PGP Glass, which is fully owned by Blackstone, is expected to raise about $400 million to $500 million through the public listing, the sources said. Bloomberg reported last month that Blackstone was considering an IPO at a valuation of around $4 billion.

Blackstone spokesperson declined to comment.

Blackstone acquired Piramal Glass from the Ajay Piramal family in 2020 at a valuation of about $800 million. The transaction was advised by Axis Capital and Bank of America.

PGP Glass Private Limited is a global specialist in design, production, and decoration of glass packaging, providing glass packaging solutions for customers in the Cosmetics & Perfumery, Food & Specialty Spirits, and Pharmaceuticals industries.

Live Events

It has presence in India and Sri Lanka with an overall capacity of 1,720 tonnes per day, with 12 furnaces and 70 production lines. It has offices and warehousing facilities in France, Germany, Turkey, Spain, Brazil, India, the UAE, UK, and Sri Lanka. PGP Glass serves customers in over 50 countries around the world, according to the company website. About 77% of its sales come from high end cosmetics and specialty spirits.
Incorporated in 1974, Piramal Glass (formerly Gujarat Glass) was acquired by the Piramal Group in 1984. In 1990, it was merged with Piramal Healthcare Limited (PHL, erstwhile Nicholas Piramal India Limited), and in 1998, the glass division was spun off to a subsidiary. Subsequently, private equity (PE) investors picked up 46% stake in this subsidiary. After restructuring operations, in July 2003, PHL divested its 54% holding in Gujarat Glass to a new subsidiary, Kojam Fininvest, which was subsequently listed. This was followed by the merger of Kojam Fininvest into Gujarat Glass and the merged entity was later relisted as Piramal Glass Limited. It was delisted from both stock exchanges effective from July 2014.

ASEAN currencies demonstrate resilience through economic fundamentals and integration efforts. Initiatives like local currency frameworks and fintech development reduce reliance on the US dollar, enhancing regional stability and investment opportunities.

ASEAN currencies have shown significant resilience to global economic shocks driven by robust domestic economic fundamentals, effective policy buffers, growth in FDI and investments and global developments, such as geopolitical uncertainties, trade tensions and financial crises.

Key Points

• Resilience of ASEAN currencies
  • Strong domestic fundamentals, prudent monetary policies, and large foreign reserves have helped withstand global shocks.
  • Growth in exports (US$1.9 trillion in 2024) and FDI (US$234 billion in 2023) supports stability.
• Geopolitical pressures and USD reliance
  • Sanctions on Russia and global trade tensions highlight vulnerabilities of USD dependence.
  • ASEAN nations are diversifying reserves and promoting intra-regional trade to reduce reliance on the dollar.

Mounting geopolitical uncertainties and trade tensions, exacerbated by sanctions against Russia, have challenged the US dollar’s dominance driving a need for ASEAN countries to deepen integration, diversify currency reserves, and promote intra-regional trade to build resilience against future crises and reduce reliance on external currencies, the US dollar in particular.

At present, the ASEAN nations are developing an independent and more resilient regional financial system through integration and cooperation initiatives such as Regional Payment Connectivity, integrated QR payments, financial safety nets, Digital Economy Framework and Central Bank Digital currencies that aim to strengthen the payment connectivity among these nations while withstanding external shocks and future crises.

The development of fintech and digital banking in ASEAN has brought in stability to the banking system in the region offering broader currency and economic stability. The evolving fintech and digital banking landscape in the region is offering significant investment opportunities for investors in digital payments and lending, neobanking, embedded finance, investment technology and infrastructure.

ASEAN’s Emergence as a Global Powerhouse Supports Financial Resilience

The ASEAN region, with a total population of 682.7 million and a combined GDP of US$3.8 trillion ranks as the fifth-largest economy in the world. The region has evolved into a rapidly growing hub maintaining strong economic resilience driven by robust household consumption, steady increase in foreign direct investment (FDI), economic diversification and access to developed export markets.

