Chery to invest $14.25-B in transition to becoming global tech firm

MANILA: Chery has announced that they will be spending $14.25 billion over the next five years to strengthen its competitive edge in areas like electrification and smart cabin features.

Chery is also planning to establish a network of six research centers in China, North America, South America, Europe, and Central Asia, employing over 20,000 engineers.

The Chinese automaker launched the Yaoguang 2025 strategy on Friday. Yaoguang 2025 involves 13 core technologies including vehicle platforms, smart driving, and electrification.

The Yaoguang 2025 strategy, according to Chery Chairman Yin Tongyue, is a new initiative for the company and marks the beginning of its transformation into a global technology firm.

As part of the strategy, Chery is developing three electric platforms, including one for premium vehicles. In 2023, the company will introduce a new model that will vie with Tesla’s offerings, according to Yin.

He added that electrification will be the company’s driving force, and Chery’s NEV brand, iCar, will grow its sales to one million units.

In the first eight months of the year, Chery delivered 749,000 units, representing a 30% year-on-year increase. Chery targets to sell 1.5 million units this year.

Photo from Chery

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