COMPANY PROFILE / Solid-State Battery
Chery Automobile (Chery Automobile)
— A car manufacturer that makes batteries in-house announced the ‘Tiger S Solid Battery Module’ in October 2025.
Chery Automobile is a company that just went public on the Hong Kong Stock Exchange on September 25, 2025. ThereforeIn this field, it is rare for Chery Automobile to have plans for batteries disclosed in legal filings (annual reports, ESG reports, prospectuses).The state is. The ESG report for 2025 includes,‘in-situ polymerization solid electrolyte’, ‘cell energy density of 600Wh/kg’, and ‘plans to start vehicle trials in 2027’and is stated. This article limits the scale of the automotive industry to a minimum and,how this company makes batteries, what it aims for, and where there are uncertaintiesfocuses on.
- Quick understanding of Chery Automobile and its position with solid-state batteries
- About the logo and company name
- Where is this company in the world of solid-state batteries
- Company size (automotive industry is concise)
- Resources invested in solid-state batteries
- Previous efforts
- Future plans
- What is this company aiming for with solid-state batteries?
- Mapping of collaborations in the field of all-solid-state batteries
- Techniques and methods adopted
- Risks faced by this company
- Glossary / References / Claims and Corresponding References Table
1. Understanding Chery Automobile in 30 seconds and its position with solid-state batteries
(Battery subsidiary exists)Both in-house development and external procurement
Solid-state battery moduleAnnounced on October 18, 2025. Not a mass-produced product
Vehicle-mounted test startedBe mindful that it is not the start of mass production
Research on solid lithium-ion batteriesNoted in the prospectus. University names are not disclosed
Companies working on solid-state batteriesAutomotive manufacturers, battery manufacturers, and startupsare divided into three types. Chery Automobile is one of theseAutomotive manufacturers. fact. However, the standing position differs from both Toyota and NIO.They are involved in three different forms at the same time. The ESG report states ‘continues to deepen its own battery research and development‘ while explicitly stating that it is developing internally. However, in the same paragraph, it also states ‘it collaborates widely with major battery suppliers around the world‘ and acknowledges external procurement as well. Furthermore, the subsidiary list in the prospectus includes a battery company calledAnhui DeYi Energy Technology Co., Ltd. subsidiaryis mentioned fact. That is, Chery Automobile isneither a company that buys batteries nor a company that makes all its batteries itself, but one that has both capabilitiesRegarding solid-state batterieson the side of in-house developmentis what this article seems to depict.
Chery Automobile’s publicized Rhino S (Rhino S) is mentioned in the English version of its ESG report assolid-state battery module ‘electrolyte’ ‘in-situ polymerization solid electrolyte (in-situ polymerization solid electrolyte) is mentioned. factHoweverin-situ polymerization is a method of polymerizing monomers (monomers) in liquid form into polymers inside the cellis. This method isIt is also widely used in semi-solid (quasi-solid) batteries., The amount of residual liquid components and plasticizers that remain undried determines whether it becomes a semi-solid or a solid. Qirui Auto does not disclose the presence or absence of residual liquid components.The presence or absence of residual liquid components is not disclosed.. Therefore, this article treats the rhino S aswhether it is a fully solid (zero liquid) or semi-solid, with its status remaining undetermined Unconfirmed / Future. Furthermore600Wh/kg by 2027 is also a target value or forecast announced, not an actual achievement. 2027 year is Start of vehicle-mounted test‘… are not, and neither is the start of mass production or sales.
2. Regarding logo and company name display
Chery Automobile’s logo is theregistered trademark
Here. In this article, we will not reproduce the images generated by AI, but rather use the official site’s officially obtained logo image. img/chery_logo.png displayed as
Note on notation: The company name is in Chinese, and in English it isChery Automobile Co., Ltd.. Chery Automobile Co., Ltd. In Japanese articles, any of the following will be understood: “Chery Automobile”, “Cherry”, or “Chery”. There are two points that may cause confusion. One is that Chery Holding Group (Chery Holding Group) no longer holds any shares of the listed company as of January 20, 2025, due to a share transfer.The annual report states that “the company does not have any parent or ultimate parent companies.” Another point isChery New Energy Automobile Co., Ltd.listed company48.20% equity subsidiaryand is a separate legal entity. This will be distinguished in the text.
