China’s car production and exports hit record highs. The country’s car sales will increase by 12 percent to 30.16 million in 2023. And only in December, sales including exports increased by 23.5 percent year-on-year.
China Association of Automobile Manufacturers (CAAM) released information on Thursday (January 11).
According to CAAM, manufacturers sold 30.16 million vehicles last year. Also the car sales at the wholesale level have increased to 30 million. Which includes invoices from dealers. China surpassed the 2017 car sales record in both cases.
In addition, the country’s car exports increased by 58 percent to 4.91 million, said CAAM.
In a briefing on this matter, Chen Shihua, Vice Secretary General of CAAM, said that the price reduction has had an effect in turning around the car market. The car market ended the year better than expected. As a result, production and wholesale levels have reached records.
In early 2022, Russia’s invasion of Ukraine led to car manufacturers including Volkswagen AG and Toyota Motor Corporation leaving the country’s market. And with that opportunity, Russian and Chinese car companies are taking over the market. In addition, the sales in China’s domestic market also increased.
As a result, Russia was the top market destination for Chinese car exports in 2023. In the first 11 months of the year, Chinese car manufacturers exported 841,000 cars to the country. Next is Mexico.
SAIC Motor Corporation retained its position as China’s largest car exporter, according to CAAM data. It is followed by Chery Automobile and Zhejiang Glei Holding Group Corporation.
