China's auto exports hit record high in 2023
China's auto exports surged 57.9 percent year on year to a record high of 4.91 million vehicles in 2023 as the country's automakers expanded their presence overseas, data from the China Association of Automobile Manufacturers (CAAM) showed Thursday.
It marks another significant increase after the country exported more than 3 million vehicles in 2022 and over 2 million in 2021.
The massive growth was propelled by a surge in the exports of new energy vehicles (NEVs), which soared 77.6 percent to more than 1.2 million units in the past year. Exports of pure electric vehicles expanded by 80.9 percent while that of hybrid ones increased by 47.8 percent year on year.
Total auto sales surged 12 percent year on year to top 30.09 million units last year, while output exceeded 30.16 million units, up 11.6 percent compared with the 2022 level, CAAM data showed.
In 2023, production and sales of NEVs exceeded 9.58 million and 9.49 million units, surging 35.8 percent and 37.9 percent year on year, respectively. The market share of NEVs stood at 31.6 percent.
Chen Shihua, deputy secretary-general of the association, said that with the overall economy continuing to recover, China's auto market is likely to maintain a sound momentum this year.
The CAAM said it expects China's NEV sales to reach 11.5 million in 2024, while total auto exports would hit 5.5 million units.