Regional integration initiatives

• Local Currency Settlement frameworks (Indonesia, Malaysia, Thailand) encourage trade in local currencies.
• Regional Payment Connectivity (RPC) and interoperable QR payments lower transaction costs and improve cross-border efficiency.
• Chiang Mai Initiative (US$240 billion swap arrangement) provides financial safety nets.

The manufacturing sector continues to play a crucial role as the key driver of economic growth in the region. Manufactured goods such as electronics, automobiles and parts, textile & garments and agricultural products (such as palm oil, rice and rubber) dominate the exports in the ASEAN region.

In 2024, region’s exports reached US$1.9 trillion (7.7% of global exports) growing from US$1.1 trillion in 2016. Over the past decade, ASEAN’s exports to the US alone have increased roughly from 10% to 17%, highlighting the increased role of ASEAN in international trade.

During the last decade, ASEAN also has demonstrated strong performance in services trade, whereas service exports expanded by 8.0% in 2023 to US$554.2 billion.

During this period, intra-ASEAN trade also experienced significant growth with the removal of tariff on most products across the region (through ATIGA) which has helped build an integrated and stable regional market. In 2023, intra-ASEAN trade exports contributed to 22.1% of total ASEAN exports, growing at an average annual growth rate of 7.3% between 2003-2023.

Intra-ASEAN services trade also has experienced sustained growth over the years accounting for 14% of ASEAN’s total trade in services in 2023 (vs 12.6% in 2022). This strong growth in intra-ASEAN services trade further emphasizes the interdependence among ASEAN nations and strong regional integration.

Having a strong export sector and deep intra-regional integration have helped these nations generate significant foreign exchange earnings that have helped currency resilience through building large foreign exchange reserves.

Exports and foreign investments have been key drivers of economic growth in the region and have helped reduce the need for external borrowings in foreign currency. This has paved the way for the development of strong local currency bond markets which has helped build further resilience by reducing dependence on foreign funding.

Prudent monetary policies (such as interest rate and foreign reserve management) aimed at inflation targeting also has offered currency stability in the region. The inflation across most countries in the region has moderated and remains largely within the target.

Source: Source: Board of Governors of the Federal Reserve System (US)

Central banks in countries such as Indonesia and Vietnam have set higher local interest rates which has helped attract foreign investments due to higher yields, driving local currency appreciation.

The inward foreign direct investment flows into ASEAN have shown steady growth over the years (from US$119 billion in 2015 to US$234 billion in 2023) despite seeing a temporary decline in 2020 due to the COVID-19 outbreak. This growth has been driven by a large consumer market, strong economic fundamentals, diversification of supply chains and favorable government policies.

Geopolitical Uncertainties Create a Need for Building Resilience

The US Dollar has been dominating the global trade for decades, and ASEAN has been no exception. The ASEAN nations rely heavily on the US dollar (USD) as the primary currency for trade with the US and other nations including for intra-regional transactions. However, mounting geopolitical uncertainties and trade tension have challenged the USD’s dominance during the past few years, and the economic sanctions levied against Russia in response to its invasion of Ukraine further exacerbated this situation.

This resulted in a need for the countries in ASEAN to further deepen their integration and cooperation to diversify reserves and promote intra-regional trade. Moreover, this created a desire for ASEAN nations to bolster their resilience to weather future crises by reducing their dependence on external currencies.

ASEAN currencies are now less tied to the USD than before, and during the past decade, the exchange rate/USD (weighted average currency index) has shown less volatility compared to other emerging economies.

De-Dollarization in ASEAN: A Collective Effort 

Local Currency Settlement Frameworks (LCS): The member states in ASEAN are implementing bilateral and multilateral LCS frameworks to promote the use of local currencies for intra-regional trade and investment. The goal is to reduce exposure to external currency volatility while enhancing efficiency for businesses in the region. At present, operational frameworks exist between Indonesia, Malaysia and Thailand, and as a result, transactions in local currencies within ASEAN have seen tremendous growth during the past five years.

