According to the China Association of Automobile Manufacturers (CAAM), Chinese automakers sold 1.76 million automobiles in foreign markets in the first five months of 2023, an increase of 81.5% over the same period last year.
Industry experts noted that the Chinese vehicle industry has begun to accelerate since April, but warned that carmakers have significant obstacles in achieving year-over-year sales growth.
According to CAAM statistics issued on Friday, passenger vehicles accounted for the majority of Chinese exports. Sales grew by 96.6% from January to the end of May, totaling 1.46 million units. Meanwhile, commercial vehicle exports totaled 291,000 units, representing a 30.9% increase.
In the first five months of the year, exports of new energy cars – comprising electric vehicles, plug-in hybrids, and hydrogen vehicles – surged by half to 457,000 units.
According to the CAAM, the year-on-year increase rates are primarily due to weaker comparative bases in 2022, which came from the significant impact of the Covid-19 pandemic on production and sales.
In 2022, China’s car sales totaled 26.86 million units, representing a 2.1% increase over the previous year. Vehicle sales and manufacturing began to recover in June 2022, following Covid-19 outbreaks that significantly interrupted supply chains for about two months and resulted in a component shortage across the country, particularly in Shanghai, which saw the most severe lockdowns.
