2024 China leads the world in automobile exports

By 2024, China has firmly become the world's largest exporter of automobiles. Currently, the overseas sales of Chinese automobiles have become a pillar business for many car companies. From a historical perspective, American, Japanese, German, and Korean cars have all gone global on a large scale and grown into global automotive brand giants, indicating that going global is a necessary step in establishing a competitive automotive industry.

In the first nine months of this year, China's automobile export volume performed outstandingly, with exports reaching 539000 units in September and a total export volume of 4.312 million units from January to September, a year-on-year increase of 27.3%. Among them, the export of traditional fuel vehicles was 3.384 million units, accounting for 78.48%, a year-on-year increase of 32%. The export of new energy vehicle models reached 928000 units, a year-on-year increase of 12.5%.

Where have all these cars been sold? The data shows that from January to September, the largest destination for Chinese cars going abroad was Russia, with a total of 849951 vehicles exported, a year-on-year increase of 33%. Mexico followed closely with an export volume of 353416 vehicles, while the United Arab Emirates exported 230819 vehicles. In addition, Belgium, Brazil, Saudi Arabia, the United Kingdom, Australia, the Philippines and Türkiye also ranked in the top 10.

The sustained growth of China's automobile exports is attributed to various factors.

·On the one hand, enhancing the competitiveness of Chinese automotive products is key, as both fuel vehicles and new energy vehicles demonstrate strong competitiveness in the global market.

·On the other hand, the diversified demand of the global automotive market provides vast space for China's automotive exports, and the rapid growth of emerging markets such as Russia and Mexico brings more market opportunities.

At the same time, the globalization strategy of Chinese car companies plays an important role in deepening their overseas layout, expanding vehicle exports, accelerating localized production overseas, reducing tariff costs, and improving product competitiveness and profitability.

Chery, Geely, and BYD have performed outstandingly among overseas brands. Chery ranks first in exports with a cumulative export of 829000 vehicles, a year-on-year increase of 27.9%. Significant growth has been observed in emerging markets such as Russia and Brazil. Geely has exported a total of 314000 vehicles, a year-on-year increase of 68%, and has performed well in the Southeast Asian and Middle Eastern markets.