Chinese car exports rise steadily, led by new energy vehicles; Chery and SAIC excel globally.

On November 11,imf foreign exchange official website the China Association of Automobile Manufacturers released the latest data showing that China's car exports continued to grow in October, reaching 542,000 units, a month-on-month increase of 0.5% and a year-on-year growth of 11.1%. Among these, passenger car exports were 465,000 units, an increase of 10.7% year-on-year. From January to October this year, the cumulative number of car exports from China reached 4.855 million units, reflecting a year-on-year increase of 23.8%, demonstrating the steady expansion of Chinese automobiles in the global market.

In recent years, Chinese automakers have not only focused on "going global" but also on "moving up" by advancing in quality and brand influence to enter the mid-to-high-end market. According to data from Gasgoo Auto, by 2023, the average export price of Chinese cars had increased to 120,000 yuan, a significant rise from 55,000 yuan in 2018. China Merchants Bank noted in a report that with the rapid development of new energy vehicles and the rise of independent brands, the internationalization path of China's auto industry has shifted from quantitative growth to qualitative improvement.

In terms of new energy vehicle exports, China exported 1.058 million units from January to October, a year-on-year increase of 6.3%. Among them, pure electric vehicle exports were 836,000 units, a decrease of 9.2% year-on-year; plug-in hybrid vehicles performed strongly, with exports reaching 222,000 units, a year-on-year increase of two-fold. The overseas expansion of new energy vehicles has infused new vitality into China's auto industry, with mid-to-high-end models gradually gaining traction in international markets. With the global layout of production capacity, ecological chains, and value chains, the overseas model of Chinese cars is undergoing a comprehensive upgrade.

Chery Automobile, as one of the first Chinese car companies to enter overseas markets, performed exceptionally well in 2023, with export volumes reaching 937,000 units, a year-on-year increase of 101.1%, accounting for nearly half of its total sales. From January to October 2024, Chery exported 941,300 units, accounting for 46.5% of its total sales, ranking first in export volumes among Chinese car companies. SAIC Motor follows closely with exports of 757,000 units, steadily expanding in the global market. In 2023, SAIC Motor's overseas sales exceeded 1.2 million units, with major exports dominated by the acquired MG brand. SAIC holds a significant share in the Western European market, with registrations reaching 212,000 units in 2023, accounting for 40.4% of SAIC's overseas registrations.

In a recent interview, the chairman of Great Wall Motors stated, "Leading Chinese cars out into the world is the mission of our generation of automotive professionals." Whether it's the rise of fuel cars or new energy vehicles, Chinese car companies consistently view globalization as an important goal. The continuous overseas expansion by independent brands represented by Chery and SAIC is accelerating the upgrade of China's auto industry, establishing a new image for Chinese cars in the global market.

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