China’s automotive industry has witnessed a remarkable surge in vehicle exports during the first half of 2023, as reported by the China Passenger Car Association (CPCA). Data released yesterday revealed that a total of 2.34 million vehicles were exported, marking a substantial 73 percent increase compared to the same period last year.
Of particular note is the impressive growth of New Energy Vehicle (NEV) exports, which witnessed a staggering 105 percent year-on-year increase, amounting to 800,000 units in the first half of the year. NEVs now account for an impressive 34 percent of all vehicle exports.
Breaking it down further, exports of new energy passenger cars witnessed a remarkable increase of 113 percent, reaching 770,000 units, and accounting for an overwhelming 96 percent of the total NEV exports.
See also: China Exports Over Half a Million NEVs in 2022, with 43.3% came from Tesla China
The CPCA attributes the rise in vehicle exports to multiple factors, including the global impacts of the Covid shock and Tesla’s production operations in China. Consequently, the average price of exported cars increased by 11 percent, with cars being exported at an average price of $20,000, up from $18,000 in the previous year.
Looking at the figures for June, China exported 409,800 vehicles, marking a 61 percent year-on-year increase. However, this was a slight decline of 6 percent from the figures seen in May, which saw exports reaching 438,000 units.
The NEV sector also saw strong performance in June, with 124,000 units exported, showcasing a notable 91 percent year-on-year increase.
The CPCA highlights that China’s NEV exports have mainly been directed towards Western European and Southeast Asian markets. Over the past two years, countries such as Belgium, Spain, Slovenia, and the United Kingdom have become major destinations for these exports.
See also: China Set to Export 4.4 Million Vehicles in 2023, Over 30% Expected to be New Energy Vehicles
Moreover, the association points out that this year, China’s NEV exports to Southeast Asian countries, including Thailand, have seen significant growth. Notably, NEV models from SAIC and BYD have particularly stood out in these markets.
The CPCA predicts that as long as steady international demand persists, China’s auto exports are expected to have ample room for further growth in the future. The rise in New Energy Vehicle exports indicates a promising direction for the country’s automotive industry and its global impact.
