China’s Chery will invest $13 billion to research like Huawei and Apple

China’s well-known car maker Chery said it would invest over 100 billion yuan in research and development of new cars in order to progress like Huawei and Apple.

During the 2023 Chery Technology Day event, Yin Tongyue, Secretary of the Party Committee and Chairman of Chery Holding Group shared plans for the future growth of the company.

He said Chery invests 20 billion yuan in R&D every year and will invest more than 100 billion yuan in R&D in the next five years. “We must continue to learn from Apple, Huawei, and CATL, and boldly pursue disruptive innovation.”

The latest sales data released by Chery Group shows that in September this year, Chery sold a total of 190,080 new cars, a year-on-year increase of 30.7%. From January to September this year, Chery Group’s cumulative sales reached 1.253 million vehicles, a year-on-year increase of 40.2%. Chery Group’s sales in the first three quarters of this year have exceeded last year’s full year (1.2327 million vehicles).