Chery reports higher overseas and NEV revenue in first interim results

Chery's interim results show a clear pivot to NEVs and international markets, with both areas driving significant revenue growth in the first half of 2026. NEV revenue now constitutes over 40% of the company's total, up from 25.6% last year, reflecting substantial R&D investments in battery technology, intelligent cockpits, and autonomous driving. The company's focus on all-solid-state batteries, with its Rhino cells targeting 600 Wh/kg, points to an aggressive push in advanced EV technology. Overseas markets are equally critical, with a 51% increase in revenue to RMB 98.97 billion. Chery's expansion to 12 production bases globally, including three outside China, underscores a shift from pure exports to localized operations. This strategy aims to reduce supply chain exposure and accelerate regional deliveries, particularly as NEV exports to Europe surged 332.5% year-on-year in the first seven months of 2026, accounting for half of its European sales.