Local Chinese car brands are making their mark on the global market, with a significant 40% growth in overseas sales in the first quarter. SAIC and Chery lead the pack in driving this expansion.
What?
In the first quarter, Xpeng, Nio, Leapmotor, and other local auto brands collectively exported 470,000 units overseas, marking a 40% increase from the previous year. This surge in sales comes as China continues to solidify its position as the world’s largest car market. Including foreign brands, a total of 1.32 million vehicles were exported from China during this period.
Why does it matter?
SAIC, Chery, Great Wall Motor, and BYD emerged as the top exporting Chinese automakers, with SAIC leading the charge by selling 126,053 units abroad. These companies played a pivotal role in contributing to China’s overall auto exports, with local brands accounting for 35.6% of the total exports in the first quarter.
Among the newer players in the market, Neta Auto, Xpeng, Nio, and Leapmotor made notable contributions to overseas sales. Additionally, in terms of new energy vehicle (NEV) sales, BYD, SAIC, Geely, and Great Wall Motor stood out as major players, collectively selling thousands of units overseas.
The value of Chinese NEVs exported in the first quarter reached $11.1 billion, representing an 18% increase year-on-year. This growth highlights the rising demand for Chinese electric vehicles in global markets.
How is it going to shape the future?
Europe and Asia emerged as the key export destinations for Chinese carmakers, with South America and North America also showing promising sales figures. As Chinese auto brands continue to expand their global presence, the possibility of setting up manufacturing plants in strategic locations like Mexico, as BYD is considering, could further propel their growth on the international stage.
The success of local Chinese car brands in overseas markets not only boosts the country’s economy but also signifies a shift in the global automotive industry. With continued innovation and market penetration, these brands are poised to make a lasting impact and solidify their position in the competitive global automotive landscape.
Source: https://cnevpost.com/2024/05/06/local-chinese-carmakers-overseas-sales-q1-2024/