China’s Vehicle Exports Hit a Record in 2023, Led by Electric and Hybrid Models
China’s automobile exports reached a record high in 2023, with the China Passenger Vehicle Manufacturers Association reporting 5.26 million units shipped abroad. This milestone was highlighted by the Wall Street Journal.
The figure shows a substantial lead over traditional exporter Japan, which has long dominated overseas car supply according to the same report.
Russia emerged as the primary growth engine for Chinese makers, where export volumes jumped at least fivefold from 2022, totaling around 800,000 units. The surge filled a market void created by Western brands withdrawing amid sanctions and geopolitical tensions.
Chery stood out as a standout performer, delivering more than 900,000 cars abroad and surpassing rivals to become China’s largest automobile exporter. This performance outpaced major global brands such as Tesla and BYD, according to Cui Dongshu, the secretary general of the China Association.
Beyond Chery, brands like Geely and Great Wall have strengthened their presence in Russia, though there are signs that the rapid expansion may slow as demand normalizes and warehouse stockpiles rise.
Overall, China recorded a new high for passenger and commercial vehicle sales in 2023, reaching 25.5 million units despite reduced buyer subsidies. The market has endured the downturn thanks to a robust push in electric vehicles.
Exports of electric vehicles also climbed. For instance, BYD expanded its foreign sales nearly fivefold to about 242,000 units and signaled plans to grow its footprint in Europe during 2024.
China has long been the world’s largest market and manufacturing hub, with growth increasingly tied to overseas demand. Local brands are taking the lead, aided by government support for electric and hybrid vehicles over the past three years. The WSJ notes that China has now claimed the title of leading exporter, surpassing Japan, Germany, and South Korea.
Earlier reports indicated that a father was in China; he reportedly feigned poverty, and two decades later revealed to his son that he had become a millionaire.
A Chinese official previously mentioned in circulation faced accusations tied to billions of dollars in waste, raising concerns about governance and accountability in the sector.