Economic Watch: China expected to become world's top auto exporter-Xinhua

Economic Watch: China expected to become world's top auto exporter

Source: Xinhua

Editor: huaxia

2024-01-19 19:52:30

Vehicle carrier vessel "BYD EXPLORER NO.1" arrives at Xiaomo International Logistics Port in Shenzhen, south China's Guangdong Province, Jan. 14, 2024. (Xinhua)

BEIJING, Jan. 19 (Xinhua) -- China exported a total of 4.91 million vehicles in 2023, expected to become the world's largest auto exporter, an official with the Ministry of Industry and Information Technology (MIIT) said Friday.

The exports of automobiles have reached a new level, and China-made new energy vehicles have provided diverse choices for global consumers, Vice Minister Xin Guobin said at a press conference.

China's auto exports grew by 57.9 percent year on year last year, with new energy vehicle exports surging 77.6 percent year on year to 1.2 million units, said Xin.

China's major auto export destinations include western and southern Europe, and Southeast Asia, particularly Belgium, Spain, the United Kingdom and Thailand, said Cui Dongshu, secretary general of the China Passenger Car Association.

Xin highlighted that auto manufacturing is an important pillar industry for China, saying that there were many bright spots in the sector last year.

An array of innovative products, especially NEV products, have been rolled out and become a hit on social media, he said.

Industrial data showed earlier this month that China's car output and sales both crossed the 30-million threshold in 2023, maintaining the top position in the world for 15 consecutive years.

For 2024, industrial associations estimated that both output and sales of China's automobiles are projected to grow by 3 percent year on year to 31 million units, while those of NEVs likely are to soar by 20 percent.

While acknowledging progress made by China's automakers, Xin also cautioned that tepid global demand, the weak link of auto chips and market competition disorder are among the challenges that China's carmakers face.

The ministry will work to ensure the implementation of favorable tax policies for car purchasing, further encourage joint efforts from car manufacturers to achieve technological breakthroughs in areas such as auto chips and high-level autopilot, according to Xin.

Industrial development will be coordinated in a more comprehensive manner to forestall and defuse overcapacity risks and foster a level playing field for car manufacturers, Xin said.