Recently, the "Moscow Times" quoted the Nikkei Shimbun report as saying,Chery plans to withdraw from the Russian market by 2027 on the grounds of "ensuring compliance with sanctions and export controls."However, Russia’s TASS news agency later issued an article stating that Chery’s Russian subsidiary refuted the news.It was clearly stated that "the Chery brand will not leave the Russian market."

According to reports, the news of Chery's withdrawal from the Russian market was reported by Nikkei, saying that Chery Automobile stated in its Hong Kong IPO prospectus that it would withdraw from the Russian market due to sanctions and export controls, as well as Russian tariffs.

Chery's IPO prospectus did mention in the "Gross Profit and Gross Margin" introduction that the increase in the scrappage tax on imported cars imposed by Russia has led to a decrease in gross profit margin.

In the introduction to "Business Activities with Areas Subject to International Sanctions", it is also mentioned that Chery will begin to reduce the scale of operations in Russia in 2025.And in April 2025, some assets and sales channels in Russia were sold.

However, business reduction does not mean withdrawing from the market. On page 25, Chery also clearly states that according to Chery's international sanctions legal advisor, their activities in relevant areas do not constitute primary sanctions, and the risk of secondary sanctions is relatively limited.

therefore,The rumors about Chery's withdrawal from the Russian market are, to a certain extent, taken out of context.

In addition, from a sales perspective, Chery will not give up on the Russian market easily.

Autostat, a Russian automobile market analysis agency, said that as of mid-2025, Chinese brand cars accounted for 6% of the total number of passenger cars registered in Russia, and there were 2.65 million Chinese passenger cars in Russia.

Moreover, the most popular Chinese car brand in the Russian market is currently Chery, accounting for 22% of all Chinese cars registered in Russia, with a total of 582,200 units.

Objectively speaking, as the most popular Chinese car brand in Russia, and Russia is Chery's main export market, there is no reason to withdraw casually.

Related articles:

Russians bought 2.65 million Chinese cars, with Chery accounting for 22%