Chery Auto H1 2026 Interim Results Show NEV Revenue Growth

Chery Auto Reports H1 2026 Financial Results

On August 20, Chery Automobile Co., Ltd released its interim results for H1 2026, reporting revenue of CNY 143.28 billion, an increase of 1.2% year-over-year (y/y). Gross profit increased 25.1% y/y to CNY 23.04 billion, while gross margin expanded to 16.1% from 13.0% in the same period last year. However, net profit attributable to shareholders of the parent declined 11.7% y/y to CNY 8.57 billion. The company attributed the decline mainly to foreign exchange losses caused by exchange-rate fluctuations and higher research and development expenses during the reporting period.

NEV Business Becomes a Major Revenue Driver

Chery Auto’s new energy vehicle (NEV) business became an increasingly important contributor to revenue during H1 2026. NEV revenue reached CNY 59.28 billion, representing a 63.8% y/y increase, while its share of total company revenue rose substantially from 25.6% in the same period last year to 41.4%. The stronger NEV contribution contrasted with continued pressure on internal combustion engine (ICE) vehicles. Revenue from ICE vehicles declined 24.8% y/y to CNY 69.51 billion, highlighting a significant shift in the company’s revenue mix as electrified vehicle operations expanded.

Chery Auto Sales Increase Despite Brand-Level Differences

During H1 2026, Chery Automobile Co., Ltd sold a total of 1,275,076 vehicles, up 7.8% y/y. Performance varied considerably across its brands. The Chery brand recorded 918,414 units, increasing 25.2% y/y, while the Exeed brand sold 33,188 units, down 44.9%. Jetour sales reached 258,737 units, a 13.6% y/y decline, while iCAR delivered 45,392 units, up 2.0%. Luxeed sales totaled 19,345 units, representing a 56.9% y/y decrease. The results therefore combined strong overall volume growth with substantial differences in performance across individual brands.

Overseas Markets Strengthen Chery’s Revenue Mix

Overseas operations were a major contributor to Chery Auto’s financial performance in H1 2026. Revenue from overseas markets reached CNY 98.97 billion, increasing 51.0% y/y and accounting for approximately 69.1% of total revenue. The company leveraged 12 major production bases worldwide, including three overseas facilities, alongside sales and service networks covering Europe, South America, Africa, and the Middle East. Chery Auto continued expanding localized manufacturing and operational capabilities in these markets, with overseas business growth identified as an important factor supporting the company’s improvement in gross margin during the period.

Chery Group Expands Global Vehicle Sales

At the group level, Chery Holding Group Co., Ltd sold 1,357,533 vehicles during H1 2026, up 7.7% y/y. The group’s share of global vehicle sales reached 4.1%, tying with Ford for ninth place worldwide during the period. NEV sales totaled 475,238 units, representing a 32.3% y/y increase. NEVs also accounted for more than 90% of the group’s newly launched models in H1 2026, underscoring the growing importance of electrified vehicles within its product development and sales strategy.

European Sales Accelerate Alongside Export Growth

Chery Group’s overseas expansion accelerated significantly in H1 2026, with exports reaching 943,817 units, up 71.5% y/y. Performance in 24 European countries was particularly strong, with sales exceeding 174,000 units during the period, an increase of 212% y/y. NEV sales in those European markets reached 86,000 units, rising 385% y/y. These results indicate that Chery’s international growth was supported not only by higher conventional vehicle volumes but also by rapidly expanding demand for its NEV offerings. The European market therefore represented an important area of growth within the group’s broader overseas expansion during H1 2026.

H1 2026 Results Highlight Chery’s Business Shift

Chery Auto’s H1 2026 results show a business increasingly supported by NEVs and international operations. Overall vehicle sales continued to grow, while NEV revenue expanded considerably faster than total company revenue and became a larger portion of the group’s financial mix. At the same time, ICE vehicle revenue declined sharply, and several individual brands experienced lower sales. Overseas revenue and exports delivered strong growth, with Europe recording particularly rapid gains in both total vehicle and NEV sales. The combination of higher gross profit, stronger gross margin, expanding NEV operations, and international growth shaped Chery Auto’s overall performance during the first half of 2026.

Frequently Asked Questions

What were Chery Auto’s key H1 2026 financial results?
Chery Auto reported CNY 143.28 billion in H1 2026 revenue, up 1.2% year-over-year, while gross profit increased 25.1% and gross margin improved to 16.1%. Net profit attributable to shareholders of the parent declined 11.7% to CNY 8.57 billion, mainly because of foreign exchange losses and higher R&D expenses. NEV revenue increased 63.8% to CNY 59.28 billion and represented 41.4% of total revenue, while overseas revenue rose 51.0% to CNY 98.97 billion, demonstrating the growing importance of electrified vehicles and international operations.