Hong Kong Exchange disclosure:https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203392.pdf3. Among the world of all-solid-state batteries, where is this company located?
4. Company Size (Automotive Business is Briefly Covered)
The automotive business itself is not the main topic of this article, so we will only focus on its size. fact。All amounts are in Chinese Yuan (RMB) and no exchange rate conversion is applied.
| Index (10 million yuan) | Fiscal year ending December 2024 | Fiscal Year Ending December 2025 | January to June 2026 |
|---|---|---|---|
| Total Sales Revenue | 269,897 | 300,287 | 143,280 |
| new energy vehicle (NEV) | 58,931 | 98,023 | 59,284 |
| annual profit | 14,334 | 19,507 | ― |
| Research and Development Expenses | 9,243 | 11,444 | 6,672 |
| Item | December 31, 2024 | December 31, 2025 | June 30, 2026 |
|---|---|---|---|
| number of employees (full-time) | 57,323 | 70,103 | 71,580 |
| Personnel costs (RMB hundred thousand) | 14,301 | 17,132 | 9,083 |
| listed market | Not listed on the stock exchange | Hong Kong Stock Exchange Main Board 9973 | Same as above |
The number above isfor the entire company.It does not represent the scale of business for solid-state batteries. Chery Automobile has not disclosed sales, investment amounts, or the number of dedicated personnel related to solid-state batteriesindividually. Unconfirmed / FutureAnother point that needs attention is thatthe numbers for the same company’s research and development vary depending on the document.The annual report’s ‘Research and Development Expenses (Accumulated Amount)’ for 2025 is 11.44 billion yuan, but the ESG report’s ‘Annual Research and Development Investment’ is14.7 billion and 50 million yuanIt is. The amount recorded as expenses and the investment amount (including the portion recorded as assets) are separate, so do not mix them for comparison.Do not compare them together.。
5. Resources invested in solid-state batteries
This is the most important chapter in this article. The manner in which automobile manufacturers participate in solid-state batteries can be broadly divided into three categories:(1) self-development, (2) procurement from battery manufacturers, and (3) investment in startups.Chery Automobile is doing both (1) and (2), and (3) is done through a subsidiary company.The text is AI-generated conceptual illustration.。
| participation form | In the case of Chery Automobile | support based on primary information | Classification |
|---|---|---|---|
| (1) in-house development | 「Deepen our own battery research and developmentand explicitly stated. Progress in rhombic LFP, rhombic ternary system, and large cylindrical ternary system. Expand the Rhino series under our own brand | Section on ‘Electric Vehicle Technology’ in the 2025 ESG report | fact |
| (2) Acquisition | Collaborate widely with major battery suppliers worldwideThe composition of raw materials includes ‘battery cells’ | 2025 ESG Report / Annual Report Asset and Supplier Inventory Entries | fact |
| (3) Subsidiary | Anhui DeYi Energy Technology Co., Ltd.to hold as a subsidiary connected to the parent company. There is also a similar company in Tongling. | Prospectus Appendix VI List of Subsidiaries (external shareholders’ shares 22.22% and 11.11%, Tongling is 49.02%) | fact |
| (4) University Collaboration | China’s Top Universitiesand to explore the limits and laws of energy density in solid lithium batteriesjoint research | The section of the Memorandum of Understanding ‘R&D Collaboration’.The name of the university is not disclosed. | fact |
Furthermore, in accordance with the procedure.Personnel, funds, external investment, and university collaboration.I will organize whether I was able to confirm these four points as primary information. I will also record ‘Not mentioned’ as a result.As a result.
