Together with Omoda, which has previously already been spun off as a sub-brand for sale in certain countries, the two new brands – called “O&J brands” collectively – will be targetting the “Fashion Elite” and “Lifestyle of Health and Sustainability (LOHAS)” market segments, which the company expects to grow to 21% of the global total industry volume by 2030.
With an estimated 66 million new cars sold globally (excluding China) in 2030, Chery’s 10% market share projection would mean that the O&J brands alone could sell over 1.4 million units per year.
A key point in the company’s plans to achieve that figure lies within the two brands’ distinct brand story and design languages. Omoda will feature a sleeker, more futuristic styling, while Jaecoo will be built around a more rugged and slightly Range-Rover-esque design ethos.
The Jaecoo 7 in particular, which was on display at the brand launch, was said to be inspired by rocks that have been smoothened and sculpted by flowing water in rivers.
And just in case you were wondering, the name Jaecoo is a portmanteau between the German word for hunter (Jaeger), and ‘cool’. According to Jaecoo Europe Head of Design, Chris Rhoades, it’s representative of its target customer base, consisting of the higher income individuals who will “stop at nothing” – like hunters – to chase after the latest fashion trends.
The two new sub-brands will also feature several new energy products, including hybrid (HEV), plug-in hybrid (PHEV), battery electric vehicle (BEV), and range extender electric vehicles (REEV). Emphasising on that point, the company took the opportunity at the event to also show off the Omoda 5 EV, its first fully-electric model.
The two brands will be sharing their ICE, electrified, and dedicated BEV platforms, including the one found in the Omoda 5 EV. More details on that can be found in a separate post here.
The only question now is how confident Chery is at achieving that aforementioned 1.4 million figure. In just its first year in the market, and currently only in left-hand drive countries, the Omoda 5 has already sold over 150,000 units globally. With the impending market launch of the Omoda 5 EV, plus the introduction of the brand into right-hand drive markets, the figure is expected to go up to 300,000 units this year.
Together with Jaecoo, the Chinese carmaker is targetting to sell over 400,000 units of the O&J vehicles per year, globally, by 2024. And with at least seven models planned over the next three years, it seems Chery is charging ahead full steam in achieving its lofty goals.