In 2023, China's automobile exports reached 49.1 million units, marking a year-on-year growth of 57.9%, propelling it to the top spot globally for the first time. China's automotive industry is flourishing, not only dominating a significant share of the domestic market but also emerging as a crucial force in global car manufacturing and exports. With advanced technology, high-quality manufacturing, and abundant innovation, Chinese automobiles have garnered international attention. Whether it's electric vehicles, new energy vehicles, or traditional fuel vehicles, Chinese manufacturers continuously innovate to meet the demands of consumers worldwide for high-performance, environmentally friendly, and cost-effective cars. As the international recognition of Chinese automotive brands continues to rise, more exporters are investing in the automotive export industry, seeking new business opportunities. When you have supplier resources and want to explore market trends, the first step is to confirm which countries have a higher acceptance of Chinese automobiles and which countries' importers have a demand for Chinese cars. Customs data can assist you in analyzing the export of Chinese automobiles!

How did China's automobile exports develop in 2023?

1. In 2023, the production and sales of automobiles exceeded 30 million units for the first time.

The annual production and sales reached 301.61 million and 300.94 million units, respectively, with a year-on-year growth of 11.6% and 12%, setting a historical record. The retail sales of automobiles achieved 4.86 trillion yuan, accounting for 10.3% of the total retail sales of consumer goods and contributing to a 13% year-on-year growth in the value-added of the automotive manufacturing industry among industrial enterprises above designated size.

2. New energy vehicles continue to lead globally.

In 2023, the production and sales of new energy vehicles completed 9.587 million and 9.495 million units, respectively, with year-on-year growth rates of 35.8% and 37.9%. The sales of new cars reached 31.6% of the total sales of automobiles. Semi-solid-state batteries with an energy density of 360 watt-hours per kilogram were applied in vehicles last year and were exhibited at the Shanghai Auto Show in April. High-performance chips for vehicle-grade large-scale computing have seen a substantial improvement in performance, integrating various advanced technologies, and becoming popular products showcased at major auto shows.

3. Automobile exports take a further step to a new level.

In 2023, the export of complete vehicles reached 49.1 million units, showing a year-on-year growth of 57.9%, expected to claim the top spot globally for the first time. Among them, the export of new energy vehicles reached 1.203 million units, growing by 77.6%, providing global consumers with diverse consumption choices. The export of power batteries reached 127.4 gigawatt-hours, increasing by 87.1%.

According to research results provided by Chinese industry associations, the Chinese automotive industry's production and sales are expected to achieve stable growth in 2024, with new energy vehicles continuing to maintain a good development trend. It is estimated that in 2024, the production and sales will reach approximately 31 million units, with a slight year-on-year increase of around 3%. The production and sales of new energy vehicles will also reach a scale of around 11.5 million units, growing by about 20%.

If you want to invest in automotive exports, which country is better to export to?

To find out which country has the highest demand for Chinese automobiles, customs data can provide you with references! After logging into the Tengdao Customs Data system, enter "automobile" in the product information, and you can see all the trade information for Chinese automobile exports in 2023 — a total of 26,669 transactions. Click on the report function, and you can see the destination countries for exporting Chinese automobiles. Below is the Tengdao Customs Data on Chinese automobile exports in 2023:

From this, we can see that Vietnam is the largest destination country for Chinese automobile exports. Taiwan and Hong Kong follow, with a significant proportion also going to the United States. When you want to invest in Chinese automobile exports, you can prioritize countries/regions with high demand.

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