Chinese sport-utility vehicle maker Jetour says it wants to more than triple annual sales to 2 million vehicles by 2030, with half expected to come from overseas markets, as China’s automakers accelerate global expansion to offset intense competition at home.
Speaking on the sidelines of the Beijing Auto Show, Jetour International President Ke Chuandeng told Reuters the brand will keep competing in China but is increasingly prioritising international growth, arguing that overseas markets offer greater opportunity as domestic demand is forecast to be flat or slightly down in the next couple of years.
Jetour, which is part of the Chery Holding Group, sold 620,000 vehicles last year, up nearly 11%, with about 40% of sales generated overseas. The company has recently expanded its footprint, including launching operations in Brazil and beginning sales in Poland. It also plans to enter Australia and additional European markets before the end of the year.
The push reflects a wider trend. Other Chinese manufacturers have set aggressive goals for 2030 as the home market’s price competition squeezes margins. State-owned carmaker Changan, for example, has said it is targeting 5 million global vehicle sales by 2030, including 1.4 million to 1.8 million units sold overseas, with electrified vehicles expected to account for 60% of its total.
Jetour is also moving to strengthen its electric vehicle credentials. While many Chinese rivals have leaned heavily into battery-electric and plug-in hybrid models, Jetour has only recently introduced its first electric model, the TX, and says it plans to launch two to three new electric models every year.
Backed by Chery’s scale, Jetour is betting it can fund rapid product development and build distribution abroad, even as smaller brands face rising pressure in a crowded global market.
Staff Writer
Reporting from the front lines of the automotive industry, delivering expert analysis and the technical updates that drive the South African motor sector forward.
