China’s vehicle exports saw a significant increase in August 2024, with a total of 610,000 vehicles exported. This marked a 39% increase from the previous year and a 10% increase from the previous month. From January to August, China exported a total of 4.09 million vehicles, showing a growth rate of 27%.
The top 10 countries that received the highest volume of vehicle exports from China in the first eight months of 2024 were Russia, Mexico, UAE, Brazil, Belgium, Saudi Arabia, UK, Australia, Philippines, and Turkey. Russia emerged as China’s largest overseas auto market, accounting for over 19% of China’s auto exports in August 2024. This surge in exports to Russia was driven by the departure of foreign auto brands from the Russian market due to the Russian-Ukrainian War. In 2023, China exported 910,000 vehicles to Russia, marking a significant year-on-year increase of 459%.
In terms of new energy vehicle (NEV) exports, China exported 1.397 million units from January to August 2024, showing a year-on-year increase of 25%. The export volume of NEVs in August 2024 was 180,000 units, representing a year-on-year increase of 20.9% and a month-on-month increase of 2.9%. The top 10 countries that received the highest volume of NEV exports from China in the same period were Belgium, Brazil, United Kingdom, Thailand, Philippines, Mexico, India, Australia, United Arab Emirates, and Germany.
The export of China’s pure electric passenger cars mainly grew in Brazil, Belgium, Indonesia, and Mexico, while markets in Spain, Thailand, the Netherlands, Australia, and Slovenia experienced a decline.
In terms of Chinese cities with the largest export volume, Shanghai, which was previously a leading region for NEV exports due to Tesla’s presence, saw a decline in exports following the introduction of the European Union’s tariff policy. Instead, regions like Guangdong, Shaanxi, Hebei, and Jiangsu emerged as strong exporters of NEVs. Shaanxi, in particular, saw a boost in NEV exports due to BYD’s presence, with the region being one of BYD’s largest production bases in China.
Sources: Cui Dongshu, 163
This article provides insights into China’s vehicle exports, highlighting the growth in both traditional vehicle exports and NEV exports. The shift in export trends to different countries and regions reflects the dynamic nature of the global automotive market and China’s position as a key player in the industry.
