China's Car Exports to Extend Growth After Hitting Record High in August, CAAM Says
Liao Shumin
DATE:  Sep 14 2022
/ SOURCE:  Yicai
China's Car Exports to Extend Growth After Hitting Record High in August, CAAM Says China's Car Exports to Extend Growth After Hitting Record High in August, CAAM Says

(Yicai Global) Sept. 14 -- China's automobile exports are expected to keep surging for the next few months after achieving a record high last month, according to an industry organization.

The automobile market is predicted to maintain stable growth through this year, the China Association of Automobile Manufacturers announced today.

The forecast may be right as Shanghai-based carmaker SAIC Motor prepared 10,000 units, the largest batch of China-made electric vehicles headed for Europe, and the ship departed from the Shanghai Haitong International Automotive Terminal yesterday.

Domestic car shipments abroad reached 308,000 units in August, rising by 65 percent from a year ago and a 6 percent uptick from July, based on data released by the CAAM. The export volume of new energy vehicles totaled 83,000 units, up 82 percent from a year earlier and a 54 percent increase from July.

The China Automotive Power Battery Industry Innovation Alliance revealed battery export data for the first time. In August, China's shipments overseas totaled 1.9 gigawatt-hours, including 1.1 GWh of lithium iron phosphate batteries and 0.8 GWh of ternary batteries.

China's NEV sector has entered a stage of fast development, which has facilitated the electrification of the global auto industry, China Central Television reported, citing an official of the Ministry of Industry and Information Technology.

In the next step, China will strengthen its support regarding policy, regulation, consumer finance, credit, and insurance to help domestic brands go overseas, the official added.

Multiple NEV manufacturers have lately revealed their plans of expanding abroad. Shenzhen-based BYD said on Sept. 8 that it will build its first overseas plant for passenger cars in Thailand. The facility is expected to start production in 2024 to have a capacity of around 150,000 units per year. The cars produced will be sold in the Southeast Asian country and other members of the Association of Southeast Asian Nations.

The competence of products made by Chinese NEV brands has greatly improved with relative advantages abroad, Securities Times reported yesterday, citing Wang Du, deputy secretary-general of the China Automobile Dealers Association. NEV exports will become a new sensation in the auto sector’s development, Wang added.

Editor: Emmi Laine, Xiao Yi

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Keywords:   Automobile Export,NEV