Chinese car exports increase 63.7% driven by electric vehicles
BEIJING — Chinese car exports rose 63.7% in 2023, while domestic sales, encouraged by year-end incentives, rose 4.2%, an industry chamber reported Thursday.
By Laura King
With the sharp increase in exports, to 4.1 million according to the Chinese Association of Automobile Manufacturers, China overtook Japan as the world’s largest auto exporter. Japan exported 3.6 million in the first 11 months; The final count is scheduled for January 31.
Chinese manufacturers have aggressively expanded exports to make up for a lack of domestic growth as the economy slows. They are making electric vehicles as government subsidies have transformed China into the world’s No. 1 market for them, even as overall auto sales have stagnated.
Auto sales within China were 21.9 million units last year, compared with a peak of 24 million in 2017.
An explosive rise in sales to Russia boosted Chinese exports in 2023, as European and Japanese manufacturers pulled out due to the war in Ukraine. China exported 840,000 vehicles to Russia — both cars, trucks and buses — in the first 11 months of last year.
The China Passenger Car Association said days ago that demand in Russia and neighboring countries is declining and that future export growth will depend on the expansion of electric vehicles abroad. Chinese EV makers are targeting markets in Southeast Asia, Europe and Australia, among others.
A Chinese shipyard has delivered the first domestically built car transport vessel, the construction company, CIMC Raffles Group, said in a social media announcement.
The BYD Explorer No. 1, with capacity for 7,000 vehicles, is receiving cargo at two Chinese ports before setting sail for Europe. BYD, which leases the ship, is the first electric vehicle manufacturer in the country.
