(JW Insights) Oct 18 -- Chery Automobile announced on October 16 that it will launch 24 hybrid and 15 high-end electric models based on the E0X platform across its Exeed, Jetour and iCAR marques within two years, China Daily reported.

On its tech day, Chery president Yin Tongyue said that the automaker plans to invest more than RMB100 billion ($13.67 billion) in research and development over the next five years, adding that it is committed to continuous learning from companies like Apple, Huawei and CATL and is determined to pursue disruptive innovation.

"Chery has been an early mover in the new energy vehicle sector but fell behind. We are confident that we won't be as modest in ranking in the sector next year and are determined to secure a top position in NEVs nationwide," Yin said.

The technological strategy, called Yaoguang 2025, was unveiled by Chery in September 2022. It has upgraded 19 major core technologies, including platform architecture, chips, high-efficiency hybrid engines, hydrogen technology, batteries, autonomous driving and an intelligent cloud platform.

At the event, Chery showcased cutting-edge technologies of the L4 level autonomous robotaxi, the Lion AI model for vehicles, metaverse and an ultra-low drag concept car.

Chery also announced cooperation with CATL to equip the Exeed Sterra SUV with CATL's Shenxing Superfast Charging battery.

During the first three quarters, Chery sold 1.25 million vehicles, a year-on-year growth of 40.2 percent. Operating income reached RMB213.02 billion in the same period, a year-on-year increase of 47.4 percent.

Chery's vehicles have been exported to more than 80 countries and regions worldwide, maintaining the top position among Chinese-brand passenger vehicle exports for 20 consecutive years, said the China Daily report.

(Yuan XY/Gao J)