Chery Automobile Co. confirmed plans to invest 100 billion yuan ($14.2 billion) in China over the next five years to enhance the competitiveness of smart electric vehicles (EVs) as part of its Yaoguang 2025 plan.
According to local reports, the company said it also plans to build six new research and development (R&D) centers in China, Europe, the United States, South America and India during this period, employing a total of 20,000 engineers.
Chery said that it will increase investment and strengthen 13 core technologies such as vehicle platform, intelligent cockpit function, interconnection and intelligent/autonomous driving.
The automaker plans to develop three new electric vehicle platforms, including one for premium vehicles, with the first model scheduled to launch in September 2023, which it says will rival Tesla’s offering. The new car will be sold under the iCar New Energy Vehicle (NEV) brand, which has set an annual sales target of 1 million units.
Chairman Yin Tongyue described the Yaoguang 2025 plan as a new initiative aimed at “transforming an automaker into a global technology company”.
According to local reports, in the first eight months of 2022, Chery’s global car sales reached 749,000 units.
The company recently discussed plans to build a $1 billion electric vehicle factory in Indonesia with an annual capacity of 200,000 vehicles.