Regional Payment Connectivity (RPC): In November 2022, five ASEAN member states (namely Indonesia, Malaysia, The Philippines, Singapore and Thailand) signed a MoU on cooperation on RPC which aims to strengthen bilateral and multilateral payment connectivity among the nations. This has supported faster, cheaper, transparent and more inclusive cross-border payments in the region. The initiative has now been extended to other member states including Vietnam (2023), Brunei (2024), Lao PDR (2024) and Cambodia (2025). The development of the RPC has also attracted countries outside the ASEAN.

Investment opportunities

• Rising demand for fintech, neobanks, embedded finance, and digital infrastructure.
• Strong manufacturing and services sectors continue to attract investors.

Integration of QR Payments: Having an ASEAN interoperable Quick Response (QR) payment is a key focus area of RPC that aims to encourage integration across participating central banks to standardize national payment systems through a common QR code format, ensuring seamless cross-border transactions. QR code systems of several member states including Cambodia (KHQR), Indonesia (QRIS), Lao PDR (Lao QR), Malaysia (DuitNow), The Philippines (QR Ph), Singapore (PayNow), Thailand (PromptPay), and Vietnam (VietQR) have already been connected. These initiatives are expected to lower transaction costs while mitigating foreign exchange risk. In the meantime, Japan is also reportedly exploring the integration of its QR payment system into RPC, with full implementation expected by end-2025.

Regional Financial Safety Nets: A multilateral currency swap arrangement (The Chiang Mai Initiative Multilateralisation (CMIM)) with a funding size of US$240 billion has been in place among the ASEAN+3 member countries (ASEAN, China, Japan, and South Korea) to address balance of payment and short-term liquidity crises (by enabling rapid financing facilities) in the region.

The regulators and central banks in the region have launched several policy frameworks to facilitate seamless transaction in the region.

The ASEAN Policy Framework is a regional initiative that provides the guiding principles for the implementation of interoperable, real-time payment systems across the region. These include common standards, data security (ISO:20022) and linkages between national QR systems.

The Local Currency Transaction Framework is an initiative by the central banks of Indonesia, Malaysia and Thailand to promote the use of local currencies for trade and investment thereby reducing reliance on USD. This framework was extended in 2025 to include portfolio investments to further strengthen financial cooperation in the region.

The ASEAN Digital Economy Framework Agreement (DEFA) is a comprehensive roadmap negotiated by the countries to create the world’s first comprehensive digital trade rules through harmonizing standards, digital trade, cybersecurity and digital payments. Negotiations are expected to conclude, with the agreement signed by 2026.

In addition to the above, the countries in the region are in the process of adopting international standards such as ISO:20022 messaging standard to facilitate data exchange for regulatory compliance and greater transparency.

Central Bank Digital Currencies (CBDCs) to Further Strengthen Regional Integration

ASEAN Countries are actively exploring CBDCs to further enhance financial inclusion and cross-border payments while further strengthening regional efforts to reduce US dollar reliance. While Singapore (a trial is expected in 2026) is at the forefront, Thailand, Indonesia and Malaysia have already launched pilot projects exploring both wholesale and retail applications as a means of modernizing cross-border payments. The other countries in the region including The Philippines, Cambodia and Vietnam have already initiated several measures (such as receiving training, ongoing research, etc.) related to CBDCs to enhance cross-border interoperability.

CBDCs, if made interoperable with systems of other countries, have the potential to reduce transaction costs by cutting down transaction times and facilitating deeper economic ties with other economies in the region. This offers unique advantages to countries in ASEAN by enabling direct settlement in local currencies thereby reducing US dollar dependency and stability against currency volatility.

Fintech and Digital Banking Further Boost Currency Resilience

The development of fintech and digital banking in ASEAN has further enhanced currency resilience by complementing the regional cooperation initiatives. As countries in the region attempts to interlink economies and financial systems, fintech has offered various measures to achieve the above through streamlining cross-border payments.

