Auto expert assessed the chances of Chery leaving Russia
Chery's long-standing attempts to gain a foothold in Russia with production, which resulted in the emergence of the Tenet brand, made it clear that the Chinese company wanted to minimize its direct presence in Russia. Maxim Kadakov, the editor-in-chief of Za Rulem magazine, announced this in his Telegram channel on September 17.
"We are big, but we are not the only ones. Therefore, our partners choose the path that they consider the most correct for themselves at the moment, which is quite logical. We will have Tenet in different versions — in fact, the same Chery. So, it's not fatal," Kadakov wrote.
Media reports about Chery's plans to leave Russia also indicate that so far no major Chinese automaker (with the exception of Great Wall Motor, which manufactures cars in the Tula region) is ready to conduct direct and open technological cooperation with the Russian Federation.
Earlier in the day, the Nikkei newspaper reported that Chery Automobile had announced its withdrawal from the Russian market by 2027 in documents for the Hong Kong Stock Exchange. The decision is related to the concern's desire to list on the Hong Kong Stock Exchange in order to attract up to 9.1 billion Hong Kong dollars ($1.2 billion) and protect itself from possible sanctions when doing business in other markets.
The Russian office of Chery told Izvestia that the brand is not leaving the Russian market, and there are no such plans.
Tenet brand models, which were created specifically for the Russian market, were put on the assembly line at the AGR Holding plant (formerly Volkswagen) in the Kaluga Region in August this year.
Prior to this, the Chinese portal Autohome had already reported that by the end of 2024, the Chery Automobile concern had already ceased operations in the Cuban and Iranian markets in order to reduce the risk of sanctions.
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