Which market consumes the most Chinese cars?

In August, China exported 610,000 cars, an increase of 39% compared to August last year and a 10% increase from July. Cumulatively for the first 8 months of the year, China's car exports reached 4.09 million units, a 27% increase from the same period last year.

Here are the top 10 import markets for Chinese cars in the first 8 months of 2024:

Notably, China Customs data shows that Russia is now the largest export market for China's automotive industry, accounting for over 19% of total exports in August, reaching a record high of $1.6 billion. The main reason is foreign car brands withdrawing from the Russian market due to the conflict between Russia and Ukraine.

In 2022, China exported 160,000 cars to Russia, and in 2023, the number surged to 910,000 cars, a 459% increase.

For new energy vehicles (NEVs), despite disruptions caused by EU tax policies, China's exports reached 1.397 million units in the first 8 months of this year, a 25% increase from the same period last year.

In August, China's export of new energy vehicles reached 180,000 units, up 20.9% from August last year and 2.9% from July.

Here are the top 10 import markets for Chinese new energy vehicles in the first 8 months of 2024:

China's export of pure electric vehicles in the first 8 months of this year mainly saw growth in Brazil, Belgium, Indonesia, and Mexico. Markets that experienced decreases include Spain, Thailand, the Netherlands, Australia, and Slovenia.

Previously, the presence of Tesla had made Shanghai the leading region in China for exporting new energy vehicles. However, recent changes in EU import tax policies for cars produced in China have led to a sharp decline in Shanghai's exports, as Shanghai serves as the export hub for Tesla China and Shanghai Automotive Industry Corporation (SAIC).

In 2024, the regions with the highest exports of new energy vehicles from China are Guangdong, Zhejiang, Hebei, and Jiangsu. For example, the rise of BYD has driven the development of the new energy vehicle industry in Zhejiang. Zhejiang is one of the largest manufacturing centers for BYD in China, with a designed production capacity of 1.5 million vehicles per year.