China's automobile exports maintain strong growth momentum

With the rapid development of China's automobile industry, automobile exports have become an important driving force for the growth of China's automobile industry. In 2024, China's automobile exports will continue to maintain a strong growth momentum. Data shows that in the first 11 months of 2024, China's automobile exports reached 5.8336 million units, a year-on-year increase of 22.6%, with an export value of 107.372 billion US dollars, a year-on-year increase of 15.8%. Among them, the export of new energy passenger vehicles was 1.8234 million units, a year-on-year increase of 17.5%, with an export value of 37.374 billion US dollars, a year-on-year increase of 5.3%. Chinese automobiles have gained favor in overseas markets due to their innovative technology and excellent quality.

Looking ahead to the new year, what is the trend of China's automobile exports? Regarding this, Sun Xiaohong, Secretary General of the Automotive Internationalization Professional Committee of the China Chamber of Commerce for Import and Export of Mechanical and Electrical Products, predicts that China's automobile exports will reach another peak in 2025, with a growth rate of around 10%, and are expected to reach the level of 6.6 million vehicles.

Export markets are becoming more diversified

In the past year, China's automobile export market has shown diversified characteristics, covering not only developed country markets but also emerging markets and developing country markets.

At present, the top three destination countries for China's vehicle exports are Russia, Mexico, and the United Arab Emirates, with exports to the UAE experiencing double-digit growth compared to the same period last year. Data shows that in the first 11 months of 2024, China exported 1.0597 million complete vehicles to Russia, a year-on-year increase of 26.1%; The total number of vehicles exported to Mexico was 422000, a year-on-year increase of 12.1%; The total number of vehicles exported to the United Arab Emirates was 291600, a year-on-year increase of 113%.

Mexico, Russia, and Chile are the three major destinations for Chinese truck exports. Data shows that in the first 11 months of 2024, China exported 85800 trucks to Mexico, a year-on-year increase of 63.5%; The number of trucks exported to Russia was 63500, a year-on-year decrease of 13.8%; The number of trucks exported to Chile was 30300, a year-on-year increase of 22.1%.

The top three destinations for Chinese bus exports are Saudi Arabia, Vietnam, and Peru. Data shows that in the first 11 months of 2024, China exported 7846 passenger cars to Saudi Arabia, a year-on-year increase of 88.8%; The number of buses exported to Vietnam was 6732, a year-on-year increase of 46.9%; The number of buses exported to Peru was 5408, a year-on-year decrease of 12.7%.

Highlight of export structure

From the perspective of export structure, passenger cars are still the main force in exports, including sedans, SUVs, and MPVs. These models can meet the needs of overseas markets, especially SUV models, which have become the first choice for overseas consumers due to their off-road performance and spacious space. Data shows that from January to November 2024, China's passenger car exports exceeded 5 million units, with an export value of 80.183 billion US dollars, an increase of 23.8% and 16.2% year-on-year, respectively.

Commercial vehicles are also important models for China's automobile exports, including trucks and buses. With the continuous advancement of global infrastructure construction, the demand for commercial vehicles in the market continues to grow, providing vast space for China's commercial vehicle exports. Data shows that from January to November 2024, China exported 830700 commercial vehicles, with an export value of 27.189 billion US dollars, an increase of 15.9% and 14.7% year-on-year, respectively.

New energy vehicles are a major highlight of China's automobile exports. With the increasing global emphasis on environmental protection and sustainable development, the competitiveness of China's new energy vehicles in the international market has rapidly improved. In the past year, China's new energy vehicle exports have also achieved year-on-year growth. Data shows that in the first 11 months of 2024, China exported 1.8234 million new energy passenger vehicles, a year-on-year increase of 17.5%, with an export value of 37.374 billion US dollars, a year-on-year increase of 5.3%.

Belgium, the United Kingdom, and Brazil are the top three export destinations for China's new energy passenger vehicles. Data shows that in the first 11 months of 2024, China's exports of new energy passenger vehicles to Belgium amounted to 6.432 billion US dollars, a year-on-year increase of 21.7%; The amount of new energy passenger vehicles exported to the UK was 3.356 billion US dollars, a year-on-year decrease of 24.5%; The export of new energy passenger vehicles to Brazil amounted to 2.928 billion US dollars, a year-on-year increase of 148.7%.

Accelerate overseas market layout

China has provided various policy support for automobile exports, aiming to promote the internationalization of the automobile industry and enhance the competitiveness of Chinese automobile brands in the international market. In February last year, the Ministry of Commerce and nine other departments issued the "Opinions on Supporting the Healthy Development of Trade Cooperation in New Energy Vehicles", proposing 18 measures from six aspects: enhancing international business capabilities and levels, improving the international logistics system, strengthening financial support, optimizing trade promotion activities, creating a favorable trade environment, and enhancing risk prevention capabilities, promoting the improvement and efficiency of trade cooperation in new energy vehicles.

Under the guidance of policies, many Chinese automobile companies have increased their export efforts and actively laid out overseas markets, and BYD is one of them. Data shows that BYD's overseas sales of passenger cars reached 417204 units in 2024, a year-on-year increase of 71.9%. Meanwhile, BYD has invested in building factories in countries such as Thailand, Hungary, and Brazil, further enhancing its production capacity and competitiveness in overseas markets. Nowadays, BYD's new energy vehicles have covered 96 countries and regions around the world, especially in Europe, South America and other regions. BYD's automotive products have been recognized by local consumers.

Not only BYD, but also SAIC Group continues to deepen its layout in the international market. In 2024, SAIC Group's overseas market terminal delivery volume reached 1.082 million vehicles, a year-on-year increase of 2.6%. SAIC MG focuses on the HEV segment market, with sales exceeding 240000 vehicles in Europe, achieving counter trend growth. At the same time, SAIC Group actively strengthens international cooperation and has established a full value chain of the automotive industry overseas, including innovation and research centers, production bases, marketing centers, supply chain centers, and financial companies. Its products and services have entered more than 100 countries and regions around the world. SAIC has three major R&D and innovation centers, four vehicle manufacturing bases, over 100 parts production and R&D bases, and more than 2800 marketing service outlets overseas... It has become an automobile enterprise with a "full industry chain going global".