Auto exports close to $5m in 2023
China expected to be world’s top exporter fueled by EVs
CHINA'S automobile exports reached 4.91 million vehicles in 2023, up 58 per cent year-on-year, data from the China Association of Automobile Manufacturers (CAAM) showed on Jan 11.
The country is expected to become the world's largest automobile exporter.
New energy vehicles have emerged as a key growth driver for China's automotive industry, with exports in this sector surging by 77.6 per cent to reach 1.203 million vehicles in 2023.
This highlights the increasing demand for China's new energy vehicles in international markets.
China's automotive exports witnessed steady monthly growth in 2023, with a notable increase from 301,000 units in January to 499,000 units in December, representing a roughly 66 per cent rise.
Japan's automobile exports from January to November 2023 totaled 3.99 million units, according to a Kyodo News report on December 28.
While Japan's December data is yet to be released, China's auto exports are projected to surpass Japan's in 2023, securing the top position in global auto exports for the first time.
China's car exports have experienced remarkable growth in recent years, rising from around one million in 2019-2020 to over two million in 2021, replacing South Korea as the world's third-largest exporter of automobiles. In 2022, China's car exports exceeded three million, surpassing Germany and trailing only Japan.
New energy vehicles have emerged as a key driver of growth for China's automotive industry, as the share of new energy vehicles in China's automobile exports continued to increase over the past three years.
As China's new energy vehicle industry has grown, the European market has become an increasingly significant destination for Chinese car exports.
While Asia was the largest export market in 2022, accounting for 36 per cent of China's total exports, Europe emerged as the second-largest market, with a 26 per cent share.
This represents a substantial increase from 2018 when Europe's share was only 6 per cent.
According to the China Association of Passenger Vehicle Manufacturers, in 2022, Belgium and the United Kingdom were the top two countries in China's new energy vehicle exports in Europe.
China's rising exports of electric vehicles to Europe indicate the significant progress made by its automotive industry in the transition towards electrification and intelligent technologies. (People's Daily)