In recent years, the resilience of China’s automotive industry chain has been fully demonstrated with the outbreak of the global COVID-19 pandemic. The Chinese automotive export market has shown strong growth over the past three years. In 2021, the export market recorded sales of 2.19 million units, representing a year-on-year growth of 102%. In 2022, the automotive export market witnessed sales of 3.4 million units, marking a year-on-year growth of 55%. In July 2023, China exported 438,000 vehicles, continuing its strong growth trend with a 55% increase in exports. From January to July 2023, China exported a total of 2.78 million vehicles, achieving consistent strong growth with a 69% increase in exports. These figures demonstrate an outstanding performance.
The average export price of vehicles in 2023 stands at $20,000, significantly higher than the $18,000 recorded in 2022, indicating a substantial increase in average prices.
Between 2021 and early 2022, China made significant breakthroughs in the European developed markets for automotive exports, thanks to the export efforts of wholly-owned automobile companies. New energy vehicles have become the core driver of China’s automotive export growth, transforming the previous dependence on exports to economically disadvantaged and non-compliant countries in Asia and Africa. In 2020, exports of new energy vehicles reached 224,000 units, showing promising growth. In 2021, the number surged to 590,000 units, continuing the upward trend. By 2022, cumulative exports of new energy vehicles had reached 1.12 million units. From January to July 2023, exports of new energy vehicles amounted to 940,000 units, marking a 96% increase compared to the same period last year. Notably, 900,000 units were dedicated to new energy passenger car exports, a 105% year-on-year growth, accounting for 96% of all new energy vehicle exports.
China primarily exports new energy vehicles to Western Europe and Southeast Asian markets. In the past two years, Belgium, Spain, Slovenia, and the United Kingdom have emerged as prominent destinations in Western and Southern Europe, while exports to Southeast Asian countries like Thailand have shown promising growth this year. Domestic brands such as SAIC Motor and BYD have demonstrated strong performance in the new energy vehicle market.
Previously, China had performed well in exports to countries like Chile in the Americas. In 2022, China exported 160,000 vehicles to Russia, and from January to July 2023, it reached an impressive figure of 464,000 units, representing a staggering 607% year-on-year growth. This can be attributed to a significant increase in the export of heavy-duty trucks and tractor trucks to Russia. Export to Europe has remained a steady and robust growth market.
In conclusion, the Chinese automotive export market in July 2023 has continued its strong growth trajectory. The emergence of new energy vehicles as a driving force and the successful entry into new markets, such as Europe and Southeast Asia, have contributed to this remarkable performance. With China’s automotive industry demonstrating resilience and innovation, the future prospects for the Chinese automotive export market appear promising.
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Post time: Nov-27-2023
