At the same time, the automaker applied for the placement of exchange shares in an attempt to attract investments for the development of electric vehicles and expanding overseas.
Chinese car manufacturer Chery announced his intent to almost completely abandon the Russian market by 2027, which is still the biggest foreign platform, Nikkei Asia reports. The company explained this by wanting to observe international penalties and export restrictions.
At the same time, Chery applied for the placement of shares in the Hong Kong exchange to attract up to $ 1.2 billion. Nearly 20% of raised funds will go to develop and launch more than eight new models of electric vehicles and hybrids in the second half of 2025, another 20% -for international expansion.
Cheri provided Russia for more than one -quarter of income in 2023, but the company has begun to prevent activities. In the spring, he agreed with the move of vehicles, a dealer network and warranty obligations in three local structures. By the end of July, the process was completed, and Chery said that by 2027 the existence of a brand in Russia would be “insignificant”. In addition, the company stopped working with Iran and Cuba to reduce risks due to penalties.
Analysts explain Chery’s decision by the influence of western penalties and new recycling fees in Russia, making imports too expensive without local production. At the same time, Cheri itself warns that a reduction in the existence in Russia may negatively affect the company’s finances if it does not pay for losses in other markets.
We remind you, earlier that it was reported that in Ukraine the demand for a car from China grew.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.