Wednesday, July 24, 2024

China’s Vehicle Exports Surge to 2.45 Million in Jan-May 2024, New Energy Vehicles Lead Growth

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China’s vehicle exports surged in May 2024, with a notable increase in new energy vehicle exports, according to the China Passenger Car Association (CPCA).

In May 2024, China exported 568,000 vehicles, marking a 29% year-on-year increase and a 2% month-on-month increase. From January to May 2024, China exported 2.45 million vehicles, representing a 26% year-on-year increase.

See also: China’s New Energy Vehicle Penetration Hits Record 49.1% in June Amid Market Expansion

Credit: Xpeng

Cui Dongshu, Secretary-General of the CPCA, highlighted the growth, stating, “The Chinese vehicle export market continues to show strong performance, with significant increases both year-on-year and month-on-month.”

The export value of Chinese vehicles from January to May 2024 reached 46.4 billion USD, with an export growth rate of 20.1%. The average export price of automobiles remained consistent at 19,000 USD compared to 2023.

See also: Chinese Government’s $230.8 Billion Support for Electric Vehicles Raises Industry Concerns

In terms of vehicle exports by country, Russia was the top destination in May 2024, receiving 103,763 vehicles, followed by Brazil, Mexico, Belgium, and the UAE. For new energy vehicles specifically, Brazil led the way with 45,501 units, followed by Belgium, the United Kingdom, Mexico, and Thailand.

Credit: NIO

Overall, Chinese vehicle exports to Russia, Mexico, Brazil, Belgium, and the UAE were strong from January to May 2024. However, markets such as Australia, Spain, Israel, Thailand, and Ecuador experienced declines.

See also: Chinese Automakers Lead Surge in Southeast Asia’s Electric Vehicle Market, Threatening Japanese and Korean Dominance

The growth of plug-in hybrid vehicle exports was notable in markets such as Brazil and Mexico, while imports of plug-in hybrid vehicles declined in Belgium, France, Germany, Israel, and the UAE.

Looking back at 2023, China exported 5.221 million vehicles, marking a significant year-on-year increase of 57.4%. The cumulative export volume in the first five months of 2024 already reached 47% of the total export volume in 2023, indicating a potentially strong year ahead for Chinese vehicle exports.

Zeekr 001. (Credit: Zeekr)
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