Chery Executive Vice President Qi Shilong Responds to Luxeed's Independent Car Manufacturing: Existing Factory Capacity and Production Entity Status to Be Transferred Under Luxeed's Name

On October 31, Chery Automobile Co., Ltd. held its third-quarter media communication meeting. At the meeting, Qi Shilong, Executive Vice President of Chery Automobile Co., Ltd., responded to the matter of Luxeed building cars independently. Qi Shilong stated that he hopes the Luxeed team will be more like a new-force enterprise and will enhance Luxeed's independent operating capabilities in areas such as organizational scaling, product premiumization, and gradual brand optimization. Qi Shilong also stated that Luxeed will introduce new products in 2027, while overseas business will still be operated independently by Chery Group. Earlier this month, the Ministry of Industry and Information Technology released the "Announcement of Road Motor Vehicle Manufacturing Enterprises and Products" (Batch 412), in which Anhui Luxeed New Energy Automobile Co., Ltd. was included in the list of "new vehicle manufacturing enterprises proposed for release." In the same document, Chery Automobile Co., Ltd. applied to cancel the production address at "No. 8 Wanjiang Avenue, Wuhu Economic and Technological Development Zone, Anhui Province," and Luxeed's newly approved production address is that factory site. Public information shows that Luxeed's full-year sales in 2025 were 90,500 units, a year-on-year increase of 56%; in the first five months of 2026, cumulative sales were 13,800 units, a year-on-year decline of 67.5%, completing 4.6% of the annual target of 300,000 to 350,000 units. Since December 2025, Luxeed's sales have declined year-on-year for six consecutive months, with monthly sales in February at 945 units, a year-on-year drop of 90.6%.