China is poised to secure its position as the world’s leading car exporter this year, with a notable achievement of shipping 3.9 million vehicles in the initial 10 months. This revelation was disclosed by an official from the China Council for the Promotion of International Trade during the 21st Guangzhou International Automobile Exhibition. In the face of global challenges, China’s automotive industry has demonstrated remarkable strides in internationalization.
In the first quarter, China outpaced Japan by exporting 1.07 million vehicles, establishing itself as the premier global car exporter. The export volume continued its upward trajectory, registering a significant year-on-year growth of 59.7 percent, culminating in 3.92 million units exported during the initial 10 months. Concurrently, the per-vehicle export price saw an increase, rising from 85,000 yuan in 2014 to 137,000 yuan in the first three quarters of 2023.
Wang Xia, the head of the Council’s automotive sub-council, underscored the impressive evolution of China’s automobile industry on the global stage. In 2001, the industry’s export value was a mere 1.56 billion U.S. dollars, constituting just 0.65 percent of the global share.
Looking forward, Wang expressed confidence in the continued growth of China’s car market. He foresees new opportunities emerging as a result of policies aimed at economic stabilization, the encouragement of consumption, and the gradual restoration of consumer confidence.