China has solidified its position in the global automotive market, exporting an impressive 2.79 million vehicles in the first half of 2024, marking a 31% increase from the same period last year. This figure comprises 2.34 million passenger cars and 450,000 commercial vehicles. With these numbers, China has outpaced Japan, the second-largest exporter, which shipped 2.02 million vehicles during the same time frame.
According to data from the Japan Automobile Manufacturers Association, Japan experienced a slight dip in exports compared to last year, decreasing by 0.3%. This included 1.83 million passenger cars and approximately 187,000 commercial vehicles. While these numbers are more modest, they still showcase the fierce competition faced by Japanese automakers from their Chinese counterparts.
Interestingly, among the vehicles exported from China, only a small fraction were electric or electrified. Specifically, around 605,000 electric vehicles were exported, while the remaining 2.19 million were traditional internal combustion engine vehicles. This indicates that despite significant investments in green technology, the traditional vehicle market still holds a strong presence.
This comes as a surprise to many consumers, as it is commonly believed that China’s strength lies predominantly in pure electric vehicles. However, the reality is that the majority of exported Chinese automobiles are internal combustion engine-powered.
Leading Chinese automakers include Chery Automobile, SAIC Motor Corp, Changan Automobile Co, Geely Automobile Holdings, and BYD. Chery takes the top spot with 532,000 exported vehicles, followed by SAIC at 439,000, Changan at 285,000, Geely at 242,000, and BYD at 207,000 for the first half of 2023.
If this growth trend continues, China could end the year with a total of 5.58 million vehicles exported, a remarkable figure that underscores the country’s automotive industry transformation. China has not only dominated the domestic market but is also rapidly expanding its global reach at an unprecedented pace.
