China’s car exports to achieve global No. 1 for the first time in 2023！

On January 9, the reporter learned from the National Passenger Vehicle Market Information Association (Passenger Association) that the domestic retail sales of new energy passenger cars in 2023 will be 7,736,000 units, an increase of 36.2% year-on-year, and the annual penetration rate will be 35.7%, an increase of 8.1 percentage points. China is still a low-penetration country with a penetration rate of only 195 passenger cars per 1,000 people by the end of 2022, and as the world’s automobile factory, China has a huge scale of potential new buyer groups, the CPPCC said.

According to the data of the Passenger Association, the cumulative retail sales of passenger cars in China in 2023 totaled 21.699 million units, up 5.6% year-on-year. the cumulative production of new-energy passenger cars in 2023 totaled 8.920 million units, up 33.7% year-on-year; the cumulative wholesale sales totaled 8.864 million units, up 36.3% year-on-year; the cumulative retail sales totaled 7.736 million units, up 36.2% year-on-year; and the cumulative export sales totaled 1.048 million units, up 72.0% year-on-year. year-on-year growth of 72.0%.

From the perspective of automobile enterprises, the main automobile enterprises gained huge increment. According to the data of the Passenger Vehicle Association, the top five enterprises increased 2.29 million units, accounting for 97% of the annual increment of 2.35 million. BYD, Chery, Geely and Changan all gained incremental export and domestic new energy incremental volume, and FAW-Volkswagen’s domestic incremental volume was better. Other car companies have no incremental volume overall, but joint venture companies BMW Brilliance, FAW Volkswagen, and Jiangsu Yueda Kia have achieved better sales growth in the same ratio, and Volvo Asia Pacific and Chery Jaguar Land Rover have also achieved positive sales growth.

The passenger association said that 2023 is a year of miracle for China’s automobiles, with record highs in passenger car wholesales and exports, allowing everyone to re-recognize the potential of China’s automotive industry and the market’s room for development. With the continued contribution of electrification transition and incremental exports, China’s auto production and sales are expected to exceed 40 million units in the future.

It is worth paying attention to the fact that China’s automobile exports will grow vigorously in 2023.

According to the customs data compiled by the Riders’ Federation, China’s auto exports have reached the world’s first in terms of quantity and value. Analysis by the Passenger Association said that there is a global demand of more than 60 million units in the international market, and the competitiveness enhancement brought by the quality improvement of China’s own brand fuel vehicles and leading intelligence, superimposed on the new blue ocean of overseas market brought by leading the international trend of electric vehicles, has pushed the growth of China’s exports. At the same time, due to the high unit price and good profits of exports, independent brands rely on exports to gain huge profits and share the cost pressure of domestic sales, so exports climbed.

“Along with China’s new energy’s scale advantage and market expansion needs, Chinese-made new energy product brands are increasingly going out of the country, and their recognition overseas continues to improve, coupled with the continuous improvement of the service network, the new energy export market remains positive and promising.” The Rideshare Association pointed out.

For the passenger car market in January 2024, the Crew Association believes that the car market promotion in December 2023 was particularly strong, releasing part of the demand for car purchases early, so January should be a phase of gradually recycling promotions and realizing smooth sales. However, taking into account the low base reason brought by the early Spring Festival last year and the adjustment period after the policy withdrawal, the retail sales in January this year are still expected to realize significant growth.