On September 21, 2023, workers assemble new energy vehicles (NEVs) at a factory in Chongqing, southwest China, to fulfill orders from overseas. NEV exports totaled 727,000 units in the first eight months of 2023, an increase of 110% from the previous year, data revealed by the China Automobile Manufacturers Association. Photo: VCG
China will overtake Japan as the largest automobile exporter in 2023. This is a milestone in the internationalization of China’s automobile industry and a positive sign for China’s economic growth.
The achievement further proved China’s competitiveness in the automobile industry and the recognition among consumers around the world of its technological innovation and supply chain advantages, experts said.
Japan exported 4.42 million cars in 2023, according to data released by the Japan Automobile Manufacturers Association on Wednesday, The Japan Times reported. By comparison, 4.91 million vehicles were shipped from China, according to the China Association of Automobile Manufacturers (CAAM).
This is a milestone for the internationalization of China’s automobile industry and indicates the growing presence of the automobile industry in the global market, said Zhang Xiang, director of the Digital Automobile International Cooperation Research Center at the World Digital Economy Forum. He told the Global Times on Wednesday.
Mr. Zhang said new energy vehicles (NEVs) are the driving force behind overall growth. In 2023, China’s NEV exports reached a record of 1.203 million units, an increase of 77.6% from the previous year.
Li Yong, a senior researcher at the China International Trade Association, told the Global Times on Wednesday that China’s auto industry, with its strong supply chain, has embraced innovation and effectively leveraged the new energy wave. .
“Chinese companies are at the forefront of NEV patent filing and technological innovation. They not only excel in innovative production, but also have the advantages of scale and complete industrial chain,” Li said. .
After many years of development, China has established a complete NEV industrial system with seamless integration of upstream and downstream sectors.
China Media Group reported that China’s published patents related to NEVs account for about 70% of the world’s total, and patents for Internet-connected vehicles account for more than 50% of the world’s total.
CATL, a prominent Chinese battery manufacturer, announced its 2023 earnings forecast on Tuesday night, with net profit expected to range from 42.5 billion yuan ($5.99 billion) to 45.5 billion yuan, an increase of 38.31% to 48.07% year-on-year. I expected it to grow. .
The company attributes its success to the introduction of new technologies and products, as well as accelerated expansion into overseas markets.
According to customs data compiled by CAAM, Russia and Spain are among the top 10 destinations for China’s car exports. The top three destinations for NEV exports are Belgium, Thailand, and the United Kingdom.
Zhang said that China’s technological advantages and cost competitiveness have established it as a strong player in the global automobile market.
Zhang added that China’s automobiles, which have the world’s largest automobile industry chain, benefit from lower production costs, giving them greater competitiveness in overseas markets.
Experts are optimistic about China’s automobile export prospects in 2024, expecting further integration into overseas markets with the establishment of localized channels and production facilities.
In December, Chinese electric vehicle manufacturer BYD announced plans to build an NEV manufacturing plant in Szeged, Hungary, accelerating its European expansion.
“The rapid growth of NEV will directly boost overall exports and benefit China’s economic structure optimization and high-quality development,” Liu Chunsheng, a professor at the Central University of Finance and Economics, told the Global Times on Wednesday. .
Mr. Liu said that the auto industry chain is long and has wide influence. Increased NEV exports will promote exports of related parts, raw materials, and batteries.
Trade data showed that China’s export products hold a solid competitive advantage, with technology-driven products serving as a new growth engine for exports.
According to Xinhua News Agency, the total export value of China’s new technology-intensive green trio (solar cells, lithium-ion batteries, electric vehicles) will increase by 29.9% to 1.06 trillion yuan in 2023, reaching the 1 trillion yuan level for the first time. exceeded. report.