In the first nine months of 2024, China’s automotive industry demonstrated remarkable export performance, with total vehicle exports reaching 4.31 million units, marking a 27.3% year-over-year increase. According to the China Association of Automobile Manufacturers (CAAM), the export landscape shows a diverse mix of both new energy vehicles (NEVs) and traditional fuel vehicles.
NEV exports reached 928,000 units, growing by 12.5%, while conventional fuel vehicle exports hit 3.38 million units, surging by 32%. Russia emerged as China’s largest export market, with exports increasing by 33% in the first nine months. Other significant growth markets included Brazil, Mexico, and the United Arab Emirates.
Despite tariff pressures from Europe and the United States, Chinese automakers have maintained growth momentum. However, exports to the EU have declined, with the share of NEV exports to Europe dropping from 46% in 2022 to 32% in the first nine months of 2024.
Chinese automakers are actively pursuing localization strategies in overseas markets to address tariff challenges and improve competitiveness. Major companies including BYD, Chery, Changan, Great Wall Motor, GAC, and SAIC have announced plans to build or expand factories in Thailand, Indonesia, and Brazil. They are also accelerating plans for local production in Europe to mitigate tariff impacts.
Cui Dongshu, Secretary General of the China Passenger Car Association, attributes this year’s growth to improved product competitiveness, modest growth in Western markets, and the replacement of international brands by Chinese vehicles in the Russian market.
Source: Central News Agency (Taiwan), November 17, 2024
https://www.cna.com.tw/news/acn/202411170133.aspx