China EV Exports Reach New Records

Estimated read time 1 min read

In March, China’s exports of passenger cars reached a record-breaking 406,000 units, up 39% YoY. Of those, almost 120,000 were new-energy vehicles (NEVs), which equates to a 70.9% YoY rise. After initially surpassing Japan as the leading vehicle exporter in the first quarter, the nation cemented its position as the top auto exporter in the world last year. 4.91 million vehicles were shipped from the nation in 2023, a 57.9% increase over the year before. NEVs made for around 25% of the exports. Throughout this time, new-energy vehicle (NEV) sales and production continued to pick up speed.

The latest pricing battle amongst automakers has strained the bottom line of the many firms in the EV industry, as each company races to capture market share by attracting customers through steep discounts, undercutting their competition. This has reduced the industry’s profit margin from the previous 8% record achieved in 2017 to an all-time low of 4.3% in the first two months of the current year.

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E.F Team

Our team at Eastern Finance is made up of young and knowledgeable professionals who are here to provide you with business news from an eastern perspective.

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