People’s Daily stated that cars made in China are taking over the global markets, especially the “Southern World” (non-Western countries).
According to the latest data from the China Association of Automobile Manufacturers, China’s automobile exports reached 2.14 million units in the first half of 2023. This marks a year-on-year increase of 75.7 percent in reported auto exports.
Total reported export value reached $99.97 billion, up by 41.7 percent from the previous year. Total automobile export for this year is anticipated to reach 4 million units, a significant increase from the prior two years. Reported exports were just over 2 million units in 2021 and about 3.3 million units in 2022.
Chinese automakers dominate the fast-growing electric vehicle market in Southeast Asia, contributing three-quarters of the region’s electric vehicle sales in the first quarter of this year. Chinese cars are also gaining traction in markets like the UAE, Africa, the Middle East, and Latin America due to their affordability, features, and comprehensive warranty services.
The main factor driving Chinese car exports is competitive pricing, including the market’s ability to offer more features at the same price as competitors. Chinese car companies have been setting up joint ventures for localized auto production in countries such as Thailand and Brazil.
Source: People’s Daily, August 7, 2023