [10]

Core Viewpoint - Chery Automobile has established a new domestic business group, focusing on four key divisions to enhance its market strategy and operational efficiency, particularly in the electric vehicle sector [1][2][7]. Group 1: Organizational Structure - Chery has created the Chery Brand Domestic Business Group, which includes four divisions: Xingtu, Aihua, Fengyun, and QQ [1]. - The Fengyun division is now independent and will focus on new energy vehicles, which is crucial for Chery's strategy to break into the EV market [2]. - The QQ division's establishment highlights Chery's strategic emphasis on the A00 microcar market, with models like QQ Ice Cream and Little Ant maintaining sales of 5,000 to 6,000 units per month [3]. Group 2: Sales Performance - The Fengyun T0 and T8 models have seen sales between 5,000 and 6,000 units over the past year, while the Fengyun A8 averages over 2,000 units sold monthly [2]. - The Fengyun T9, a mid-size SUV, has received nearly 70,000 orders in a year, indicating strong market demand [2]. Group 3: Strategic Goals - The organizational changes come as Chery aims for an IPO, having submitted its listing application to the Hong Kong Stock Exchange, with plans to raise $1.5 billion primarily for R&D and international market expansion [7]. - Chery's chairman has emphasized that completing the IPO by March 2025 is a top priority for the company [7].

Core Viewpoint - Chery Automobile has undergone a significant internal restructuring, establishing a domestic business group that includes four major divisions: Starway, Aihui, Windcloud, and QQ, aimed at strategic focus and resource integration [1][2]. Group 1: Organizational Changes - The establishment of the domestic business group is a strategic adjustment based on the company's goals and development needs [2]. - The four divisions will focus on different product lines: Starway for high-end vehicles, Aihui for classic products, Windcloud for new energy vehicles, and QQ for small cars [2][3]. - Li Xueyong, the Executive Vice President of Chery, will also serve as the General Manager of the new domestic business group [2]. Group 2: Sales Performance - Chery's best-selling models, the瑞虎8 and 艾瑞泽8, achieved sales of 202,100 units and 145,800 units respectively over the past year, contributing significantly to the company's overall sales [2]. - The艾瑞泽 and 瑞虎 series cover a price range from 50,000 to below 200,000 yuan, indicating a broad market presence [2]. Group 3: Focus on New Energy - The Windcloud division will focus on new energy vehicles, which is crucial for Chery's breakthrough in this sector [3]. - Current sales figures for Windcloud's models range from 5,000 to 6,000 units per month, with the best-selling Windcloud T9 receiving nearly 70,000 orders in a year [3]. - There is a need for improvement in brand marketing for Windcloud to compete with industry leaders like BYD and Geely [3]. Group 4: Strategic Importance of QQ Division - The establishment of the QQ division highlights Chery's strategic emphasis on the A00-level microcar market, with models like QQ Ice Cream and Little Ant maintaining monthly sales of 5,000 to 6,000 units [4]. - There remains a demand for short-range electric vehicles, indicating growth potential in the low-speed electric vehicle sector [4]. Group 5: Ongoing Integration Efforts - Chery's ongoing integration efforts include the independent operation of sub-brands like iCAR and Jietu, which have unique brand identities [5]. - The recent dissolution of the Dazhu Intelligent brand and the formation of the Chery Intelligent Center signify a push towards a more cohesive and efficient smart technology strategy [5]. - The company aims to enhance its intelligent strategy and resource focus through these structural changes [5].