During the initial half of 2023, China recorded a substantial surge in its vehicle exports, reaching 2.341 million units, marking an impressive 76.9% increase from the previous year. This surge amounted to a noteworthy USD 46.42 billion in revenue, showcasing a remarkable growth of 1.1 times from previous figures.
To provide a comparison, Japan’s vehicle exports for the same period amounted to 2.02 million units, signifying a 17% increase from the previous year. Within China’s exports, electric vehicles have emerged as the most sought-after category, experiencing substantial growth in sales. As a result, new energy vehicles have now become the central focus of China’s vehicle export strategy.
According to China’s Ministry of Commerce, the first four months of the current year saw an impressive 42.9% of the total exported vehicle value attributed to new energy vehicles. These new energy vehicles not only accounted for more than half (51.6%) of the overall growth in vehicle exports but also demonstrated the significant contribution they make to China’s export landscape.