Digital transformation

• Fintech and digital banking enhance financial inclusion and stability.
• Central Bank Digital Currencies (CBDCs) are being piloted to strengthen cross-border payments and reduce USD dependency.

Digital banks and fintechs in the region offer services such as mobile money, digital wallets and micro-credit to population which were previously unbanked as well as to SMEs in the region promoting financial inclusion. Strong and inclusive economies are inherently more resilient to external pressures which in turn supports currency strength.

In general, fintech applications leverage big data, AI and blockchain that enable financial institutions to accurately assess risk and manage liquidity in real-time. This offers stability to the banking system and resilience to external shocks which in turn provides the foundation for broader currency and economic stability.

Investment Implications for ASEAN

As fintech firms in the region play a crucial role in developing a robust ecosystem for local currency transactions in the region, there has been strong demand for fintech, digital banks and RegTech (regulatory technology) offerings. The acceleration of digital payment platforms and cross-border payment systems such as the RPC initiative have created a fertile ground for fintech investment in ASEAN. Neobanks are rapidly growing in the region targeting its large underbanked population presenting significant opportunities for innovation and growth. At the same time, embedded finance is also transforming ASEAN’s fintech landscape offering significant opportunities in areas including payments, lending, wealth management and insurance infrastructure. In addition to diversified manufacturing and service hubs in ASEAN offering attractive investment opportunities, investors should also look at companies that stand to benefit from this evolving fintech transition (such as infrastructure and technology providers).

Conclusion

The use of local currencies in cross-border transactions in ASEAN is increasing driven by geopolitical uncertainties and trade tensions. Strengthening macroeconomic fundamentals and deepening regional financial integration and payment connectivity have promoted cross-border settlements in ASEAN, accelerating the move away from the USD. The policy makers and central banks in the region have introduced several policy frameworks to develop an independent financial system thus bringing in further resilience to ASEAN currencies.

An evolving fintech and digital banking landscape in the region have further supported this move by improving the efficiency of cross-border transactions. The investors in ASEAN are increasingly hedging their USD exposures with slowdown in the US economy driving further demand for ASEAN currencies. An attractive bond market in the region (including higher yields compared to other developed markets) also offers investors an opportunity for portfolio diversification.

Despite the cooperation among ASEAN countries and the significant progress made towards building an independent financial system in the region, diverse regulatory landscapes among countries, varied stages of digital infrastructure development and the need to harmonize data protection protocols need to be addressed to achieve an independent financial system. While US dollar’s dominance is expected to continue, ongoing collaboration among ASEAN nations have paved the way for gradual development of an independent financial ecosystem.

This article was written by Smartkarma, in collaboration with ASEAN Exchanges. 

Source : Currency Resilience in ASEAN: Moving Towards an Independent Financial System

Other People are Reading

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Petards says its defence and rail divisions has seen order intake ‘at levels not seen for several years’

Gateshead security tech firm Petards has hailed a boosted £9.2m order book as it expects to post a 24% lift in sales. The listed Team Valley company develops advanced security, communication and surveillance systems for the traffic, wireless, rail and defence sectors, and was recently awarded a £2.2m contract by Rheinmetall BAE Systems Land Limited (RBSL), a joint venture between the largest defence manufacturers in Germany and the UK.

The firm has now released a full-year trading update in which it says improvements in the first half of the year carried through to the remainder of the year, with the year closing with an improved order book. The group said group revenues for 2025 are expected to be up 24% year-on-year to around £14.9m, with adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) of circa £1m, more than double the previous year’s £400,000.

Bosses pointed to a boost in trading within Petards Rail and Petards Defence, with both seeing increases in revenue and profitability, as well as profitable maiden full year’s contribution from Affini, the Derby-based wireless specialist that Petards acquired last year. It said order intake for the year for Petards Rail and Petards Defence were “at levels not seen for several years”.

