BRIEF: Chery sales drop 11% in January

Leading car exporter Chery Automobile Co. Ltd.  (9973.HK) said on Sunday it sold 135,551 vehicles in January, down 10.7% year-over-year. It exported 116,985 units for the month, while its new energy vehicle (NEV) sales stood at 47,393 units.

Among the company’s five major brands, only the Chery brand reported sales growth, rising 4.6% year-over-year to 135,551 units. Its other brands, including Exeed, Jetour, iCAR and Luxeed, saw January sales drop 9%, 26.5%, 56.5%, and 65.3%, respectively.

Shares of Chery opened flat at HK$28.38 on Monday. The stock is down 8% from its IPO price last year.

By Lau Chi Hang

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