World No. 1: China Exports 6.41 Million Vehicles in 2024

The Big Picture

China auto exports continued to be the world’s largest auto exporter in 2024, according to the latest customs data. To be specific, China exported a total of 6,410,000 vehicles in 2024, a 23% increase from 2023. In terms of the export value, China saw $117.4 billion, accounting for 3.3% of China's total exports.

Who's Driving This Growth?

When digging deeper, we can see familiar Chinese domestic carmakers, who are driving this growth.

BYD

BYD sold over 400,000 units globally, among which, 407,700 units were sold overseas, marking a 71% year-on-year growth. BYD NEV car are available in over 50 countries.

Chery

Chery Group continues to dominate the exports ranking, with 114,000 units exported to overseas market. It is worth mentioning that, it’s their 22nd year to hold the top spot for Chinese passenger vehicle exports.

Geely

Geely Automobile sold 112,000 units in overseas markets, up 21% year-on-year.

Pricing Power

Another surprising results, when checking into China’s auto exports data, we found out that the average export price of a car reached $18,300. In 2020, the average export price of a car from China is $14,500. See the leap?

The reason is simple, the Chinese cars are far more intelligent and greener than their competitors in overseas markets, which increases their brand value and market recognition.

Where Are These Cars Going?

Another interesting thing about Chinese auto exports, is that Chinese cars are sold to all the world. The top destinations were Russia, Mexico, the UAE, Belgium, and Saudi Arabia, according to China Passenger Car Association November data.

Chinese brands are marching to Southeast Asia countries, such as Thailand, Indonesia, and Malaysia, emerging Markets like Latin America, South America, the Middle East, and Africa, as well as Western markets.

The Full-Chain Export Strategy

Chinese automakers are enhancing their overseas expansion strategy. They are bringing "full industry chain" to the world. In simple words, Chinese brands are exporting technology, capital, and talent, and products, with a ultimate goal of localized manufacturing.

The key players includes BYD, GAC Aion, Neta Auto, Great Wall Motor, and Changan Automobile, Chery, Leapmotor, and Xpeng. They are either built factories, or set up joint ventures, or proceeded technology transfer.

Additionally, the industry chain companies, such as battery suppliers CATL, Gotion High-tech are going globally.

2025 Outlook

China Association of Automobile Manufacturers (CAAM) is predicting a 5.8% increase in auto exports for 2025. Moreover, Cui Dongshu, the Secretory-General of China Pasenger Cars Association expressed its bold predict that, China auto exports will achieve a 10% year-on-year growth by the end of 2025.

It is not easy for Chinese brands to achieve this gold though, 2025 is the first full executive year of EU tariffs, which brings both opportunities as well as challenges.