Following contract awards from the MOD, RBSL and BAE Systems in the last two months of the year totalling £3.5m, the group’s year end order book closed at £9.2m, up from £7.1m, with around 85% scheduled for delivery this year. Meanwhile, QRO – its subsidiary which specialises in providing Automatic Number Plate Recognition (ANPR) and mobile average speed solutions – secured some important framework contract wins during the year.

It said delays in the placement of orders within QRO affected its trading in the second half-year, resulting in lower revenues. Looking ahead, however, it said “revenue momentum is expected to recover” on the back of framework contracts, significant market interest in the newly launched Harrier Mini, and the conversion of overseas opportunities.

Commenting on the current outlook, Raschid Abdullah, chairman, said: “Petards performed well in 2025 generating cash and increasing revenues, with improvements in gross profit margin and profitability, while increasing its order book to £9.2 million at the year end.

“The group enters 2026 in a stronger position than it has in the past few years. While trading continues to be challenging with extended tendering processes, given the strength of the opening order book and its cover for 2026 revenues, the Group is well placed to deliver a continued improvement in its trading performance in the coming year.”

Like this story? For more news from the tech sector, visit our dedicated page for the latest news and analysis here.

UK-based artificial intelligence voice company ElevenLabs has raised a further $500 million in fresh funding, pushing its valuation to $11 billion and cementing its position as one of Britain’s most valuable private tech firms.

The latest round was led by Sequoia Capital, with participation from existing investors including Andreessen Horowitz and actor Matthew McConaughey. The deal more than triples ElevenLabs’ valuation from a year ago and brings total funding raised since its 2022 launch to $781 million.

Founded in London by former Google engineer Piotr Dąbkowski and ex-Palantir employee Mati Staniszewski, ElevenLabs has rapidly become a global leader in AI-generated speech. Its technology converts text into highly realistic, human-like voices, supports multilingual dubbing, and has recently expanded into music and sound effect generation.

The platform is increasingly being adopted by enterprises to create AI-powered customer service agents capable of conversing naturally in more than 30 languages. Clients include Deliveroo, Deutsche Telekom, Square, Revolut and the Ukrainian government.

The company has also been at the centre of wider debates around voice cloning and intellectual property. In response, ElevenLabs last year launched its “iconic voice marketplace”, allowing actors and estates to license their voices for commercial use. High-profile participants include Michael Caine and Liza Minnelli, with rights holders able to approve or reject individual requests.

The move is seen as a significant attempt to establish commercial guardrails in an industry facing growing scrutiny over consent, misuse and deepfake content. ElevenLabs previously settled a legal dispute with actors who alleged their voices had been used without permission.

Beyond voice, the company has broadened its ambitions. In August it unveiled an AI music generator capable of producing studio-quality tracks from text prompts, and it continues to invest heavily in transcription, dubbing and conversational AI.

Dąbkowski said the latest funding would accelerate ElevenLabs’ expansion beyond speech. “We started by building a voice that could sound human,” he said. “Now we’re developing foundational models across voice, transcription, music and conversational agents with a world-leading research team.”

The scale of the valuation underlines continued investor appetite for AI infrastructure companies, even as concerns mount over inflated valuations across the sector. ElevenLabs’ growth, however, reflects strong enterprise demand for tools that bring automation closer to human interaction — a space many believe will define the next phase of AI adoption.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

The Chicago Bulls have acquired rookie guard Rob Dillingham from the Minnesota Timberwolves in a multi-player trade that signals a fresh direction for both franchises ahead of the stretch run. The deal also sends forward Leonard Miller to Chicago, while guard Ayo Dosunmu heads to Minnesota, where he is expected to step into the Timberwolves’ rotation as soon as he is cleared from a quadriceps injury.

Trade details reshape both backcourts

Minnesota is sending Dillingham and Miller to the Bulls as part of a package for Dosunmu, with multiple outlets reporting that the Timberwolves are also receiving forward Julian Phillips and sending four second-round picks to Chicago. Dosunmu, 26, has missed time with a quad issue but is projected to join Minnesota’s backcourt mix immediately once healthy, adding scoring, length and defensive versatility to a team with Western Conference aspirations.

