Overview

• A subsidiary signed asset-transfer agreements in April, marking the start of a gradual wind-down that targets a full withdrawal by 2027.
• Russia was Chery’s second-largest market in 2024, contributing 25.5% of revenue with nearly 325,200 vehicles sold, roughly one in five cars sold nationwide.
• The automaker plans to pare back brands and sales channels during the exit, which will shrink what is now a sizable footprint of 372 dealerships and 687 showrooms.
• Chery aims to raise about $1.2 billion in Hong Kong to expand electric and hybrid offerings with more than eight new models, allocating roughly 20% of proceeds to international expansion.
• Rhodium Group’s Gregor Sebastian called the move a major turnaround driven by Western sanctions and Moscow’s disposal fees, noting Chery’s lack of local assembly leaves it exposed to import costs.