Chinese car manufacturer Chery Auto will launch a new electric vehicle brand in the third quarter of 2024 in a bid to achieve above-average growth amid intensified competition and slowing demand in the world’s largest auto market, sources told 36Kr on Tuesday. The first model under the new brand (called Yueji) will be a plug-in hybrid sport utility vehicle featuring generative AI powered by domestic AI firm iFlyTek. It is scheduled for launch by the end of this year, the report said. A partner of Jaguar Land Rover in China, state-owned automaker Chery in February launched the iCar 03 crossover, its first iCar model, with a driving range of 401 kilometers (249 miles) and a starting price of RMB 109,800 ($15,177). Chery reported sales of nearly 1.9 million vehicles in 2023, a 52% increase on the previous year, more than 70% of which were fossil-fueled. The company says it expects its annual growth rate to be 10%-20% higher than the industry average this year. [36Kr, in Chinese]