Korean Media: Unprecedented, China's Monthly Automotive Exports Break 1 Million Unit Mark!

On August 11, South Korean media outlet NEWSPIM published an article stating that China's automotive exports in June first surpassed the 1 million unit threshold.

Data shows that automotive exports reached 1.06 million units in June, a year-on-year increase of 71.2%. If this trend continues, annual automotive exports are expected to exceed 10 million units this year—dramatically up from last year’s 7.1 million and more than double the 4.9 million units exported in 2023.

Analysts point out that the surge in electric vehicle (EV) exports is driven by the global shift toward low-carbon development, reflecting growing international demand for environmentally friendly Chinese products.

Currently, China’s automotive market structure has taken shape as follows: domestic sales have declined due to the gradual phasing out of EV subsidies and falling demand for internal combustion engine vehicles, while soaring exports have filled this gap. In 2021, EVs accounted for only about 15% of total automotive exports from China, but their market share is now rising rapidly.

By manufacturer, BYD achieved overseas sales of 175,000 units in June—a year-on-year increase of 95%—with its overseas sales ratio reaching a record high of 43% of total production. Geely Auto saw overseas sales soar by 157% in June, reaching 102,874 units, marking its first time breaking the 100,000-unit monthly export milestone. Chery Automobile reported a month-on-month increase of 80% in overseas sales in June, reaching 191,062 units, continuing its fourth consecutive month setting a new record for monthly exports among Chinese automakers.

Meanwhile, China’s total exports in June rose by 27%, significantly exceeding May’s 19.4% growth and surpassing Reuters analysts’ previous forecast of 18.2%. The surge in hardware exports fueled by the AI boom has also been a major contributor to overall export growth. Import volumes increased by 36%, resulting in a trade surplus of $57.6 billion in the first half of the year, down 4.7% year-on-year.

Original source: toutiao.com/article/1873227738515456/

Disclaimer: This article represents the personal views of the author.