MILAN, Jan 10 (Class Editori) — According to a study published by UBS analyst Paul Gong, in 2024, Chinese automakers will sell 5 million vehicles abroad, with most of the demand coming from developing markets, strengthening China’s position as the world’s leading automotive exporter.
According to the Swiss bank’s report, Chinese automakers are likely to avoid the consequences of the European Commission’s (EC) anti-subsidy investigations into the country’s electric vehicle (EV) industry.
During a press conference, Gong stated that battery electric vehicles (BEV) will account for 30% of China’s total car exports this year. “China’s EV manufacturers have a technological advantage because, in addition to high-performance batteries, they also have a good command of some techniques that simplify production and reduce production costs,” he explained.
China was already on track to become the world’s largest car exporter in 2023, having exported 4.4 million units in the first 11 months, a 58% increase compared to 2022, according to data from the China Association of Automobile Manufacturers (CAAM). In the same period, Japanese automakers, the world’s largest exporters in 2022, sold 3.99 million units abroad.
China also maintained its position as the world’s leading automotive market in 2023, with 21.7 million units sold, a 5.6% year-on-year increase. In December, sales totaled 2.35 million units, up 8.5% from the previous year, while exports increased by 49% to 385,000 units. New energy vehicles accounted for 26.6% of the total.
Car production in December exceeded 2.68 million units, a 26.6% year-on-year increase.
(Source:Class Editori)
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