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Author: Cui DongShu Publish Time: 2024-05-17 Origin: 崔东树公众号
Since 2021, with the outbreak of the global COVID-19 pandemic, the strong resilience of China's automotive supply chain has been fully demonstrated. The Chinese car export market has shown exceptional growth over the past two years. Preliminary statistics indicate that in March 2024, Chinese independent car manufacturers' sales in some overseas regions reached 190,000 units, an increase of 38% year-on-year and 34% month-on-month. From January to March 2024, sales of Chinese independent brands in overseas markets totaled 470,000 units, a year-on-year increase of 40%. The retail performance of China's independent brands in statistically measurable overseas markets has been very good.
The significant reasons for the export growth include the improved international cost-effectiveness of fuel vehicles and the surge in exports of new energy vehicles, with Russia contributing nearly 800,000 units to the increase. As a result, both the quantity and average price of Chinese car exports have seen strong growth.
Currently, China's independent brand exports have entered a new stage, which is the opportunity period for the development of new energy vehicles. There has been a significant shift in the export of independent brands, focusing more on new energy vehicles rather than fuel vehicles. In terms of fuel vehicles, our technology is still evidently lagging behind that of European and American products, whereas in new energy technology, we are relatively advanced. Therefore, there is considerable room for the export of Chinese new energy vehicles.
In 2023, the trend for pure electric vehicles in Europe was strong, with the market share of Chinese independent car manufacturers' pure electric vehicles in Europe steadily increasing to 9.2%, though it slightly declined to 8.3% from January to March 2024. Currently, the main challenge facing the export of China's new energy independent brands is the considerable market fluctuation, particularly with difficulties in land transportation to Europe. Nonetheless, the demand for new energy vehicles in Europe remains relatively high, presenting a good opportunity for Chinese exports.
For Chinese independent brands to participate in international competition in the future, there needs to be effective technological improvements to ensure that product technology and standards meet European standards, particularly in testing, environmental protection, and other aspects. New energy vehicle products should be tailored to meet the local needs of Europeans, with targeted improvements. Extensive localization adaptation work is required for new energy vehicle products to achieve high customer satisfaction. Simultaneously, efforts in sales and maintenance are also necessary, including establishing a favorable usage environment overseas, such as charging facilities and after-sales maintenance. This ensures effective support mechanisms are in place to enhance user satisfaction and prevent poor service issues that occurred in the initial phase of exports to developing countries. Improving the passive situation of car exports operating like guerrilla warfare, currently, China's new energy vehicle exports need to build a good reputation and credibility in the European market. Active use of various measures is necessary to minimize trade protection losses.
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Chinese independent car manufacturers have strong sales characteristics in some overseas regions. Preliminary statistics for March 2024 show that sales of Chinese independent car manufacturers in some overseas regions reached 190,000 units, a year-on-year increase of 38% and a month-on-month increase of 34%. From January to March 2024, sales of Chinese independent brands in overseas markets totaled 470,000 units, a year-on-year increase of 40%. The retail performance of Chinese independent brands in statistically measurable overseas markets has been very good.
From the perspective of monthly export trends, exports in recent years still exhibit seasonal characteristics, showing a peak-and-decline pattern similar to a summer roller coaster. According to the retail data of China's car exports overseas, the monthly trend is relatively stable, with recent growth showing a favorable trend. Notably, in December of last year, exports reached a relatively high level of 190,000 units, indicating strong growth momentum. Although the data for some regions in March is not yet complete, it is already approaching historical peak levels and thus may need further revision. The retail data of China's car exports overseas also shows a continuous favorable growth trend.
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China's car exports have performed exceptionally well, with customs data showing extremely rapid growth. According to statistical data from local overseas markets, Chinese car exports are also showing a stronger and more favorable growth trend. The main reason is that, in the past, many of our car exports were to underdeveloped countries like those in Africa or to markets that were difficult to track, so the overseas data was not very comprehensive. Now, our exports are more prominently reflected in some high-end overseas markets, resulting in a noticeable overall increase in the growth rate of Chinese car exports over the past two years. Since 2022, there has been an explosive growth trend in Chinese car exports, with the European market experiencing strong growth for three consecutive years, though this year there is a slight policy-driven slowdown. Previously, Chinese exports to Africa, South America, and other Southern Hemisphere regions were relatively weak, but recently there has been significant improvement in China's independent exports to poorer countries.
The overseas export data of Chinese car companies is equally impressive, especially with the standout performance of leading car companies. Currently, leading companies such as SAIC, BYD, Great Wall, Geely, Chery, and Changan Auto are showing exceptionally strong trends. Notably, SAIC Group's exports have been particularly strong and favorable recently.
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Regarding brand export performance, the main highlights of China's new energy vehicle exports include BYD, SAIC MG, Geely, and Great Wall. Recently, BYD's overseas sales have been particularly impressive.
The Russian market experienced a sharp decline in 2022, leading international car companies to avoid risks. Initially, domestic car companies were also very cautious, with very few exports to Russia. However, recently, some independent car companies have achieved significant sales in Russia, resulting in substantial export growth. Although the complete data for the Russian market in March is not yet available, the numbers are expected to be significant and positive.
From a group export performance perspective, SAIC Group has shown exceptionally strong and favorable performance in the UK, Australian, Mexican, and Italian markets in 2024.
Chery Auto has performed extremely well in the Russian, Brazilian, and Turkish markets, while Great Wall Motors has shown excellent performance in the Russian, South African, and several other markets.
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Verifying Chinese customs export data with data from overseas markets, Chinese new energy vehicle exports have shown strong performance, particularly from domestic brands. Recently, it can be observed that the performance of Chinese auto companies in major markets such as Thailand, Brazil, Australia, and others is also extremely promising. Companies like SAIC, Geely, and BYD have shown relatively outstanding performance in the Nordic markets.
New players also have relatively good performance in the Netherlands and Norway markets. Several new players are primarily entering Europe through Norway, gaining a certain scale, reflecting the successful breakthrough of Chinese auto companies in overseas markets.
