Revenue of the distributor of cars of the Chinese brand Chery (JSC “Chery Automobiles Rus”) according to RAS for 2021 soared four times – up to 62.2 billion rubles against 15.6 billion rubles in 2020, follows from the companies’ statements.

The company’s net profit amounted to 1.9 billion rubles against a loss of 826 million rubles the year before last.

The cost of sales jumped 3.7 times to 53.6 billion rubles. Gross profit increased 7.2 times to 8.6 bln rubles. Commercial expenses amounted to 6.2 bln rubles against 1.9 bln rubles a year earlier.

Other income grew by 61% to RUB 1.1 bln. Other expenses grew by 12% to 1.2 bln rubles.

The company’s long-term liabilities increased from RUB 302 mln to RUB 760 mln. Short-term liabilities decreased from RUB 5 bln to RUB 4 bln.

Chery is the leader of the Russian car market among Chinese brands with dynamically growing sales. Last year the company surpassed its competitors Haval with local production in Russia and Geely brand in terms of sales volumes.

According to the Association of European Businesses (AEB), Chery sold 40.874 thousand cars in Russia in 2021, which is 3.5 times higher than in 2020. The brand share grew by 1.8 p.p., to 2.2%. Chery representative office in Russia sells crossover models Tiggo 4, Tiggo 7 Pro, Tiggo 8, Tiggo 8 Pro and premium SUV models Exeed TXL and Exeed VX.