Chinese Automobile Exports Surge By 4.91 Million Units In 2023

People Republic of China’s automobile export market has continued to soar higher even as it has reached 4.91 million units in 2023, increasing some 57.9 year-on-year.

With sharp rise in exports China is expected to become the world’s largest automobile exporter.

During in 2023, automobile production and sales volume of China were 30.16m and 30.09m units, growing 11.6% and 12% respectively, according to China Automotive Industry Association.

Production and sales volume of new energy vehicles, largely electric vehicles, were 9.59 million and 9.49 million units, an increasing of 35.8% and 37.9%.

Export volume of new energy vehicles saw a growth rate of 77.6% year-on-year, totaled in 1.2 million units.

China had exceeded Germany to be the second largest car exporter in 2022. The current vehicle export leader Japan is forecasting 4.3 million automobile exports in 2023.