The media reported on Chery's plans to leave Russia by 2027

In documents for the Hong Kong Stock Exchange, Chery Automobile announced its withdrawal from the Russian market by 2027. This was reported on September 17 by the Nikkei news agency.

The decision is related to Chery Automobile's desire to list on the Hong Kong Stock Exchange in order to raise up to 9.1 billion Hong Kong dollars (1.2 billion US dollars). It "demonstrates compliance with sanctions and export controls," the documents say.

Russia is the largest foreign market for Chery. In 2024, Russia accounted for 25.5% of the group's total revenue.

It is noted that Chery has already begun to reduce its presence in the Russian Federation, and in April its subsidiary, which has existed since 2005, entered into an agreement with three companies on the transfer of passenger car stocks, warranty obligations and distribution networks.

"It is expected that by 2027 we will gradually reduce the number of existing brands and sales channels in Russia," by which time the share of total revenue will become "insignificant," quotes from the documents are quoted in the note.

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Earlier in the late summer, the Chinese agency Autohome had already reported that the Chery Automobile concern, preparing for an initial public offering on the Hong Kong Stock Exchange, was reducing its activities in Russia to reduce the risk of sanctions. It is indicated that for this reason, by the end of 2024, the company has already ceased operations in the markets of Cuba and Iran.

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