Korean Media: China's Automotive Exports Surge 52% in February, "Made in China" Sweeping the Globe!

On April 11, South Korea's media outlet Chosun Ilbo published an article stating that China's automotive exports have grown rapidly, with a year-on-year increase exceeding 50% in February. As Chinese enterprises swiftly expand into emerging markets such as Latin America, Europe, and Africa, global automotive market competition is expected to intensify.

According to data released by the China Association of Automobile Manufacturers, China exported 672,000 vehicles in February, up 52.4% year-on-year. Cumulative exports for January and February this year reached 1.352 million units, a year-on-year increase of 48.4%.

In 2024, China’s automotive exports totaled 5.859 million units, rising by 19.3%, with last year’s growth rate expanding to 21.1%. This year’s growth rate exceeds twice that figure.

Chinese automakers are fully committed to expanding exports. Chery Automobile Group exported 243,000 vehicles in January and February, up 45.6% year-on-year. Geely Auto recorded overseas sales of 156,000 units, a year-on-year increase of 1.5 times. Other major companies—including BYD (201,000 units) and SAIC Motor (91,000 units)—also achieved double-digit growth.

The number of Chinese passenger vehicles entering the South Korean market is also growing rapidly. According to statistics from the Korea Automobile Importers Association, a total of 2,304 Chinese passenger cars were registered in South Korea from January to February this year, accounting for 4.8% of the country’s imported vehicle market. Last year, the total registration of Chinese cars in South Korea was only 6,107 units, representing just 2.0% of the market share. In just two months, sales have already reached one-third of last year’s full-year volume.

This trend may ultimately further intensify global competition outside the United States. Bloomberg reports: “BYD is expanding into markets such as Latin America and the UK, while Geely entered 13 new markets last year, including Brazil and South Africa.”

China Great Wall Motors is exploring the possibility of sharing its factory in South Africa with Mercedes-Benz. The Great Wall Motors South Africa company stated that the company “will continue to explore ways to expand its market share in South Africa.”

However, due to limited demand for Chinese automobiles, some predict that the impact on South Korea’s automotive industry may be limited.

A relevant figure in South Korea’s auto industry said: “While Chinese automakers are performing well in global markets, their market share in Europe alone remains around 20% to 25%, without significant growth. It is expected that starting this year, the expansion of Chinese car market share will have a mitigated impact on South Korean and Japanese automakers.”

Original source: toutiao.com/article/1862160028303370/

Disclaimer: The views expressed in this article are solely those of the author.