In August, 308,000 Chinese vehicles were exported, a year-on-year increase of 65% and a month-on-month increase of 6.2%, according to the China Association of Automotive Manufacturers (CAAM). This is the first time that the export performance surpassed 300,000 units in Chinese history. Furthermore, from January to August 2022, China exported a total of 1.817 million vehicles, a year-on-year increase of 52.8%.
Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA), pointed out that the stellar performance is due to China’s auto industry remaining resilient to continue to manufacture vehicles reliably while experiencing a global pandemic and supply chain challenges.
More specifically, China exported 83,000 new energy vehicles (NEVs) in August, a month-on-month increase of 53.6% and a year-on-year increase of 82.3%. From January to August 2022, China exported a total of 340,000 NEVs, a year-on-year increase of 97.4%.
Countries around the world are actively introducing policies to promote the adaptation of NEVs, providing a golden opportunity for Chinese new energy vehicles to go overseas. It is estimated that the overseas sales of Chinese cars are expected to reach 3 million and 5.5 million in 2025 and 2030, respectively. Moreover, in 2030, the overseas sales of Chinese electric vehicles are expected to reach 2.5 million, according to CITIC Securities, the largest securities company in China, with businesses covering investment banking, brokerage, securities trading, and asset management.
Additionally, a majority of Chinese gasoline vehicles are exported to countries in South America, Africa, and Southeast Asia while a majority of Chinese NEVs are exported to developed countries in Europe, America, and Australia.
According to previous estimates, China’s annual vehicle export volume in 2022 will be close to 3 million. As China’s auto export volume continues to rise along with vehicle electrification accelerating in other parts of the world, let’s watch how will China seize this opportunity to overtake the lead in vehicle export.