| Resource types | Content | Classification |
|---|---|---|
| Person (company-wide) | Research and development personnel in China 20,366 people(54% of non-manufacturing sector). As of the prospectus date (March 31, 2025), there were over 14,400 people in total, with approximately 23% having a master’s degree or higher | fact |
| Person (exclusive battery personnel) | Number of exclusive personnel for batteries and all-solid-state batteries | Not disclosed |
| Money (company-wide) | Annual research and development investment 14.7 billion and 50 million yuan(in 2025). The amount included in the budget is ¥1,144,400,000 | fact |
| Gold (for batteries) | Of the proceeds from listingApproximately 10.0% = 844.1 million Hong Kong dollarsis allocated to ‘electric vehicle technology and vehicle platform’. Its purpose isthe mass production of high-performance batteries developed by the company and the research and development/commercialization of next-generation battery technologiesis stated | fact (the amount for solid-state batteries alone is not included in this figure)Not disclosed） |
| Gold (usage status) | As of December 31, 2025, the amount used within this quota is7 million Hong Kong dollarsremains. Out of the total amount of 10,128.6 million Hong Kong dollars, the used amount is 195.5 million Hong Kong dollars | fact |
| base | There are three domestic bases in China (Wuhu, Hefei, Shanghai) and five overseas bases (Germany, Spain, Brazil, Mexico, Malaysia) as of March 31, 2025 | fact |
| Research and development framework | Kaiyang Innovation Open Joint Body(framework for industry-academia collaboration)Yaoguang Laboratory(core technology platform) | fact |
| Collaboration with universities and research institutions | on October 18, 2025Kaiyo Research Laboratory Strategic Alliancewas established.It will invest over 10 billion yuan in a joint fund over the next three yearsandmore than 100 universitieswill conduct deep collaborative research with it as announced | (The allocation to solid-state batteries is factually…)Not disclosed） |
| Investment in external startups | Investment in all-solid-state battery startups | Unconfirmed |
| Patent | Patent registration in 2025 3,452 itemscumulative 23,074 items。The number of items related to all-solid-state batteries is not categorized | Actually (details areNot disclosed） |
In the list of ‘important patents’ in the prospectus, there are only two patents related to batteries fact One is that Chery Automobile itself possessesThe method for constructing a one-dimensional thermal model of battery packs(3D and 1D concurrent calibration), another one is what the battery subsidiary company hascoated modified sodium ion layered positive electrode material(registered on April 2, 2024)
materials expert’s perspective, these two combinations are the battery department of Qichai AutomobileThe placement of strengthis well represented. The one-dimensional heat model isa tool for simulating the thermal design of a packitself, not the material itselfsystem-side technologyis. On the other hand, the sodium-ion positive electrode material is,A low-cost system that does not rely on lithiumis the material technology we aim for. That is, what the company is holding onto is not ‘the latest high-energy density cells’ but rather ‘cheap to make‘ and ‘technology to safely establish as a packagecan be read as ‘} Unconfirmed / Future. The number for the rhino S, which is 600Wh/kg, is quite far from this center of gravity. This is the most important point that this article focuses on.
6. Previous Efforts
The ones where I could confirm the date with primary information onlyI will list them in order. Since the events mentioned in the news are not recorded in the company’s disclosure documents, they have not been included in this article’s timeline.
| period | incident | Meaning |
|---|---|---|
| 1997 | Chery Automobile was established as a limited liability company | By the year 2025, having been in operation for 28 years |
| March 24, 2008 | Reorganized as a Public Company | ― |
| April 22, 2010 | Established Chery New Energy Automobile Co., Ltd. (Currently holds a 48.20% stake in a subsidiary) | Divided the business entity for new energy vehicles |
| January 2024 | top of the Research and Development DepartmentMr. Xinhua Gao has been appointed as a director at Anhui DeYi Energy Technology | It is clear that the battery subsidiary is directly connected to the core technology |
| April 2, 2024 | battery subsidiary’spatent for sodium-ion layered cathode materialwas registered (CN202310326147.9) | We have evidence of holding patents for battery materials. |
| January 20, 2025 | Chery Holding Group transferred its held shares to shareholders proportionally.The parent company and ultimate parent company do not exist. | Capital restructuring before going public |
| September 17, 2025 | Prospectus was made public.Collaborating with top Chinese universities on solid-state lithium-ion batteriesand it states | Initial regulatory filing regarding all-solid-state batteries |
| September 25, 2025 | Listed on the Main Board of the Hong Kong Stock Exchange (9973). Issued 297.397 million H shares at HKD 30.75 per share | Net proceeds include additional issuance totaling HKD 10.1286 billion |
| October 18, 2025 | Announced the ‘Rhino S Solid-State Battery Module’ at the Chery Global Innovation Conference (Wuhu). SimultaneouslyKaiyo Research Laboratory Strategic Allianceto be established | the theme of this article. Howeverit is a demonstration, not mass production |
| April 2, 2026 | submit the annual report for 2025 and the ESG report. In the president’s statementsolid-state batteries to be listed as ‘the leading cutting-edge core technology’ | the company’s business strategy was formalized |
7. Future Plans
Vehicle-mounted test startedNot yet in production or on sale
More than 100 schoolsIt is not limited to solid-state batteries only
The president’s statement is a guideline for 2026, stating, “We will work on cutting-edge core technologies such as solid-state batteries, large-scale AI models, and advanced smart driving” fact. All-solid-state batteries are listed as a technical item in the president’s message.The first point mentioned isinterpreted as indicating the company’s priority.
