In August 2024, China exported 610,000 vehicles, a year-on-year increase of 39% from August 2023 and a month-on-month increase of 10%. From January to August, China exported 4.09 million vehicles, with an export growth rate of 27%.
The top 10 countries that China exported the highest volume to for the first eight months of 2024 were (unit: vehicles):
- Russia: 705,514
- Mexico: 323,540
- UAE: 203,048
- Brazil: 192,254
- Belgium: 182,504
- Saudi Arabia: 161,261
- UK: 137,925
- Australia: 118,888
- Philippines: 104,402
- Turkey: 95,650
It is worth pointing out that the Chinese Customs data show that Russia is now China’s largest overseas auto market, accounting for more than 19% of China’s auto exports in August this year, with a record value of 1.6 billion USD. This is driven by the departure of foreign auto brands in the Russian market due to the Russian-Ukrainian War. In 2022, China exported 160,000 vehicles to Russia, and in 2023, China exported 910,000 vehicles to Russia, a year-on-year increase of 459%.
New energy vehicle (NEV) exports
Breaking it down further looking from the lenses of NEVs. Although China’s exports of NEVs were disrupted by the European Union’s tariff policies, China’s exports of NEVs were 1.397 million units from January to August 2024, a year-on-year increase of 25%. In August 2024, the export volume of NEVs was 180,000 units, a year-on-year increase of 20.9% and a month-on-month increase of 2.9%.
The top 10 countries that China exported the highest volume of NEVs to from January to August 2024 were (unit: vehicles):
- Belgium: 170,876
- Brazil: 136,112
- United Kingdom: 88,933
- Thailand: 81,546
- Philippines: 69,987
- Mexico: 61,647
- India: 53,738
- Australia: 51,843
- United Arab Emirates: 47,716
- Germany: 41,105
China’s pure electric passenger car exports for the first eight months mainly grew in Brazil, Belgium, Indonesia, and Mexico. The declining markets are Spain, Thailand, the Netherlands, Australia, and Slovenia.
Chinese cities with the largest export volume
Previously, Tesla’s entry into China made Shanghai the lead region that exported the most NEVs to the overseas market. But recently, with the introduction of the European Union’s tariff policy, Shanghai’s exports have shrunk sharply since Shanghai is the export point for Tesla China and SAIC. In 2024, the regions with strong exports of NEVs are Guangdong, Shaanxi, Hebei, and Jiangsu. For example, BYD’s rise has driven the development of NEV industries in Shaanxi. Shaanxi is one of BYD’s largest production bases in China, with a planned annual production capacity of 1.5 million vehicles.
Source: Cui Dongshu, 163
