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China's Passenger Vehicle Exports Surge in June

China’s Passenger Vehicle Exports Surge in June

Beijing, July 08, 2024, The Europe Today: In June, China’s exports of passenger vehicles reached 378,000 units, marking a notable 28 percent increase year on year, while remaining consistent with the previous month’s figures. This data was released on Monday by the China Passenger Car Association (CPCA).

The resurgence of the South American market played a significant role in this growth. Exports of Chinese-brand cars soared to 325,000 units, a 31 percent increase compared to the same period last year. Meanwhile, exports of luxury vehicles and cars produced by Chinese and foreign joint ventures hit 54,000 units, up 12 percent year on year.

The month also saw substantial growth in the export of new energy vehicles (NEVs) from China, which stood at 80,000 units, representing a 12.3 percent increase year on year. For the first half of this year, NEV exports reached 586,000 units, a rise of 21.2 percent year on year.

The CPCA’s data, encompassing all domestic passenger car manufacturers, indicated that retail sales of passenger cars in the first half of the year exceeded 9.84 million units, reflecting a 3.3 percent increase year on year.

The association anticipates a continued rise in passenger car consumption, driven by the growing popularity of privately owned vehicles and the rapid development of smart electric vehicles. Additionally, the enthusiasm among car owners for NEVs, bolstered by government incentives to replace outdated vehicles with new models, is expected to further accelerate demand.

This upward trend highlights the robust health of China’s automotive export market and signals a promising outlook for the industry’s future growth.