Cars, record production in China at 30 million thanks to exports (+58%)
The Russian market weighed on exports. Battery-powered vehicles rise to 24% of registrations in China in 2023, up from 12% in 2021
2' min read
2' min read
Chinese car production set a record in 2023, thanks to increased exports of electric vehicles and shipments to Russia that filled the gap created by the exit of Western manufacturers.
Last year, carmakers in the Dragon produced 30.16 million vehicles (up from 27.02 million in 2022), according to data from the China Association of Automobile Manufacturers (Caam), surpassing previous records set in 2017. Exports rose 58% to 5 million units, overtaking Japan's 4.3 million.
Yet 2023 had started with a slowdown in registrations in China. 'Price discounts have had an impact on the market and the recovery in car consumption is underway,' commented Chen Shihua, deputy secretary general of Caam. 'Towards the end of the year, the car market performed better than expected and production and sales volumes set records,' said Chen.
Russia, as mentioned, was the top destination for Chinese car exports in 2023, receiving more than 841,000 vehicles in the first 11 months of the year, more than double the number sent to Mexico, the runner-up. Chinese car manufacturers took advantage of the abandonment of the Russian market by large groups such as Volkswagen and Toyota, following Russia's invasion of Ukraine in early 2022.
State-owned giant SAIC Motor remains the biggest exporter, while Chery took second place, thanks to deliveries to Russia. The first private group, Geely, and Changan follow in third and fourth place, again according to Caam.
