BUSINESS

Chery Targets Japan’s EV Market Through Singapore-Based Venture

Published: May. 12, 2026 1:41 p.m. GMT+8

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Chery vehicles are on display at the 2026 Beijing International Automotive Exhibition on April 28. Photo: VCG

Hong Kong-listed Chery Automobile Co. Ltd. has joined forces with Japanese automotive retailer Autobacs Seven Co. Ltd. and several other firms to form a joint venture aimed at launching a new electric vehicle (EV) brand targeting the Japanese market, according to a report by Nikkei on Monday.

The joint venture, named Electric Mobility Technology (EMT), will leverage Chery’s technology, produce vehicles in China, and sell them in Japan, the report said. Chery told Caixin that it is an investor in EMT but does not participate in its management. The company has not disclosed future plans for the venture.

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Chery Automobile and Autobacs Seven formed EMT JV with others for new EV brand targeting Japan, producing in China using Chery's tech.
Planned stakes: Chery/Jiangsu Yueda 26.9% each, Autobacs 17.9%; Chery invests but not manages.
Chinese EVs expand in Japan (BYD sold 4,536 NEVs in 2025); low adoption (1.6% sales 2025) and subsidy hurdles persist.

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Who’s Who

Chery Automobile Co. Ltd.: Chery Automobile Co. Ltd. formed joint venture Electric Mobility Technology (EMT) with Autobacs Seven, Jiangsu Yueda, Gotion High-tech, and others to launch an EV brand for Japan. It leverages Chery's tech, produces in China, and sells in Japan. Chery holds ~27% stake as investor, not manager. Project dates to late 2024, headquartered in Singapore. (62 words)

Autobacs Seven Co. Ltd.: Autobacs Seven Co. Ltd., a Japanese automotive retailer, has joined Chery Automobile and others to form Electric Mobility Technology (EMT), a Singapore-headquartered JV for EVs produced in China and sold in Japan. It plans a 17.9% stake and has invested but not finalized sales plans.

Jiangsu Yueda Automobile Group Co. Ltd.: Jiangsu Yueda Automobile Group Co. Ltd. is a planned 26.9% stakeholder (alongside Chery) in the Singapore-headquartered joint venture Electric Mobility Technology (EMT), formed with Autobacs Seven, Gotion High-tech, and Anest Iwata. The venture focuses on producing EVs in China for overseas sales, including Japan, per late-2024 filings.

Gotion High-tech Co. Ltd.: **Gotion High-tech Co. Ltd.** (002074.SZ), a battery-maker, is an investor in the Singapore-headquartered joint venture Electric Mobility Technology (EMT). Formed with Chery, Jiangsu Yueda Automobile Group, Autobacs Seven, and Anest Iwata since late 2024, it focuses on producing EVs in China for sale in Japan. Ownership stakes for Gotion undisclosed. (58 words)

Anest Iwata Corp.: Anest Iwata Corp., a Japanese firm, is an investor in the Singapore-headquartered joint venture Electric Mobility Technology (EMT), formed with Chery, Jiangsu Yueda, Autobacs Seven, and Gotion High-tech. The venture, planned since late 2024, focuses on producing and selling pure EVs overseas. Its stake was not disclosed.

BYD Co. Ltd.: BYD Co. Ltd. (002594.SZ) sold 4,536 new-energy passenger vehicles in Japan in 2025 and plans to launch a micro EV tailored for the market in summer 2026. A BYD model qualifies for only 350,000 yen ($2,221) in subsidies, far below Toyota's maximum of 1.3 million yen.

Geely Automobile Holdings Ltd.: Hong Kong-listed Geely Automobile Holdings Ltd. began taking Japanese pre-orders for its premium Zeekr 009 model in October 2025, with deliveries expected in the summer of 2026.

Guangzhou Automobile Group Co. Ltd.: Guangzhou Automobile Group Co. Ltd. (601238.SH) plans to introduce its Aion brand to Japan in summer 2026, amid Chinese EV makers' push into the market.

Honda Motor Co. Ltd.: Honda Motor Co. Ltd. announced limited sales of 3,000 EVs made by a Chinese joint venture in April.

Toyota Motor Corp.: Certain Toyota Motor Corp. vehicles qualify for Japan's maximum EV subsidy of 1.3 million yen, far exceeding the 350,000 yen for a BYD model, amid subsidy conditions disadvantaging Chinese brands.

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