Automobiles are ready to be exported from the Taicang Port, East China’s Jiangsu Province, on October 31, 2022. Cars handled by the port from January to September reached 218,700, of which 60,700 were exported. The car throughput in September reached 33,700, with 22,500 being exported, hitting a record high. Photo: cnsphoto.

Chinese automakers are accelerating efforts to sell their vehicles abroad with China auto exports hitting a record high in October, data from Association of Automobile Manufacturers (CAAM) showed on Thursday.

The exports of vehicles from China increased 12.3 percent from September to 337,000 units in October, increasing 46 percent from the previous year, CAAM data showed.

Exports of new-energy vehicles (NEV), rose 1.2 times from September to 109,000 units in October, up 81.2 percent year-on-year, data showed.

In domestic market, October sales of NEVs also get boosted by government incentives which encourage trade-ins of conventional gasoline vehicles for electric ones.

In October, the sales of new energy vehicles came in at 714,000 units, with year-on-year growth of 81.7 percent.

Overall auto sales in China also rose 6.9 percent year-on-year in October, as government incentives to revive the auto market and stoke demand.

On monthly basis, October automobile production and sales were down 2.7 percent and 4 percent from the previous month as impact of the epidemic weighed on the market, CAAM said.

However, as stimulus policies including the exemption of vehicle purchase taxes are still in place, production and sales has ensured continued growth momentum compared with the same period last year, it said. 

BYD said in its third quarter financial report that its operating revenue reached 117.08 billion yuan ($16.14 billion) during the reporting period, with a year-on-year growth of 115.59 percent. 

GAC Group reported operating revenue of 31.52 billion yuan in the third quarter, up 24.6 percent from the second quarter and 51.58 percent from a year earlier.

Changan Auto also said its operating revenue came in at 28.778 billion yuan in the third quarter, with a year-on-year growth of 28.39 percent.

In a move to further stabilize consumption, China has announced the extension of vehicle purchase tax exemptions until the end of 2023.

CAAM said that it expects automobile production and sales in the fourth quarter will continue to maintain rapid growth, supported by the government’s policies to stabilize the economy and promote consumption.