Industry dynamics

China exported 2.45 million vehicles from January to May 2024, up 26%

Publishtime：1970-01-01 08:00:00 Views：20

In May 2024, China exported 568,000 vehicles, a year-on-year increase of 29% and a month-on-month increase of 2%; from January to May, China exported 2.45 million vehicles, a year-on-year increase of 26%, according to Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA).

From January to May 2024, Chinese vehicle export value reached 46.4 billion USD, with an export growth rate of 20.1%; and the average export price of automobiles was 19,000 USD, which remained consistent compared to 2023.

May 2024 Export Volume

The top five countries that China exports to in May 2024 in terms of number of vehicles are:

  • Russia: 103,763
  • Brazil: 53,164
  • Mexico: 42,192
  • Belgium: 28,851
  • UAE: 28,661

More specifically, the top five countries in terms of new energy vehicle exports in May 2024 are:

  • Brazil: 45,501
  • Belgium: 26,502
  • United Kingdom: 16,859
  • Mexico: 8,680
  • Thailand 8,174

In May 2024, 207,000 new energy vehicles were exported, a year-on-year increase of 33%; from January to May, 870,000 new energy vehicles were exported, a year-on-year increase of 29%.

January to May 2024 Export Volume

Furthermore, the top five countries that China exports to from January to May 2024 cumulatively are:

  • Russia: 372,542
  • Mexico: 190,897
  • Brazil: 159,612
  • Belgium: 124,081
  • UAE: 114,530

More specifically, the top five countries in terms of total new energy vehicle exports in the first five months of this year are:

  • Brazil: 130,967
  • Belgium: 115,318
  • United Kingdom: 67,956
  • Thailand: 54,744
  • Philippines: 45,115

At the same time, in the first five months of this year, markets such as Australia, Spain, Israel, Thailand, and Ecuador declined significantly. On the other hand, the Central Asian and Russian markets performed relatively strongly, with the Russian market becoming a core market for growth due to the Russia-Ukraine War.

Moreover, the growth of plug-in hybrid vehicles mainly comes from markets such as Brazil and Mexico. The markets with a decline in plug-in hybrid vehicle imports are Belgium, France, Germany, Israel, and the UAE.

Chinese vehicle export data 2007 – May 2024 | Blue bar chart: export volume in units of 10k | Red line: growth rate in %.

In 2023, China exported 5.221 million vehicles, a year-on-year increase of 57.4%. Within the first five months of 2024, the cumulative export volume is 47% of the 2023 total export volume. Will this year’s performance be even better?

Source: Cui Dongshu of CPCA