Recently, the Japan Automobile Manufacturers Association announced that the export volume of Japanese automobiles from January to November reached 3.99 million units. According to statistics from the China Association of Automobile Manufacturers, China's automobile export volume for the same period was 4.412 million units, representing an increase of approximately 60% compared to the same period last year. It is expected that China will surpass Japan and become the world's largest exporter of automobiles for the first time. As 2023 draws to a close, this trend has become increasingly evident.
China's automobile export volume remained around 1 million units until 2020, after which it rapidly increased, reaching 2.015 million units in 2021 and further rising to 3.111 million units in 2022. Currently, the export volume of Chinese new energy vehicles is not only growing in the European market but also making progress in Southeast Asia, which is considered an important market by Japanese companies. In various overseas car exhibitions this year, Chinese brands have attracted the attention of local consumers. Additionally, Russia has become an important destination for Chinese exports. From January to October this year, China exported 730,000 vehicles to Russia, seven times more than the same period last year.
The sharp increase in China's exports has also raised concerns in the European Union. In October of this year, the EU began investigating subsidies for electric cars in China and stated that if it is determined that Chinese-made electric cars have gained a competitive advantage through subsidies, putting the EU automotive industry at a disadvantage, punitive tariffs may be imposed.
According to the China Association of Automobile Manufacturers, by vehicle type, from January to November this year, the export volume of Chinese passenger cars was 3.72 million units, a year-on-year increase of 65.1%; the export volume of commercial vehicles was 692,000 units, a year-on-year increase of 29.8%. In terms of powertrain types, in the first eleven months of this year, the export volume of traditional fuel vehicles was 3.32 million units, a year-on-year increase of 51.5%; the export volume of new energy vehicles was 1.091 million units, a year-on-year increase of 83.5%.
Looking at the performance of companies, from January to November this year, among the top ten Chinese companies in terms of whole vehicle exports, in terms of growth rate, BYD's export volume was 216,000 units, a year-on-year increase of 3.6 times; Chery's export volume was 837,000 units, a year-on-year increase of 1.1 times; Great Wall's export volume was 283,000 units, a year-on-year increase of 84.8%.
