Published on April 19th, 2023 | by Subhash Nair0
US$55M Chery Green Public Welfare Fund Has Been Setup For Chery’s ESG Goals
Chinese car company Chery moves into a new phase of CSR with their 8023 Strategy.
Chery is China’s largest auto exporter with over 11.2 million global users and that number is growing rapidly. While they may not be the largest domestic carmaker, they have held the title of largest auto exporter for 2 decades now, which is very impressive considering they started exporting vehicles almost as soon as they started making them.
Some Malaysians are in fact quite familiar with Chery, as the company has sold vehicles in our country before such as the QQ, Eastar and Maxime. While those were econoboxes, the new Chery products are much more high tech and desirable. They’ve opened up new frontiers in the export scene and are still the largest exporter in China despite increased competition in that space.
Now the company is planning a ‘New Journey’ with their customers – one that entails more than just selling vehicles. They’ve already been shouldering corporate social responsibilities in the markets where they operate by donating to humanitarian causes. For 2023 onwards, they’re stepping things up a notch with a new Chery Green Public Welfare Fund.
This US$55 million annual fund will be implemented around a slightly contrived ‘8023’ strategy, but here are key points to that strategy.
- Chery will work with 80 global NGOs and official organisations that are committed to environmental improvement and humanitarian care
- Chery will implement ESG goals and reduce carbon footprint for the whole value chain
- To raise these funds 2 parties will be contributing – Chery and their customers. For every car sold, Chery will contribute US$10 and customers will contribute US$1 to the fund
- Trilateral cooperation among corporations, users and public welfare organisations will ensure the fund will be used properly
This is a pretty interesting development for Chery as the company is aware that it must do more than just electrify its vehicles. By creating a separate fund for ESG goals, Chery can start brand building further and giving back to the global communities that have trusted their products for over 20 years.