Next, all of these are not mentioned in the annual report, ESG report, prospectus, or interim report. Unconfirmed / Future。
Rhino S Solid Batterythe start-up period for mass production／the model(s) to which it will be installed／production facilities／Production Capacity／price range／ Investment Amount for Solid-State Batteries／Number of full-time staff／The presence or absence of liquid components remaining in solid electrolytes／The name of the university involved in joint research. Additionally, there is no mention of all-solid-state batteries in the mid-term report (up to June 30, 2026)There is no reference to all-solid-state batteries. Reports such as ‘Chery will mass-produce all-solid-state batteries by the year X’ are often based on news reports, and we do not adopt them in this article
8. What does this company aim to achieve with solid-state batteries?
This part includes information that the company has not directly stated.Inferred from primary sources within the scope of what can be read.Along with the basis, I will write it down.
| What can be read | primary information | Classification |
|---|---|---|
| solid-state batteries areNot for external sale but for installation on our own vehiclesis the main purpose | What was announced is ‘module’, and the plan for 2027 is also ‘vehicle installation test’. There is no mention of external sales of batteries. | speculation |
| FirstProof of technical capabilityas strong colors were used | The venue for the presentation is an innovation conference, where it is placed alongside flying platforms and humanoid robots. There are no mentions of price or quantity. | speculation |
| The main actor in mass productionFor the time being, lithium iron phosphate-basedas is | The battery description in the ESG report focuses on prismatic LFP, prismatic ternary, and large cylindrical ternary systems, with examples of actual vehicle installations including the rhino prismatic blade battery | fact |
| Materials are also a priority for usStrategy | The battery subsidiary holds its own patent on sodium-ion positive electrode materials | speculation |
| The challenges in research arethrowing at the university | the content of the memorandum of understanding is described as ‘exploring the limits and laws of energy density’ for basic research | speculation |
| 2027 year isit’s not mass production, but a year of evaluation | the company itself refers to it as ‘initial vehicle integration testing (initial vehicle integration testing)’ | fact |
The positioning of the rhino S is decisive in readingthe allocation of proceeds at the time of listing. fact. Chery Automobile allocated HKD 10.1286 billion to seven uses, but ‘electric vehicle technology and advanced vehicle platform’ was allocated to10 billion 12.9 million Hong Kong dollars (approximately 10%)is all. And this limit ishybrid engine, hybrid transmission, electric motor, chassis technology, E/E architectureand divided among them, next-generation batteries are one of those items.
On the other handexpansion of the overseas marketis 2.57 billion Hong Kong dollars, expansion of the lineup of new energy vehiclesis also allocated 2.57 billion Hong Kong dollars. That is to say, the focus of the acquisition funds ison ‘increasing the number of cars sold’, rather than ‘changing the properties of batteries’it is natural to read this as ‘Rhino S will be treated more as a technical flag for the future rather than a production plan in the near term’ according to this article Unconfirmed / Future. By the end of 2025, only7 million Hong Kong dollars have been used from this budget.This fact also supports this interpretation.