For Chicago, the move is another in a series of guard-focused trades that have dramatically reshaped the roster. The Bulls recently added Jaden Ivey, Collin Sexton and Anfernee Simons, and Dillingham now joins that crowded group as a high-upside but unproven rookie. With so many ball-handlers and scorers on the depth chart, his exact role remains unclear and could depend on future moves or injury developments.

Timberwolves bet on win-now guard help

The Timberwolves’ side of the trade is centered on Dosunmu, who is enjoying a career year in Chicago. He is averaging about 15 points, 3.6 assists and 3 rebounds per game while shooting over 51 percent from the field and an elite 45 percent from three-point range, production that has made him an attractive target for contenders in need of reliable two-way guard play.

Minnesota’s front office appears to view Dosunmu as an ideal fit to bolster a bench that has been heavily leaned on during consecutive deep playoff runs. His ability to guard multiple positions on the perimeter, hit catch-and-shoot threes and handle secondary playmaking duties aligns with the Timberwolves’ emphasis on depth and defensive intensity.

By parting with Dillingham, Miller and four second-round picks, the Timberwolves are effectively choosing proven production over potential. The move follows a broader pattern of Minnesota pushing chips in to maximize its current competitive window after back-to-back trips to the Western Conference Finals.

Bulls continue aggressive rebuild

For Chicago, the trade extends an aggressive mid-season overhaul that has seen the front office turn over a significant portion of the rotation and stockpile draft capital. In addition to earlier deals that moved veterans and added multiple second-round selections, the Bulls now bring in another young, offensively gifted guard in Dillingham, along with a versatile forward prospect in Miller.

Reports indicate the Bulls have already accumulated at least nine second-round picks and nine new players through a flurry of trades, underscoring a pivot toward youth and flexibility rather than chasing the middle of the Eastern Conference standings with a veteran-heavy core. The decision to move Dosunmu — whose trade value is widely considered to be at or near its peak — for a package built around prospects and seconds reflects that longer-term strategy.

Dillingham faces crowded backcourt in Chicago

Dillingham, a dynamic rookie guard known for his scoring instincts and playmaking upside, enters a Bulls situation that could either accelerate his development or limit his early minutes. Chicago’s recent acquisitions of Ivey, Sexton and Simons have already created stiff competition for backcourt minutes, and Dillingham is “likely buried in the depth chart” at least initially, according to the initial fantasy-focused report.

That reality has fueled debate among fans and analysts about whether the Bulls envision Dillingham as a long-term piece or as another asset that could be moved in future deals. Some observers argue that he is the type of high-upside guard who could thrive with more opportunity, possibly on an expansion team or a franchise in a more radical rebuilding phase, rather than behind a stack of established scorers.

Miller, meanwhile, offers Chicago length and athleticism in the frontcourt, with the potential to grow into a rotational forward if his defense and shooting continue to develop. His inclusion also provides the Bulls with another young, cost-controlled piece as they reshape the roster around their next core.

Fan reaction mixed, with scrutiny on Bulls’ front office

Reaction to the trade has been mixed across the league’s fan base, with particular scrutiny directed at Chicago’s front office. Some fans and commentators have praised the Bulls for capitalizing on Dosunmu’s peak value and landing a highly touted rookie guard plus additional assets without surrendering a first-round pick. Others have criticized the move as another example of the franchise holding onto players too long or failing to extract maximum value in trades, pointing to past decisions and a perception of organizational conservatism.

On the Minnesota side, the general sentiment is that the Timberwolves paid a meaningful but reasonable price for an impact guard who can help immediately, especially given that they did not have to part with any first-round draft capital. Still, some fans lament the loss of Dillingham’s potential and Miller’s upside, noting that both could flourish with more opportunity in Chicago or elsewhere.

