China exported more than 2 million vehicles in first half of 2023, BYD and Chery grew fastest

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In the first half of this year, China exported 2.14 million vehicles, a year-on-year increase of 75.7%, according to the China Association of Automobile Manufacturers (CAAM). More specifically, 1.78 million passenger vehicles were exported, an increase of 88.4% year-on-year; 534,000 new energy vehicles were exported, a year-on-year increase of 160%.

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Over the past few years, Chinese vehicle exports have hovered around 1 million units per year. It wasn’t until 2021 that the export volume exceeded 2 million units for the first time. Then in 2022, the export volume exceeded 3 million units, making China the second largest automobile exporter after Japan. By the end of 2023, Chinese vehicle export volume is expected to exceed 4 million units, according to Fu Bingfeng, Executive Vice President and Secretary-General of CAAM.

BYD and Chery grew the fastest in export volume

In the first six months of 2023, there were seven Chinese auto companies that exported more than 100,000 vehicles, namely SAIC, Chery, Tesla China, Changan, Great Wall Motors, Geely, and Dongfeng. Among them, BYD exported 81,000 vehicles, a year-on-year increase of 1,060%; Chery exported 394,000 vehicles, a year-on-year increase of 170%; Great Wall Motors exported 124,000 vehicles, a year-on-year increase of 97.3%.

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It is worth noting that China’s auto exports are divided into two main categories: independent brands and foreign investment/joint venture brands. In the first half of this year, Tesla China exported 182,000 vehicles, coming in as China’s third-largest auto export brand and accounting for one-third of China’s new energy vehicle exports. Additionally, SAIC has shown good momentum in markets such as Mexico, Australia, the UK, Saudi Arabia, India, and Thailand. Chery performed well in markets such as Russia, Mexico, and Chile.

Overall, Asia, Europe, and Latin America are the main markets for China’s vehicle exports. According to data from January to May this year, the top three importers of Chinese vehicles were Russia, Mexico, and Belgium. In particular, the top three importers of Chinese new energy vehicles were Belgium, the UK, and Thailand.

Source: CAAM, China Court, Sina

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