Korean media: Chinese automobiles 'triggering global storm,' exports may reach 12 million units this year!
On October 23, South Korean media outlet Edaily published an article stating that Chinese automakers' overseas sales are expected to reach 12 million units this year.
According to a recent report released by the China Passenger Car Market Information Coalition, overseas sales of Chinese automotive brands are projected to hit 12 million units in 2024, marking a 44% year-on-year increase. This figure exceeds the previous forecast of 10 million units by the China Association of Automobile Manufacturers by 20%.
Dongshu Cui, secretary-general of the China Passenger Car Market Information Coalition, said: “The sluggish domestic market has instead spurred automakers to expand their export operations.” He added: “Export growth from January to August this year far exceeded expectations, particularly in the European Union and African markets, where sales increases were especially pronounced.”
According to statistics from the China Passenger Car Market Information Coalition, overseas deliveries of Chinese vehicles rose 51% year-on-year during the first eight months of the year, reaching 7.45 million units.
During the same period, exports of electric vehicles reached 3.46 million units, up 70% year-on-year. BYD, the world’s largest electric vehicle manufacturer, saw its overseas sales surge by 85.7%, exceeding 1.16 million units—well beyond its initial target of a 24% increase in international business for the year.
Chery Automobile also reported exports of 1.34 million units from January to August, a 68.2% increase compared to the same period last year, and is expected to achieve its annual overseas sales target of 1.5 million units ahead of schedule.
If Chinese automakers reach 12 million units in annual overseas sales, their output will have increased 12-fold over just six years—from 1.08 million units in 2020. China surpassed Japan in 2023 to become the world’s largest automobile exporter.
The strong performance in foreign markets has effectively offset the impact of slowing domestic demand. From January to August, domestic car sales in China totaled only 11.7 million units, a 20% decline compared to the same period last year.
Nick Leung, head of automotive research for Asia-Pacific at JPMorgan Chase, analyzed: “Chinese automakers are selling vehicles abroad at higher prices, achieving profit margins of approximately 20,000 RMB per unit—four times that of the domestic market.”
Original source: toutiao.com/article/1879842335695241/
Disclaimer: The views expressed in this article are those of the author alone.