Outlook: Short-term gains vs. long-term upside

For the Timberwolves, the calculus is straightforward: Dosunmu’s current production and skill set address immediate needs on a roster built to contend now. His expiring contract adds some risk—he is set to become an unrestricted free agent at season’s end—but Minnesota is betting that his impact this year justifies the cost and that the team will have a chance to re-sign him.

Chicago, conversely, continues to trade near-term certainty for long-term upside, stocking the roster with young players and stocking the asset cupboard with second-round picks. Whether Dillingham can carve out a meaningful role amid the Bulls’ guard logjam could be a key storyline for both his development and Chicago’s rebuilding timeline.

As the trade deadline dust settles, the deal stands as one of the more intriguing gambles of this cycle: a win-now push by Minnesota that hinges on Dosunmu’s ability to translate his Chicago breakout to a new system, and a high-variance play by the Bulls that depends on Dillingham and Miller growing into difference-makers in a crowded, evolving roster.

Chinese state-owned carmaker Chery is pressing ahead with its rapid UK expansion by launching a fourth brand in the British market, underlining its ambition to become a long-term player in one of Europe’s most competitive automotive landscapes.

The group confirmed it will introduce vehicles under the Lepas brand, a new line focused on battery-electric and hybrid SUVs aimed at younger families. While Lepas is being developed primarily with Europe in mind, the UK will be one of its early launch markets.

The move adds to Chery’s already fast-growing UK portfolio. Since entering Britain, the company has rolled out Omoda in 2024, Jaecoo in early 2025 and its core Chery-branded models last summer. Combined, those brands delivered more than 53,600 UK sales in 2025, giving Chery a 2.7% share of the market and putting it ahead of rivals including BYD, Tesla, Mini, Honda and Mazda.

Lepas vehicles will initially be manufactured in China and imported into the UK. Unlike the US and EU, Britain has not imposed additional tariffs on Chinese-built electric vehicles, making it an attractive entry point for manufacturers looking to scale quickly. However, the UK government is keen for overseas carmakers to move production onshore, and Chery has repeatedly indicated it is open to that possibility.

Jaguar Land Rover, the UK’s largest automotive employer, is understood to be in early-stage discussions about potentially using its factories to produce Chery vehicles, although no agreement has been finalised.

The announcement follows Chery’s recent confirmation that it will open a research and development headquarters for commercial vehicles in Liverpool, further strengthening its UK footprint beyond sales alone.

Chery has been China’s largest car exporter for more than two decades, but historically focused on lower-cost markets in the Middle East, Latin America and parts of Asia. The shift to electric vehicles, combined with heavy state backing and competitive pricing, has allowed Chinese manufacturers to make far deeper inroads into Europe.

In the UK, that momentum is already visible. In January alone, Chery sold nearly 6,100 vehicles, with hybrids accounting for the bulk of demand. Data from thinktank New Automotive shows that hybrid models, which pair smaller batteries with petrol engines, are proving particularly popular with British buyers.

The same data highlights the scale of competitive pressure facing established brands. Tesla’s UK sales fell to just 650 units in January, less than half its total a year earlier, as it continues to grapple with an ageing model range and reputational headwinds. BYD, which overtook Tesla globally in battery-electric sales last year, sold more than twice as many electric vehicles in the UK during the same period.

Chery has yet to commit formally to UK manufacturing, but senior executives have described localisation as a key strategic goal. Victor Zhang, the company’s UK director, said last year that Chery was “actively considering” building a British plant as part of an “in UK, for UK” strategy.

The Lepas brand appears positioned as a mass-market, lifestyle-led offering, with branding that leans into themes of fun and family appeal. That contrasts with Jaecoo, which has drawn attention for its design similarities to premium SUVs at significantly lower price points.

With four brands now lined up for the UK, Chery’s expansion shows no sign of slowing — and signals a broader shift in the balance of power within Britain’s car market.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

Advertisement