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China’s Auto Exports Skyrocket by 57.9% in 2023, Setting Record High at 4.91 Million Vehicles

Beijing, January 11, 2024, The Europe Today: In 2023, China experienced a remarkable upswing in auto exports, registering a staggering 57.9 percent year-on-year surge to reach an unprecedented 4.91 million vehicles, according to data released by the China Association of Automobile Manufacturers (CAAM).

This achievement follows consecutive years of growth, with the country exporting over 3 million vehicles in 2022 and 2 million in 2021. The surge was notably driven by a substantial increase in the exports of new energy vehicles (NEVs), which witnessed a remarkable 77.6 percent rise to surpass 1.2 million units. Specifically, pure electric vehicle exports surged by 80.9 percent, and hybrid vehicle exports increased by 47.8 percent year on year.

Total auto sales demonstrated a robust 12 percent year-on-year increase, surpassing 30.09 million units, while production exceeded 30.16 million units, marking an 11.6 percent rise compared to 2022. In 2023, NEV production and sales exceeded 9.58 million and 9.49 million units, surging 35.8 percent and 37.9 percent year on year, respectively, with a noteworthy market share of 31.6 percent.

Chen Shihua, deputy secretary-general of the association, anticipates a sustained positive momentum in China’s auto market in the coming year, buoyed by the ongoing economic recovery. CAAM projects China’s NEV sales to reach 11.5 million in 2024, with total auto exports anticipated to hit 5.5 million units.