China’s car sector broke production and sales records last year, buoyed by surging deliveries of electric vehicles and rising exports to markets such as Russia.
VW’s sales in mainland China and Hong Kong trailed well behind overall market growth, while GM’s mainland China deliveries dropped below its US sales for the first time since 2009.
Chinese carmakers are expected to export 5 million vehicles in 2024, with much of the demand coming from markets such as Southeast Asia and firmly establishing China as the world’s No 1 exporter, the Swiss bank says.
Recently, the Japan Automobile Industry Association released export data, showing that Japan's automobile export volume from January to November 2023 was 3.99 million units, and the annual export volume is expected to be around 4.3 million units.