Chery is reshuffling the deck again.
Several electric vehicle models that once sat under its iCar sub-brand are being pulled back into the company’s flagship label. According to multiple sources familiar with the matter, the QQ Ice Cream, eQ1, and eQ5—each aimed at different corners of the EV market—will now fall under the direct oversight of Li Xueyong, general manager of Chery’s automotive sales division.
At the same time, a new model is waiting in the wings. Dubbed the QQ Duomi, the EV was shown behind closed doors at a dealer summit in Wuhu and is slated to launch shortly after its April 2 reveal.
The QQ Ice Cream and eQ1 are compact, budget-friendly EVs. The former, priced below RMB 50,000 (USD 7,000), sold 67,800 units in 2023. The eQ1, which ranges between RMB 50,000–70,000 (USD 7,000–9,800), moved 29,400 units last year. Meanwhile, the eQ5 sits higher up the ladder—a midsized SUV priced around RMB 150,000 (USD 21,000).
All three models had been under iCar, a sub-brand introduced ahead of Auto Shanghai 2023 with a youthful, tech-forward image. But this year, they’ve been folded back into the core Chery brand, signaling a recalibration of the company’s approach to market segmentation.
Chery currently manages five brands: Chery, Jetour, Exeed, iCar, and Luxeed. Among them, Chery remains the most recognizable, with mainstream models like the Tiggo 8 and Arrizo 8 forming its backbone.
Internally, iCar has already gone through a leadership transition. Zhang Hongyu, its former general manager, has been reassigned to head domestic operations. Su Jun, previously CEO of Smartmi, now leads the sub-brand.
The two executives bring markedly different playbooks. Zhang emphasized technical specs and performance benchmarks. Su, shaped by his consumer tech background, is said to be pushing iCar in a more trend-conscious direction—perhaps better aligned with the younger demographic it wants to capture.
Reassigning the QQ Ice Cream, eQ1, and eQ5 is just the start. More iCar models are likely to be reevaluated, and internal restructuring is already underway.
The QQ Duomi, Chery’s newest addition to its EV portfolio, is essentially a rebadged version of the Kaiyi Shiyue Mate—a compact five-door, five-seater micro EV produced by Kaiyi Auto. The Shiyue Mate currently sells for RMB 59,800 (USD 8,372), and the Duomi is expected to carry a similar price tag with only a slight markup.
The two cars share key features, including fast and standard charging options. But the Duomi will differ in one critical area: its battery. While the Shiyue Mate runs on CATL battery packs, Duomi is expected to use cells from Gotion High-tech. Chery will handle the battery assembly in-house, drawing on its own systems for thermal management and power distribution.
Chery chairman Yin Tongyue once described the company as “early to rise, but late to gather momentum” in the EV race. In 2023, he set an ambitious target: to climb to third place in the EV market by mid-2024—and to be “within sight of Wang Chuanfu,” invoking BYD’s CEO as the benchmark.
But Chery closed 2024 shy of that goal, with under 600,000 EVs sold—enough for fourth place behind BYD, Geely, and Chang’an Automobile, despite a 232.7% year-on-year increase.
Now, the strategy is clear: flood the market with new models in the hopes of catching fire. The QQ Duomi is one of many small bets in this broader volume game. There’s no official sales target for the car, just the expectation that it will help nudge the company’s numbers upward.
All of this feeds into another priority—Chery’s long-anticipated IPO. With plans to go public in the second half of the year, the company is working against the clock to improve its sales ratio and present a stronger case to investors.
Until then, Chery is doubling down on rapid-fire product releases and plans to roll out more advanced driver assistance features across its lineup. It’s a volume-first approach, underpinned by a sense of urgency.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This article was written by Fan Shuqi for 36Kr.