China remained the world’s largest vehicle exporter in the first half of 2024 since surpassing Japan last year, though localizing production in overseas markets is a major trend, according to official statistics.
Chinese automakers exported 2.793 million vehicles in the first half, up 31 percent from a year earlier, while Japan fell 0.3 percent year on year to 2.0177 million, according to the China Association of Automobile Manufacturers.
The export growth rate of traditional fuel vehicles in the first half was 36.2 percent, with 2.188 million units exported.
NEV (new-energy vehicle) exports grew 13.2 percent year on year, slowing down significantly compared with the same period last year, while exports in June realized year-on-year growth but fell 13.2 percent to 86,000 units.
The top five NEV exporting countries were Brazil, Belgium, the UK, Thailand and the Philippines.
Ti Gong
The Southeast Asia market is a key area for Chinese NEV brands. BYD built a factory in Thailand and put it into use last month.
Chinese vehicle exports amounted to US$55.2 billion, growing 18.9 percent, while the average export price was around US$19,000 in the first six months, according to data from the China Passenger Car Association.
Considering exporting as one of the important steps for further development, Chinese automobile brands are changing from traditional exporting to localized manufacturing.
Chinese brands expanding overseas are also turning from traditional exporting to localized production under the EU’s recent announcement of imposing tariffs on Chinese electric vehicles, with BYD and Chery planning to build factories in Europe.