According to the China Passenger Vehicle Manufacturers Association, China’s automobile exports reached a record level, reaching 5.26 million units in 2023. This was reported by Wall StreetJournal.
That’s nearly 1 million more than Japan, the traditional leader in supplying cars abroad, according to the publication.
The main driver of growth was demand in Russia, where Chinese automakers increased their exports by at least 5 times compared to 2022, reaching 800 thousand units. They filled the void left by the departure of Western rivals due to sanctions and geopolitical tensions.
“Last year, Chery shipped more than 900 thousand cars abroad, becoming the largest automobile exporter from China. This is more than Tesla or BYD,” said Cui Dongshu, Secretary General of the China Association.
In addition to Chery, sales of Geely, Great Wall and other brands in Russia have intensified. However, Dongshu stated that this rapid growth is unlikely to continue as demand has largely been met and stocks in warehouses have increased.
Overall, passenger and commercial vehicle sales in China rose to 25.5 million in 2023, a new record. Despite reduced subsidies for buyers, the market has survived the downturn thanks to electric cars.
In addition to traditional internal combustion engines, exports of electric vehicles are also increasing. For example, the newspaper states that Chinese BYD increased its foreign sales almost 5-fold to 242 thousand, and claims that it plans to actively increase its presence in Europe in 2024.
China has long been the world’s largest market and manufacturing center, but growth has been driven by foreign concerns. Local brands are leading the way, thanks to the government’s support for electric vehicles and hybrids for the last three years. WSJ writes that China has now added the title of main exporter, leaving Japan, Germany and South Korea behind.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.