9. Mapping of solid-state battery collaborations
10. Technology Approach Used
Chery Automobile is developing a solid-state battery technology approach.more concretely than other companies.has disclosed. However, certain critical details are being withheld. The information that has been made public and what has not is as follows.
| Item | description of primary information | Classification |
|---|---|---|
| Product Name | Tiger S Solid-State Battery Module(Rhino S solid-state battery module). Announced on October 18, 2025 | fact |
| How to make solid electrolytes | In-situ polymerizationof solid electrolytes | fact |
| System of solid electrolytes | Difference between sulfide system, oxide system, and polymer system — Explicitation not given(It can be inferred that it includes macromolecular substances due to the fact that it is in its original position, but it cannot be definitively stated.) | it remains uncertain |
| Residual liquid components | Does the liquid completely disappear or do plasticizers and other residues remain? — Not specified | it remains uncertain |
| Cell Energy Density | 600Wh/kg. It is explained to be more than three times as large as the mainstream lithium iron phosphate battery. | Fact (company’s announced value. Third-party verification isUnconfirmed） |
| Range when installed | 1,200〜1,300kmis expected to reach | Unconfirmed / Future |
| period | plans to start initial vehicle integration tests in 2027 | Unconfirmed / Future |
| Production batteries (separate item) | Cuboid LFP, cuboid ternary, large cylindrical ternary. Real-world examples areRhino cube-shaped blade battery(Windstorm A9L, pure electric range 260km, total range over 2,000km, about 14.5 minutes for charging from 30→80%) | fact |
In-situ polymerization (in-situ polymerization)Dissolve monomers in liquids into the gaps of electrodes and then solidify them with heat or light to form polymers.This is a method. fact. The biggest challenge for all-solid-state batteries is ‘to tightly adhere solid powder and solid electrolyte on the surface’, but, in situ polymerizationcircumvents this difficulty by flowing it as a liquid once.. Therefore, from an engineering perspective, it is close to existing lithium-ion battery equipment,and easy to bring into mass productionwith significant advantages.
but for the same reasonis also the most commonly used method in semi-solid and quasi-solid batteriesif there are plasticizers or liquid components intentionally left over that did not polymerize completely or to increase ionic conductivityit is not a fully solid. Chery Automobile has not disclosed this point, therefore, this article does notdetermine whether the Rhino S is fully solid or semi-solid. Unconfirmed / Future. Additionally, a cell density of 600Wh/kg is approximately twice that of current high-energy-density cells (300-360Wh/kg level). Without using lithium metal anode, it is difficult to reach the levelThe company has not mentioned anything about the anode material, and this is also uncertain.
11. The risks this company faces
| Risks | Content | Classification |
|---|---|---|
| Distance between announcement and mass production | What is announced are only ‘module announcement’ and ‘vehicle installation test in 2027’. Mass production timing, installed vehicle type, and production capacity are all undisclosed | Unconfirmed / Future |
| The solid state is unknown | It is only written as a solid electrolyte in situ, and the presence or absence of liquid components cannot be confirmed. It is impossible to evaluate the technological level from the outside. | Unconfirmed / Future |
| Verification is not possible for 600Wh/kg | The values announced by the company are those announced by the company, and the results of third-party verification have not been disclosed. There is also no data on cycle life, safety, or cost. | Unconfirmed / Future |
| Just listed | Listed on September 25, 2025, with only one annual report worth of accumulated regulatory disclosures. There is a lack of materials progress tracking over time. | fact |
| Lack of funding allocation | Of the proceeds from the listing, approximately 10% was allocated to electrification technology and vehicle platforms. This amount is shared with other technologies and the usage limit by the end of 2025 is HKD 7 million. | fact |
| The mainstay of sales is internal combustion locomotives | Of the 272.35 billion yuan in passenger car sales in 2025, internal combustion locomotives accounted for 174.329 billion yuan. The priority given to solid-state batteries could influence the progress of the internal combustion engine business. | speculation |
| The parent company does not exist | As of January 2025, the proportionate interest transfer will result in neither a parent company nor a final parent company. There is no single backer to support large investments | speculation |
| Cell’s external dependency | The production cells for mass-produced vehicles are obtained from major battery suppliers, and this pattern may also apply to all-solid-state batteries | speculation |
12. Glossary
- All-solid-state battery
- A battery that uses a solid electrolyte instead of a liquid. It does not use any electrolyte solution.
- Pseudosolid battery
- A battery where part of the electrolyte is replaced by a gel-like or pseudo-solid layer. Since there is still a liquid, it is different from a fully solid battery.
- In-situ polymerization
- A method of polymerizing monomers into polymers within a cell after injecting them as a liquid. in-situ polymerization.
- Monomer
- Small molecules that become resin when linked together and are used to make polymers.
