Record Overseas Sales Propel Chery‘s June Volume Rise: +10% YoY/ 4% MoM

Research evidence excerpt

Record Overseas Sales Propel Chery‘s June Volume Rise: +10% YoY/ 4% MoM

Deutsche Bank

Research

Rating Company Date

Buy Chery 2 July 2026

Company Update

Asia

China

Reuters Bloomberg Exchange Ticker Price at 30 Jun 2026 (HKD) 24.34

9973.HK 9973 HK HSI 9973

Price target - 12mth (HKD) 43.00

Consumer

52-week range (HKD) 33.48 - 24.20

Autos & Auto Technology

HANG SENG INDEX 22,881

Record Overseas Sales Propel Chery's

Valuation & Risks June Volume Rise: +10% YoY/ 4% MoM

Bin Wang

June Deliveries Rise 10% YoY and 4% MoM Driven by Record Overseas Sales Research Analyst

Largely in line with market expectations, Chery Auto's total June wholesale volume +852-220-35496

increased 10% YoY and 4% MoM to 240,585 units. The primary growth driver was

Wei Huang

a record high in monthly overseas sales, which surged 81% YoY and 4% MoM to Research Associate

185,220 units, attributed to the company's ongoing market expansion efforts in +852-2203-7057

regions like Europe, the introduction of new brands such as Lepas, and successful

new product launches like the "Jaecoo J5" compact SUV. This robust overseas

performance effectively offset a weak domestic market, which declined 53% YoY

to 55,365 units (though up 2% MoM), with the sequential domestic volume

recovery due to the launch of the "Luxeed V9" MPV on May 15.

Sales Volume Rises Sequentially Across All Brands in June

In June, sales volume increased sequentially across all Chery group brands: Chery

brand sales rose 1% MoM to 169,516 units; Jetour brand sales climbed 6% MoM

to 48,305 units; iCAR brand sales grew 11% MoM to 10,465 units; Exeed brand

sales advanced 15% MoM to 6,758 units; and Luxeed brand sales saw a significant

62% MoM increase to 5,541 units.

Forecasts Strong Q2 Profit Growth (up 20% QoQ) Driven by Expanding Overseas

Sales