Chery and Huawei’s $1.4 Billion Electric Vehicle Investment!

Today, they announced the transition to the second phase of the project with a new agreement. The two Chinese giants revealed plans to invest approximately $1.4 billion, employ an additional 5,000 people for the Luxeed brand, and establish a separate company to independently handle production, sales, and service operations from Chery, while developing and launching new models. 

In 2024, Luxeed sold 58,000 vehicles, utilizing Chery’s E0X platform to produce a fully electric sedan (S7) and an SUV (R7) with range-extender options. Despite surpassing 45,000 sales in 2025, the brand faces significant losses in fully electric vehicle sales due to competition from brands like Xiaomi and Xpeng. 

With the Luxeed 2.0 era, the company is expected to expand its model range and introduce more affordable options to the market.