- Plasticizer
- A component added to make the resin soft. It is often a liquid.
- LFP
- Lithium iron phosphate. An inexpensive cathode material that does not use nickel or cobalt.
- Ternary system
- A cathode material that uses three types of metals: nickel, cobalt, and manganese. It has a high energy density.
- Prospectus
- A document required by law to be distributed to investors at the time of listing. It is audited and comes with legal responsibility.
AI-generated conceptual diagram13. Source
- Chery Automobile 2025 Annual Report (submitted to the Hong Kong Stock Exchange, April 2, 2026). Sales revenue, annual profit, research and development expenses, number of employees, labor costs, headquarters location, listing history and proceeds, use of proceeds and usage status, lack of parent company, list of subsidiaries, chairman’s statement (mentioning the advancement of solid-state batteries as a core technology). https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203392.pdf
- Chery Automobile 2025 Environmental, Social, and Governance (ESG) Report (submitted to the Hong Kong Stock Exchange, April 2, 2026). Release date of the rhino S solid-state battery module, in-situ polymerized solid electrolyte, 600Wh/kg, vehicle trials scheduled for 2027, forecasted range of 1,200 to 1,300km, description of internal battery research and development, collaboration with external battery suppliers, annual research and development investment of 1.47 billion yuan, number of research and development personnel 20,366, patent count, strategic alliance with Kaiyang Laboratory exceeding 100 billion yuan/100 schools, specifications of rhino rectangular blade battery. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf
- Chery Automobile Business Plan (Hong Kong Stock Exchange, dated September 17, 2025). Joint research and development with top universities in China for solid lithium batteries, progress of personnel and research and development expenditures, Kuiyang Innovation Open Joint Body and Yao Guang Laboratory, breakdown of the use of Handaikin, list of subsidiaries including Edeyi Energy Technology in Anhui, patents on sodium-ion cathode materials, production facilities. https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0917/2025091700013.pdf
- Chery Automobile Mid-Year Report (submitted to Hong Kong Stock Exchange, September 7, 2026). Sales revenue and profits for the first half of 2026, research and development expenses, number of employees. Used to confirm that there is no mention of all-solid-state batteries. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0907/2026090701305.pdf
14. Table of Correspondence between Claims and Sources
| Main Argument in the Body | Classification | Sources |
|---|---|---|
| Official name, headquarters location, founding year, date of conversion to a public company, listing market, and listing date | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203392.pdf |
| Sales revenue, annual profit, research and development expenses (2024 fiscal year, 2025 fiscal year ending December), number of employees, labor costs | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203392.pdf |
| Conditions for the issuance of H shares at the time of listing and proceeds of HKD 10,128.6 million, allocation by purpose and usage status as of the end of 2025 | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203392.pdf |
| The partial transfer on January 20, 2025, led to the parent company and ultimate parent company no longer existing | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203392.pdf |
| Chery New Energy Automobile holds a 48.20% stake in its subsidiary | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203392.pdf |
| The chairman’s statement lists solid-state batteries as ‘core advanced technologies’ that the company focuses on | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203392.pdf |
| Announced the rhino S solid-state battery module on October 18, 2025 | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf |
| Solid electrolyte with in-situ polymerization, cell energy density of 600 Wh/kg | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf |
| Plans to start initial vehicle integration tests in 2027, with a range of 1,200 to 1,300 km expected at the time of installation | Unconfirmed / Future | It is recorded in reference 2 as ‘planned’ and ‘forecast’. It is not a record of achievements. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf |
| Deepening of our company’s battery research and development, and progress in prismatic LFP, prismatic ternary, and large cylindrical ternary systems | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf |
| We are collaborating widely with major global battery suppliers | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf |
| Annual research and development investment of ¥14,715 million, research and development personnel 20,366 people, patents 3,452 pieces cumulatively 23,074 pieces | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf |
| Establishment of Kaiyo Research Laboratory Strategic Alliance and a scale exceeding 10 billion yuan and over 100 schools in three years | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf |
| Specifications of the rhinoceros square-shaped blade battery (pure electric 260 km, total over 2,000 km, 30→80% in about 14.5 minutes) | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf |
| China’s top universities and a joint research on the energy density limits of solid lithium-ion batteries | fact | Source 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0917/2025091700013.pdf |
