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. 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.