China's Vehicle Exports From Jan To May 2024 Surge Over 2.45 Million Units

In May 2024, China made significant strides in the global automotive market, exporting 568,000 vehicles. This figure marks a 29% year-on-year increase and a 2% month-on-month growth. 

From Jan to May 2024, the cumulative exports reached 2.45 million vehicles, reflecting a 26% increase compared to the same period last year, according to Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA).

The total export value of Chinese vehicles from Jan to May 2024 stood at RM 215.2 billion, registering a growth rate of 20.1%. The average export price of automobiles remained consistent as figures recorded in 2023 at roughly RM 88,350 per vehicle.

In May 2024, the top five export markets for Chinese vehicles were Russia (103,763 vehicles), Brazil (53,164 vehicles), Mexico (42,192 vehicles), Belgium (28,851 vehicles) and the UAE (28,661 vehicles). 

Said figures underscore Russia's position as the leading importer of Chinese vehicles, a trend attributed to the ongoing Russia-Ukraine conflict, which has reshaped the market dynamics in the region.

Conversely, markets such as Australia, Spain, Israel, Thailand, and Ecuador experienced significant declines in Chinese vehicle imports.

At the same time, China's export of new energy vehicles (NEVs) also saw remarkable growth. In May 2024, 207,000 NEVs were exported, marking a 33% increase year-on-year. From Jan to May 2024, the total NEV exports reached 870,000 units, a 29% increase from the previous year. 

The top five export markets for Chinese NEVs were Brazil (45,501 vehicles), Belgium (26,502 vehicles), the United Kingdom (16,859 vehicles), Mexico (8,680 vehicles), and Thailand (8,174 vehicles).

The growth of plug-in hybrid vehicle (PHEV) exports has been primarily driven by markets such as Brazil and Mexico. However, there has been a decline in PHEV imports in Belgium, France, Germany, Israel, and the UAE.

In 2023, China exported 5.221 million vehicles, charting a remarkable 57.4% year-on-year increase. With 2.45 million vehicles exported in the first five months of 2024, the cumulative export volume already represents 47% of the total exports in 2023. 

This pace suggests that 2024 could be another record-setting year for China's automotive exports. KR

Source: CarNewsChina