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.

Apabila pasaran kereta domestik terjerat dalam permainan bahagian pasaran sedia ada, logik pertumbuhan pengilang kereta China sedang ditulis semula. Kumpulan Chery September yang menyerahkan laporan prestasi "dua capaian" ini, bukan sahaja memecahkan rekod eksport sebulan industri automobile China, malah jarang menerima sokongan modal daripada bank pelaburan antarabangsa.

Data menunjukkan, jumlah eksport sebulan Kumpulan Chery September mencapai 207,814 unit, meningkat 51% pada tahun yang sama. Ini bermakna, pada bulan yang baru berlalu ini, setiap 15 saat, satu unit kereta dengan logo kenderaan kumpulan Chery dihantar ke luar negara. Lebih menarik, jumlah eksport terkumpul Januari hingga September 1,551,178 unit, angka ini telah melampaui jumlah eksport keseluruhan tahun 2025, kadar pertumbuhan terkumpul 65.6% dalam persekitaran semasa agak menonjol.

Hujung September, JPMorgan menerbitkan laporan penyelidikan, kali pertama meliputi Chery Automobile dan memberikan rating beli lebih, menjadikannya sasaran pilihan utama automotif China. Di pasaran modal, rating dengan modal sebenar sering lebih meyakinkan daripada dakwaan syarikat sendiri. Sebab utama JPMorgan adalah, perniagaan luar negara Chery telah berkembang daripada eksport perdagangan semata-mata ke fasa pengoperasian tempatan, dan membentuk platform keuntungan berskala.

Perubahan kualiti daripada keluar ke luar kepada berakar

Pada masa lalu untuk jangka masa panjang, imej luaran terhadap eksport kereta China sering berhenti pada nisbah harga dan nilai serta pasaran Asia, Afrika, Amerika Latin. Tetapi laporan prestasi Chery September ini sedang memecahkan stereotaip ini.

Satu yang mewakili ialah pasaran United Kingdom. September, jualan Chery di United Kingdom sebulan mencapai 32,823 unit, bulan kedua berturut-turut memperoleh kejuaraan jualan jenama sebulan United Kingdom. Dalam pasaran teras Eropah seperti ini yang peraturan ketat, industri kereta tradisional sangat matang, JAECOO 7 memuncaki kedudukan pertama jualan semua model, JAECOO 5, OMODA 5 juga memasuki 10 teratas. Dengan kata lain, di United Kingdom setiap 10 unit kereta baharu dijual, 1 unit berasal dari Chery.

Pecahan ini bukan satu-satunya contoh. Januari hingga Ogos, Chery di 24 negara Eropah jualan terkumpul 234,000 unit, meningkat 193% pada tahun yang sama, di mana nisbah model kenderaan baharu tenaga hampir separuh dan kadar pertumbuhan lebih daripada 3 kali ganda. Dapat mencapai pecahan berskala di pasaran dengan ambang peraturan tinggi seperti Eropah, menunjukkan kekompetitifan kereta China tidak lagi terhad pada dimensi harga, tetapi benar-benar menyentuh persaingan komprehensif kekuatan produk, kekuatan jenama dan keupayaan pematuhan.

Kenderaan Baharu Tenaga: Dari Luapan ke Enjin

Perubahan lain yang perlu difikirkan oleh industri ialah perpindahan peranan eksport kenderaan baharu tenaga. Data menunjukkan, Januari hingga September Chery eksport kenderaan baharu tenaga 529,337 unit, meningkat 136% pada tahun yang sama. Pada masa ini, setiap 7 unit kenderaan baharu tenaga dieksport dari China, 1 unit berasal dari Chery. Di sebalik nisbah ini, ada matriks jenama kenderaan baharu tenaga OMODA & JAECOO, iCAUR, Zongheng dan lain-lain eksport bersepadu. Dari Thailand, Malaysia ke Arab Saudi, Emiriah Arab Bersatu, produk kenderaan baharu tenaga Chery sedang membina kelebihan pasaran sasar di pasaran peringkat berbeza.

JPMorgan menyebut secara khusus dalam laporan penyelidikan, jangka kadar penetrasi dan margin kasar kenderaan baharu tenaga Chery akan meningkat dengan ketara. Ini sebenarnya menandakan satu trend pecahan industri, eksport kenderaan baharu tenaga sedang berubah daripada saluran luapan kapasiti domestik, menjadi enjin utama bagi jenama kereta China untuk mencapai pemajuian tinggi, mengekspor imej kecerdasan.

Insight industri di sebalik sokongan modal

Melihat tindakan globalisasi Chery terkini, sama ada penjajaran jenama puncak di pasaran UK, atau 3 model kereta yang menang dalam Anugerah Reka Bentuk Turin, sama ada pelaburan pusat gaya teratas 10 global dan pasukan reka bentuk seribu orang, semua mengarah ke arah yang sama: logik eksport kereta China sedang berkembang daripada menjual produk ke mengekspor jenama dan penambahbaikan sistem.

Rating positif yang diberikan oleh JPMorgan dan institusi lain, pada hakikatnya adalah penilaian keupayaan ekspor bersistem ini. Apabila perniagaan luar negara boleh menyumbang pendapatan dan keuntungan yang berkembang berterusan, model penilaian syarikat kereta China perlu ditinjau semula.

Dari rekod eksport terkumpul melampaui 7 juta unit, ke rekod eksport sebulan tertinggi sekali lagi, sehingga mendapatkan pensijilan sasaran pilihan modal antarabangsa, laluan globalisasi Chery memberikan contoh baharu. Dalam ujian besar globalisasi, parit pertahanan sebenar bukan satu model kereta yang meletup, tetapi kedalaman pengoperasian tempatan, keluasan matriks produk, dan keupayaan menyesuaikan diri untuk menembusi kitaran pasaran yang berbeza.