| Research and development bases (domestic 3, overseas 5), more than 14,400 researchers and developers, with over 23% having master’s degrees or above, and more than 13,900 patents | fact | Source 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0917/2025091700013.pdf |
| Anhui DeYi Energy Technology is a consolidated subsidiary, external shareholder holding ratio | fact | Source 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0917/2025091700013.pdf |
| Patent for Sodium-Ion Layered Positive Electrode Material (CN202310326147.9, Registered on April 2, 2024) and Patent for Battery Pack Thermal Model | fact | Source 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0917/2025091700013.pdf |
| Xinwen Hua served as a director of Anhui DeYi Energy Technology from January 2024 | fact | Source 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0917/2025091700013.pdf |
| Approximately 10.0% (844.1 million Hong Kong dollars) of the Handa Gold revenue is allocated for the mass production of our own-developed batteries and next-generation battery technology | fact | Source 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0917/2025091700013.pdf |
| The sales revenue, research and development expenses, and number of employees in the first half of 2026, as well as the report for that period, do not mention solid-state batteries | fact | Source 4 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0907/2026090701305.pdf |
| Classification of three types of all-solid-state batteries (Automotive / Battery / Startup) | Calculations in this article | Arrangement by this article. Company names are exemplified from the 23 companies in this series |
| The rhino S is either a fully solid (liquid zero) or a semi-solid system, belonging to the solid electrolyte family, with materials for the negative electrode | Unconfirmed / Future | Not mentioned in reference 2. This article does not make any assertions https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf |
| The mass production period of rhino S, the vehicle models equipped with it, the production sites, production capacity, price range, dedicated personnel, and investment amount for solid-state batteries | Unconfirmed / Future | Not mentioned in reference 1 to 4 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203392.pdf |
| Third-party verification of 600Wh/kg, data on cycle life, safety, and cost | Unconfirmed / Future | It is only recorded as the company’s announced value in reference 2. The verification results cannot be confirmed. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf |
| Names of universities involved in joint research, and investments in solid-state battery startups | Unconfirmed / Future | The university name is not recorded in reference 3. The investment cannot be confirmed. It is also not concluded that it does not exist. https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0917/2025091700013.pdf |
| Specific supplier (battery manufacturer name) for mass-produced cells | Unconfirmed / Future | Company names are not recorded in references 1-3. This article does not estimate them. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0402/2026040203570.pdf |
| All-solid-state batteries are primarily intended for use in the company’s own vehicles, not for external sales. | speculation | The interpretation of this article is based on the fact that the modules were presented and there was no mention of external sales. |
| The strong emphasis on the color scheme of the material is interpreted as a demonstration of the company’s technological prowess. | speculation | The interpretation of this article is based on the lack of information about the price and quantity of the presented technologies. |
| The interpretation is that the company intends to secure materials for its own use rather than selling them externally. | speculation | The interpretation of this article based on the fact that the battery subsidiary holds a patent for the cathode material |
| The reading that the university is being asked to share the difficult points of research | speculation | The interpretation of this article based on the fact that the content of joint research is phrased as basic research |
| The reading that the focus of funding allocation is not on batteries but on expanding sales | speculation | The interpretation of this article based on the distribution and usage status of funds according to their purpose |
| An explanation that in-situ polymerization can be applied to both all-solid-state and semi-solid-state | speculation | Explanation of this paper on the properties related to engineering. It is not a company explanation. |
| It is explained that reaching this level of 600Wh/kg without a lithium metal anode is difficult. | speculation | Explanation of this paper based on a comparison with the density level of existing cells. |
| The risk that the weight ratio of internal combustion locomotives and the absence of the parent company could affect the priority of solid-state batteries. | speculation | Explanation of this paper from the perspective of sales structure and capital structure. |
Last Updated: September 23, 2026 / Troy Technical
The numbers in this article are all based on the legal disclosure documents submitted by Chery Automobile to the Hong Kong Stock Exchange. The amounts are recorded as RMB and HK$ without any currency conversion. We have not used the estimates or reported values from research companies. The ‘estimated’ sections are interpretations derived from primary information within the article, not the company’s official disclosures.The solid-state battery module of the Rhinoceros S cannot be determined as either fully solid or semi-solid based on the company’s disclosure.