Many domestically produced cars are assembled at Yantai Port ready to be loaded for export in Yantai, East China’s Shandong Province on December 5, 2023. The China Association of Automobile Manufacturers said that from January to October, China’s exports of new-energy vehicles amounted to as high as 995,000 units, a year-on-year increase of 99.1 percent. Photo: VCG

The total sales of China’s new-energy vehicles (NEV) is expected to reach 11.5 million this year, up 20 percent over 2022, and exports of all automobiles will reach 5.5 million units, with the sector becoming a major thrust of the country’s economy, the China Association of Automobile Manufacturers (CAAM) said on Monday.

As one of China's three major tech-intensive green products, NEVs will continue to drive the advancement of cutting-edge innovations, accelerate industry collaboration, and unleash a multiplier effect in propelling economic growth, experts said.

According to the CAAM, China’s total auto sales are estimated to hit 31 million units in 2024, an increase of 3 percent year-on-year.

In November, the automotive market recorded better-than-expected performance, with vehicle production hitting a record high. Last month, China’s auto production reached 3.1 million, up 29.4 percent year-on-year. The sales increased 27.4 percent to reach 2.97 million units.

Monthly production and sales of NEVs exceeded 1 million for the first time in November. A total of 1.074 million NEVs were produced, recording a year-on-year rise of 39.2 percent, and 1.026 million were sold, up 30 percent, according to the CAAM.

In the first 11 months this year, China exported 1.091 million NEVs, an increase of 83.5 percent year-on-year.

Fu Bingfeng, secretary-general of the CAAM, said that China's auto market in 2023 showed three major features: auto production and sales hit a record high; NEVs have maintained rapid growth momentum and auto exports continued to improve.

The CAAM expected that China's total auto sales in 2023 will likely reach 30 million units, up 11.7 percent year-on-year. Among them, the sale of NEVs will reach 9.4 million units, up 36.5 percent.

“Due to the effective policy, coupled with the year-end promotions by car companies, the auto market is expected to continue to improve in December, exceeding expectations to complete the full-year target,” said Chen Shihua, a CAAM official.

The rapid development of the NEV sector is resulting from the country's efforts to achieve high-quality and low-carbon development. In recent years, China's foreign trade has sustained growth with improved structures. 

The new "three major industries," namely solar panels, lithium batteries and electric vehicles, earned 798.99 billion yuan in exports, an increase of 41.7 percent year-on-year in the first three quarters this year, official data showed.

In recent years, Belgium, Spain, Slovenia and the UK have become major export destinations for Chinese NEVs, followed by Thailand and other Southeast Asian countries, industry insiders said.


Global Times