(Yicai) Nov. 19 -- China's car exports are on track to retain the first spot globally for the third consecutive year this year, driven by strong new energy vehicle exports.

China exported nearly 5.62 million autos in the first 10 months of the year, up 16 percent from a year earlier, buoyed by a 90 percent jump in NEV exports to set a new record of over two million units, according to data from the China Association of Automobile Manufacturers. The export value climbed 14 percent to CNY798.4 billion (USD112.3 billion).

NEVs have become a key factor in boosting auto exports, said Chen Shihua, deputy secretary-general of the CAAM. The average monthly export volume of NEVs was about 100,000 units last year, which doubled to around 200,000 units per month this year, he added.

Japan became the world's largest auto exporter in 1980 and kept the leading position until 2023, when China surpassed it. In the past two years, China has been ranking first globally, and it is expected to retain the crown also this year. In the first three quarters, China's car exports reached 4.95 million vehicles, compared with Japan's 3.06 million units.

China's NEV export destinations are also expanding beyond Japan's traditional fossil fuel car exports. For example, Chinese carmakers exported 9,107 battery electric vehicles to Thailand in September, up 99 percent from a year earlier, according to data from the Federation of Thai Industries. In comparison, Japanese automakers exported about 9,065 gasoline cars to Thailand, down 22 percent in the period.

In the European market, Chinese automobiles have demonstrated strong momentum. In the first eight months of the year, 430,000 Chinese cars were registered in Europe, a 74 percent increase from the same period last year. Chinese NEV giant BYD's sales in Europe surpassed Japanese carmaker Suzuki's, and those of China's Chery Automobile exceeded those of Japan's Mitsubishi.

In the export plans of several Chinese automakers, Europe has been incorporated as an important market. BYD and Chery Auto have already built plants in Europe, while others, such as GAC Group, Geely Automobile Holdings, and Xpeng Motors, have established research and development centers there.

Editor: Futura Costaglione