Chery + CATL JV with 2 Billion RMB: From "Tech Chery" to "Core Control"

Core Data/Events ● JV Established: On February 13, Times Chery (Hefei) New Energy Technology Co. was officially established with registered capital of RMB 2 billion. Shareholders: CATL, Chery Auto, Chery Commercial Vehicle. ● Business Scope: Covers full-chain battery manufacturing, parts production/sales, energy storage tech, and technology import/export . ● Chery 2025 Performance: 2.806 million units sold globally (+7.8%), exports 1.344 million (+17.4%), NEVs 903,000 units (+54.9%) .

In-Depth Analysis Chery’s RMB 2 billion JV with CATL is no small play. Let me break down the logic behind this move: 1. From “Tech Chery” to “Core Autonomy” Chery has long been labeled a “tech geek.” Its ACTECO engines thrived on self-developed core tech. In the NEV era, batteries are the new engines—the new heart. Previously, Chery relied on CATL as a key supplier—ultimately dependent on others. Now, with this JV’s business scope explicitly covering “battery manufacturing, parts production” , Chery is moving upstream to control the most critical link in the three-electric system. This had groundwork: in 2025, both parties were already pushing “lighthouse factory” and “zero-carbon plant” projects with Hefei, plus an investment framework with Wuhu . Now the JV converts project-based cooperation into equity-based partnership—from “buyer-seller” to “family.” 2. Big Portfolio Needs an “Anchor” Chery’s current playbook: “multi-track parallel, army-group warfare.” Look at the 2025 numbers: 2.806M units global sales, 903K NEVs, 1.344M exports. Five brands each playing their role—Chery main brand (1.7M), Exeed premium (120K), Jetour travel+off-road (622K), iCAR youth (97K), Zongheng global off-road . 2026 target: 3.2M units, 17 new models. With such a massive portfolio across five brands, supply chain control becomes critical. Previously: “buy batteries, assemble cars.” Now: “batteries in-house.” Times Chery is essentially building a “battery base” for the entire group—no matter the brand or product line, core powertrain starts from this foundation.

Industry Insights

“Brand go overseas” Requires “Tech Reverse Export”: The Freelander revival is textbook—Chinese platform exported to a global luxury brand, then using that brand to attack global markets. This is “borrowed boat” 2.0, evolving from “OEM” to “tech licensor.”

“Multi-Track” Demands “System Power”: Five brands, battery JV, solid-state R&D, overseas expansion—each needs money, talent, time. Chery dares to spread this wide because exports provide a foundation (1.344M units) and scale supports it.

Chery CATL BatteryJV Freelander TechGoGlobal NEV