Editor's Note: Recently, Europe and the United States have begun to amplify the notion of China's supposed "overcapacity" in the production of electric vehicles and solar panels, asserting that it poses a threat to the global market. In response, CGTN will employ data to refute these claims, particularly in the electric vehicle manufacturing sector, by analyzing four key aspects: price, capacity utilization, export rate and technological innovation. This episode will delve into the aspect of pricing.
In 2023, China surpassed Japan to become the world's largest exporter of automobiles. According to China's General Administration of Customs in January, China's auto exports surged to 5.22 million vehicles in 2023, up 57.4 percent year on year.
The massive growth was propelled by a surge in the exports of new energy vehicles (NEVs), which soared 77.6 percent to more than 1.2 million units last year. Exports of pure electric vehicles expanded by 80.9 percent, while those for hybrid ones increased by 47.8 percent year on year, according to the China Association of Automobile Manufacturers (CAAM).
Total auto sales in China surged 12 percent year on year to top 30.09 million units in 2023, while output exceeded 30.16 million units, up 11.6 percent compared with the 2022 level, CAAM data revealed.
Western and Southern European and Southeast Asian markets are China's major auto export destinations, particularly Belgium, Spain, the United Kingdom and Thailand, according to Cui Dongshu, secretary general of the China Passenger Car Association.
China's NEV exports have increased in both volume and price, with the average export price reported to have increased from $19,500 in 2021 to $23,800 in 2023, according to CAAM data.
"Made-in-China vehicles have not only expanded their reach but are also improving in quality and gaining greater market recognition," Cui said.
The CAAM said it expects China's NEV sales to reach 11.5 million units in 2024, while total auto exports are expected to hit 5.5 million units.
According to Zhang Yongwei, vice president of the electric vehicle industry think tank China EV100, China's stronger global presence will change the landscape of the world's auto industry.
Zhang predicts that China's auto exports, combined with vehicles produced in overseas branches of Chinese companies, will surpass 10 million in 2030, of which 50 percent will be NEVs.
(With input from Xinhua)