What’s new: China’s passenger vehicle exports jumped 39% year-on-year in March to 406,000 units, setting a monthly record, according to an industry group Tuesday .
Of the exported vehicles, around 120,000 were new-energy vehicles (NEVs), data published by the China Passenger Car Association (CPCA) showed. NEV exports in March increased 70.9% compared with a year ago, it said.
The month’s top three exporters were BYD Co. Ltd. (002594.SZ), Tesla Inc.’s China unit and SAIC Motor Corp. Ltd. (600104.SH), according to the CPCA.
The background: China was the world’s top auto exporter last year, cementing its position after first overtaking Japan as No. 1 in the first quarter, driven by increased NEV exports, deliveries to Russia and intense domestic competition.
The country shipped 4.91 million cars in 2023, up 57.9% from the previous year, according to industry data. Nearly a quarter of the exports were NEVs.
By comparison, domestic sales of passenger vehicles rose 6% to around 1.69 million last month, as many consumers held a “wait-and-see attitude” on purchases, which the CPCA attributed to expectations of more vehicle trade-in programs and steeper discounts offered by automakers amid an intensifying price war in the world’s largest auto market.
Contact reporter Kelsey Cheng (kelseycheng@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)
