(Yicai Global) March 14 -- China's auto exports will rise 20 percent this year, with electric vehicles to account for 50 percent of the growth, predicted the secretary-general of the car unit of China Chamber of Commerce for Import and Export of Machinery and Electronic Products.

The country's overseas car shipments have soared since 2021, led by new energy vehicles, Sun Xiaohong said recently. The globally released demand for pickup trucks further contributed to the growth, Sun noted.

China exported over 3 million autos last year, second only to Japan. Chinese NEVs' shipments abroad jumped 20 percent to 679,000 from a year earlier, while pickup trucks deliveries soared 77 percent to 200,000.

Asia, Europe, and Latin America were China-made vehicles' major destinations last year, Sun added. Exports to Europe rose 36 percent from the year before, while those to Latin America jumped 49 percent.

The Latin American market will gradually return to the pre-pandemic level, the number of China's vehicles shipped to Europe will continue to increase, and Oceania will become a new growth point, Sun said.

Many countries have lowered their exchange rates between 70 percent and 80 percent, and the purchasing power in major markets has dropped significantly, leading buyers to consider the more cost-effective Chinese brands, said Zeng Lang, general manager assistant at Anhui Jianghuai Automobile Group's international unit.

SAIC Maxus Automotive, Great Wall Motor, Jianghuai Auto, and Changan Automobile were the top Chinese car dealers overseas last year, making 70 percent of the total sales.

China's vehicle exports face challenges, including export authentication, exchange rates, and the cost of transportation, a manager of a carmaker's overseas business told Yicai Global. Many European nations cut subsidies for EVs, causing the NEVs market to grow slower, the person added.

China's auto shipments abroad keep on rising but are unstable and have no solid foundations, Sun stressed.

Editors: Shi Yi, Martin Kadiev