1 Car Goes Overseas Every 15 Seconds! Chery's September Exports Break 200,000, JPMorgan Increases Holdings

When the domestic car market is deeply stuck in stock competition, the incremental logic of Chinese car companies is being rewritten. Chery Group's "double breakthrough" report card for September, not only refreshes the single-month export record of China's automotive industry, but also unusually received capital endorsement from international investment banks.

Data shows, Chery Group's single-month export volume reached 207,814 vehicles in September, a year-on-year increase of 51%. This means, in the just passed month, on average every 15 seconds, a car bearing a Chery badge drives overseas. What is more worth noting is, cumulative exports from January to September reached 1,551,178 vehicles, this figure has surpassed its total export volume for the whole year of 2025, a cumulative growth rate of 65.6% appears particularly noticeable in the current macro environment.

At the end of September, JPMorgan released a research report, covered Chery Automobile for the first time and issued an overweight rating, listing it as the preferred target for Chinese passenger cars. In the capital market, ratings backed by real money are often more persuasive than companies talking to themselves. The core reason given by JPMorgan is, Chery's overseas business has evolved from pure trade exports to the local operation stage, and formed a scale-based profitability platform.

A qualitative leap from going out to rooting down

For a long period in the past, the outside world's impression of Chinese car going overseas often stayed at cost-effectiveness and Asia-Africa-Latin America markets. But Chery's September report card is breaking this stereotype.

A representative one is the UK market. In September, Chery's single-month sales volume in the UK reached 32,823 vehicles, taking the UK monthly brand sales champion for the second consecutive month. In such a strict regulation, traditional automotive industry extremely mature European core market, JAECOO 7 topped the sales list of all models, JAECOO 5, OMODA 5 also made it into the top 10. In other words, for every 10 new cars sold in the UK, 1 comes from Chery.

This breakthrough is not an isolated case. Jan-Aug, Chery cumulative sales in 24 European countries reached 234,000 vehicles, year-on-year growth of 193%, among which new energy models account for nearly half and growth rate exceeded 3 times. Being able to achieve scale breakthrough in a high regulatory threshold market like Europe, indicates China car's competitiveness is no longer limited to price dimension, but truly touches the comprehensive competition of product power, brand power, and compliance capability.

New Energy: From Overflow to Engine

Another change worth deep thought for the industry is the role conversion of new energy going overseas. Data shows, Jan-Sept Chery exports new energy vehicles 529,337 vehicles, year-on-year increase 136%. Currently, for every 7 new energy vehicles exported by China, 1 comes from Chery. Behind this proportion, is the collaborative overseas expansion of multiple new energy brand matrices such as OMODA & JAECOO, iCAR, Zhongheng. From Thailand, Malaysia to Saudi Arabia, UAE, Chery's new energy products are establishing segment advantages in markets at different levels.

JPMorgan specifically mentioned in the report, it is expected that Chery's new energy penetration rate and gross margin will increase significantly. This actually points out a breakthrough trend in the industry, new energy going overseas is turning from a channel for domestic capacity overflow, into the core engine for Chinese car brands to achieve high-end and intelligent image output.

Industry Implications Behind Capital Favoritism

Looking at Chery's recent global actions, whether it is brand topping in the UK market, or 3 car models winning the Turin Design Award, or the investment in global top 10 styling centers and thousands of design teams, all point to the same direction: Chinese car overseas logic is upgrading from selling products to outputting brands and systems.

The positive ratings given by JPMorgan and other institutions, are essentially pricing this systematic overseas capability. When overseas business can contribute continuously growing revenue and profit, the valuation model of Chinese car enterprises needs to be re-examined.

From cumulative export volume first breaking 7 million vehicles, to single-month exports reaching a new high again, to obtaining preferred target certification from international capital, Chery's globalization path provides a new sample. In the big exam of globalization, the real moat is not a certain hit model, but the depth of local operations, the breadth of product matrices, and the adaptability to cross different market cycles.