Chery Automobile reported a 34.6% year-on-year increase in net income to 19.02 billion yuan ($2.77 billion) for 2025, supported by record global vehicle deliveries and steady revenue growth, the company said.
Total revenue rose 11.3% to 300.29 billion yuan, while global deliveries reached 2,631,381 vehicles, up 8% compared with 2024, according to its financial report.
Despite intensifying competition in China’s passenger vehicle market, Chery improved its overall gross margin to 13.8% in 2025 from 13.5% a year earlier. However, margins in its core passenger vehicle segment declined to 12.8% from 13.2%, reflecting the growing contribution of new energy vehicles (NEVs), which typically generate lower margins than internal combustion engine models.
The company increased investment across multiple areas to support expansion. Capital expenditure rose significantly to boost production capacity, while selling and distribution expenses climbed 32.6% as Chery ramped up marketing efforts. Research and development spending also increased by 23.8% as the automaker invested in new product development.
Performance across sub-brands was mixed. Emerging brands Luxeed and iCar recorded the fastest growth, with sales rising 56% to 90,493 units and 47% to 96,989 units, respectively. In contrast, the premium Exeed brand saw a 15% decline in annual sales to 120,369 vehicles.
The results highlight Chery’s continued expansion in global markets and its accelerating transition toward electrified vehicles, even as profitability dynamics shift due to the lower margins associated with NEVs.