China’s Automobile Production and Sales to Exceed 30 Million Units in 2023, Setting New Record
Data released by the China Association of Automobile Manufacturers today (11th) shows that in 2023, China’s automobile production and sales will surpass 30 million units for the first time, marking a record high. Among these, 4.91 million units are expected to be exported, positioning China to become the world‘s number one automobile exporter.
The figures for 2023 indicate that China’s automobile production and sales will reach 30.161 million and 30.094 million vehicles respectively, marking a year-on-year increase of 11.6% and 12% respectively. The number of exported vehicles is also expected to see a significant year-on-year increase of 58%. In 2022, China had become the world‘s second largest automobile exporter.
In 2023, China’s exports of cars are projected to reach 4.91 million units, positioning the country to become the world‘s largest car exporter. Chinese cars are already being exported to over 200 countries and regions.
Fu Bingfeng, Executive Vice President, and Secretary-General of the China Association of Automobile Manufacturers, stated, “It took us 55 years to increase the number of Chinese automobile exports from 1 to 1 million. In 2021, it exceeded 2 million, and in 2023, it reached 4.91 million, close to 5 million. This marks the transformation of China’s automobile industry towards electrification and intelligence. Remarkable achievements have been made in this regard, which has accelerated the transformation process of the global automobile industry.”
The Chinese automobile industry has made significant strides over the last 70 years, achieving many firsts. From producing its first “Jiefang” truck in 1956 to surpassing the United States in 2009 as the world‘s largest automobile producer and sales country, China has maintained this record for fifteen consecutive years. The latest data for 2023 shows another historical achievement as automobile production and sales hit a record high, exceeding 30 million vehicles.
New energy vehicles have become an important growth point for China’s automobile industry. The country’s new energy vehicle exports reached 1.203 million units in 2023, marking a year-on-year increase of 77.6%. In the fourth quarter of 2023, China’s independent brand BYD became the world‘s largest pure electric vehicle manufacturer.
Furthermore, China has formed large new energy vehicle industry clusters in various regions, gathering more than a thousand domestic and foreign companies and establishing a structurally complete and organically coordinated new energy vehicle industry chain supply system. This includes being the largest producer of drive motors and holding a 74% share in power battery patent applications globally.
Zhang Jinhua, Chairman of the China Society of Automotive Engineers, stated, “China’s new energy vehicle technology and products have become an important force supporting the transformation of global automobiles. The establishment of China’s new energy vehicle ecological chain will play a greater role in continuously enhancing the linkage of the two resources in the domestic and international markets.”
With its impressive growth in the automobile industry, China is set to become a dominant force in the global market, both in traditional automobiles and the rapidly expanding new energy vehicle sector.