China's Ministry of Industry and Information Technology (MIIT) recently announced that the country exported a total of 4.91 million vehicles in 2023, reflecting a substantial increase and positioning China as a significant player in the global auto export market. According to Vice Minister Xin Guobin, auto exports experienced a notable 57.9 percent year-on-year growth, with new energy vehicle (NEV) exports witnessing an even more substantial surge of 77.6 percent, reaching 1.2 million units.
Xin highlighted the diverse options that China-made NEVs provide to global consumers, contributing to the overall expansion of the country's auto export sector. Major export destinations include western and southern Europe, with countries such as Belgium, Spain, the United Kingdom, and Thailand being noteworthy recipients.
The Vice Minister emphasized the importance of the auto manufacturing sector as a key industry for China, noting positive aspects such as the success of innovative products, particularly in the NEV segment, gaining traction on social media platforms.
Official industrial data revealed that China maintained its position as the world's leading car producer and seller for the 15th consecutive year, with both car output and sales surpassing 30 million units in 2023. Looking ahead to 2024, industry associations estimated a 3 percent year-on-year growth in both output and sales of automobiles, while NEVs are projected to experience a substantial 20 percent increase.
While acknowledging the achievements of China's automakers, Xin also highlighted potential challenges such as tepid global demand, issues related to auto chips, and market competition disorder. In response, the MIIT plans to implement favorable tax policies for car purchases, encourage collaborative efforts among manufacturers for technological breakthroughs, and coordinate industrial development to prevent overcapacity risks.