January 2024 Witnesses a Rise of 27.1% in China's NEV Exports: Association Reports

In January 2024, Chinese exports of new energy vehicles (NEVs) continued to show a strong upward trend. The China Passenger Car Association reported last Thursday that the nation had exported 95,000 new energy passenger cars, marking a 27.1 percent annual increase.

According to the data, NEVs made up 26.8 percent of China's total passenger vehicle export volume for the corresponding month.

In a statement, the association commented on how the scale advantage of China's new energy industry, combined with expanding market demand, has led to an increased number of Chinese-made new energy product brands seeking international markets. They highlighted a growing acknowledgement of these brands on the global stage.

The association further emphasized that this enhanced international acceptance has concurrently been supported by the ceaseless efforts of Chinese automakers to improve their service networks in overseas markets, thereby bolstering Chinese NEV exports.

Performance-wise, based on retail sales data, the association noted that the more affordable, smaller-sized A0-class pure electric vehicles represented nearly 60 percent of all Chinese NEV export sales in overseas markets the previous month. The association also pointed out that the Shanghai-based SAIC exhibited outstanding performance in Europe in January, whereas BYD has established itself as a formidable competitor in the Southeast Asian market.