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After surpassing Japan to become the number one in the world for the first time, the growth of China's automobile exports remains strong in 2024. According to the latest data released by the General Administration of Customs, China's car exports maintained a high growth from January to May this year.

According to statistics, in the first five months, China's exports of mechanical and electrical products totaled 5.87 trillion yuan, an increase of 7.9 percent, accounting for 59 percent of the total export value. Among them, automobile exports continued to grow rapidly, up 23.8 percent to 329.7 billion yuan over the same period last year. Among them, the growth rate of automobile exports in May was significantly higher than that of overall exports, which was mainly driven by a sharp increase in the export of new energy vehicles. The rapid growth of electric vehicle exports has been a major positive factor driving China's overall export growth so far this year. Wang Qing, chief macro analyst at Oriental Jincheng, said: "Automobile exports continue to maintain rapid growth, indicating that the structure of China's export trade is improving."

China's car exports from January to May this year were 2.446 million, up 27% from a year earlier, while car exports were $46.4 billion, up 20% from a year earlier, according to Cui Dongshu, secretary-general of the Federation of passengers. Among them, automobile exports in May were 569000, an increase of 30%, which was higher than the cumulative annual growth of 27%.

China's automobile exports account for about 3.3% of China's total exports, of which in May, China's automobile exports reached 10.5 billion US dollars, compared with the total scale of 302.4 billion US dollars, China's complete vehicle exports accounted for 3.5% of the total export scale. there has been a marked increase. Cui Dongshu pointed out: "in the future, the export growth of China's auto parts must rely on the export growth of China's complete vehicles, and achieve a good situation of coordinated export growth of vehicle-driven parts and components."

As a reference, China's car exports reached 5.221 million in 2023, an increase of 57.4% over the same period last year, a record. That compared with 3.111 million in 2022 and 2.015 million in 2021, up 54.4 per cent and 101.1 per cent respectively over the same period last year. According to the data, China's car exports in 2023 basically reached the sum of 2021 and 2022.

With the scale advantage and market expansion demand of China's new energy, more and more Chinese car companies are moving towards the national door, including Great Wall, BYD, Changan, SAIC, Chery and so on. Take BYD as an example, overseas markets are becoming BYD's new growth engine. Data show that BYD sold 37499 overseas new energy passenger vehicles in May, and by the end of May, its overseas new energy passenger car sales had approached 470000. According to reports, BYD will launch more models to speed up the sea this year, the annual export volume may be 500000.

With the rapid growth of domestic car exports in the past two years, China's new energy vehicles continue to strengthen at sea, but they also face some problems at the same time. On the 6th of this month, on the opening day of the 2024 China Automobile Forum in Chongqing, Wang Xia, president of the automobile industry branch of the China Council for the Promotion of International Trade, pointed out that at present, the capacity utilization rate of China's new energy vehicles is about 76%, and China's passenger car exports account for only 15.9% of the total sales. far lower than Germany, Japan, South Korea and other countries. The prices of Chinese brand electric cars abroad are also significantly higher than those at home, while the prices of some international brand electric cars in China are much lower than those in the European market. In addition, China ended the subsidy policy for the purchase of new energy vehicles at the end of 2022, while subsidies from the United States, Japan, Germany and other countries continued.

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