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 Series Archivesslowing 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]