China's Overseas Auto Sales Are Booming
In 2024, the export data released by the China Association of Automobile Manufacturers is exciting: the export volume reached 5.86 million vehicles, a year-on-year increase of 19%, surpassing Japan for two consecutive years and ranking first in the world. This achievement demonstrates the significant improvement in the competitiveness of China's automobile industry in the global market, and also marks that China's automobile "going overseas" has entered a new stage.
The Export Data Is Impressive, And Emerging Markets Perform Outstandingly
From the perspective of exporting countries, Chinese cars shine in many overseas markets. Russia became the largest market for Chinese automobile exports in 2024, with imports reaching 1.158 million vehicles, and an increase of about 27% compared with 2023. Mexico ranked second with an import volume of 445,000 vehicles, and the UAE, Belgium and Saudi Arabia also ranked among the top five.
In emerging markets, Chinese cars performed particularly well. In Brazil, BYD will sell 76,811 vehicles in 2024, and its registration ranking will jump from 15th in 2023 to 10th, with a growth rate of 328%, winning the title of "No. 1 in the Fastest Growing Brand List in 2024". In Mexico, BYD will sell 40,000 electric vehicles and hybrid vehicles in 2024, and BYD Song PLUS DM-i will be the sales champion of plug-in hybrid models, and it will be the first SUV in Mexico with sales of over 10,000 in 2024. In Colombia, BYD topped the 2024 car sales list with an annual sales volume of 3,900 vehicles.
The success of Chinese cars in overseas markets is inseparable from the progress of their own technology. In the fields of new energy and intelligence, Chinese cars have been at the forefront of the world. BYD's self-developed technologies such as blade batteries, DM-i super hybrids, and God's Eye Intelligent Driving have enabled it to form a differentiated competitive advantage in overseas markets. At the same time, Chinese auto brands are actively deploying production bases and sales networks overseas to better meet the needs of local consumers through localized production and services. Take Chery as an example. It has set up R&D centers overseas to optimize products for different market demands. Through the dual-track strategy of "localized factory construction + export", it has become one of the Chinese brands with high recognition among local consumers in markets such as Russia and Brazil.
Export Structure Changes, Traditional And New Energy Have Their Own Performance
In 2024, China's automobile exports showed that traditional fuel vehicles were better than new energy vehicles. This is contrary to the situation in the high-speed growth period in previous years. The main reason is that Europe's anti-subsidy investigation on Chinese electric vehicles and the United States' imposition of high tariffs on Chinese new energy vehicles have made China's new energy vehicle exports face great obstacles. However, this does not mean that China's new energy vehicles have lost their competitiveness in overseas markets. In some regions with high acceptance of new energy vehicles and friendly policies, China's new energy vehicles still maintain a strong growth trend. For example, in Southeast Asia, with the continuous improvement of infrastructure and the improvement of consumers' environmental awareness, China's new energy vehicles have gradually expanded their market share.
There Are Still Many Challenges To Face, And Future Development Needs To Break Through
Although China's automobile overseas sales have achieved remarkable results, it also faces many challenges. Tariffs and non-tariff trade barriers are increasing. In order to protect their own automobile industries, some countries have set high tariffs, quotas and other trade restrictions, and have also put forward strict requirements in terms of technical standards, safety regulations, etc., which has increased the difficulty for Chinese cars to enter the local market. At the same time, geopolitical uncertainties also bring risks to China's automobile exports. For example, changes in international relations may affect market access and sales environment. In addition, insufficient brand awareness and localization capabilities are also problems that Chinese cars need to overcome in overseas markets. In some mature automobile markets, consumers are more loyal to traditional automobile brands. Chinese automobile brands need time and effort to improve brand awareness and reputation.
The China Association of Automobile Manufacturers predicts that my country's automobile exports will reach 6.2 million vehicles in 2025, a year-on-year increase of 5.8%. This forecast is relatively cautious. In the future, Chinese automobile brands should continue to increase investment in technology research and development, improve product quality and performance, and break through trade barriers and technical standards. At the same time, it is necessary to strengthen brand building, enhance brand image, better integrate into the local market through localized production, research and development, and services, and enhance consumers' trust in Chinese automobile brands. Against the backdrop of global energy transformation and automotive industry change, Chinese auto companies are expected to achieve even greater success in overseas markets by leveraging their advantages in new energy and intelligent technologies, and become an important force in promoting the development of the global automotive industry.