South Korean media: China's car exports will once again set a new historical record this year!
On February 5, South Korean media "Today's Finance" published an article stating that forecasts suggest China's car exports this year will increase by about 25% compared to last year, reaching over 7 million units, a historic high.
UBS Group predicts that the export volume of internal combustion engine vehicles from China this year will grow by 4%, reaching 3.4 million units, while the export volume of electric vehicles will surge by more than 50%, reaching 3.7 million units. They also predict that by 2030, China's car exports will increase to 9.4 million units, doubling the figure in 2024.
The China Passenger Car Association predicts that driven by the strong performance of electric vehicle manufacturer BYD, the export volume this year will grow by 20%.
Main export markets include Mexico, the Middle East, Russia, and Europe.
Consulting firm Omdia pointed out in a recent report, "Overseas markets are playing a 'pressure relief valve' role, helping China alleviate the problem of excess production capacity. With cooling domestic demand in China, companies choose to export rather than shut down factories to absorb the idle production capacity of internal combustion engine vehicles."
It is expected that competition among enterprises in the Chinese domestic market will intensify. Especially after reducing tax and subsidy incentives for electric vehicles, the competition in China's electric vehicle market is expected to further intensify.
China has more than 100 electric vehicle companies, and 119 new models are planned to be launched this year.
China's "seven major"整车 (vehicle manufacturing) companies, including BYD, Great Wall Motors, Chery, SAIC, Guangzhou Auto, and Geely Auto, have 31 overseas manufacturing plants.
Original article: toutiao.com/article/1856251586036036/
Statement: The article represents the views of the author.