Chinese car exports surge

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Growth in domestic and foreign sales is expected to boost the sector’s post-Covid recovery. Buyers have expressed their surprise and satisfaction, with one customer stating, "This is a Tesla at 0.25 of its price," referring to the Ora Cat model.

The Chinese automotive industry is experiencing significant growth in both domestic and foreign sales, bolstering the sector's recovery from the impact of the Covid-19 pandemic. Buyers of imported Chinese cars worldwide are overwhelmingly surprised by the vehicles' high quality, luxury, advanced features, affordability, and performance. Some buyers even compare their experience to owning a Tesla at a fraction of the price, as expressed by a satisfied Ora Cat customer.

According to the China Association of Automobile Manufacturers (CAAM), Chinese carmakers sold 1.76 million vehicles in foreign markets during the first five months of 2023, reflecting an impressive growth rate of 81.5% compared to the same period last year.

The positive reception from global consumers towards imported Chinese cars can be attributed to their remarkable quality, luxurious features, technological advancements, competitive pricing, and performance. Buyers have expressed their surprise and satisfaction, with one customer stating, "This is a Tesla at 0.25 of its price," referring to the Ora Cat model.

Industry experts have observed that the Chinese vehicle market has been gaining momentum since April. However, they caution that carmakers still face challenges in achieving sustained sales growth throughout the entire year.

Data released by the CAAM on Friday reveals that passenger vehicles account for the majority of China's car exports. From January to May, sales of passenger vehicles experienced a remarkable surge of 96.6%, totaling 1.46 million units. Additionally, exports of commercial vehicles reached 291,000 units, marking a growth rate of 30.9%.

Furthermore, exports of new energy vehicles, including electric vehicles, plug-in hybrids, and hydrogen vehicles, witnessed a substantial increase of 50% during the first five months of the year, reaching a total of 457,000 units.

The CAAM highlights that the impressive year-on-year growth rates are partly attributed to the lower comparative bases in 2022, resulting from the significant impact of the Covid-19 pandemic on production and sales.

In 2022, car sales in China reached a total of 26.86 million units, representing modest growth of 2.1% compared to the previous year. Sales and production gradually recovered from June 2022 onwards, following Covid-19 outbreaks that severely disrupted supply chains for nearly two months, causing component shortages across the country. Shanghai, in particular, faced extensive lockdown measures during that period.

As the Chinese automotive industry continues its post-pandemic recovery, the surge in car exports highlights the growing global demand for Chinese vehicles, driven by their impressive quality, advanced technology, and competitive pricing.
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