China's NEV Exports Surge by 70.9% YOY

In March 2024, China's automobile market announced astonishing car production and sales records. According to the China Passenger Car Association, vehicle manufacturing hit a high of 788,000 units, representing a rapid upswing of 25.2% year on year and an impressive 84.9% gain over the previous month.

The wholesale volume of new energy vehicles followed this trend, increasing by 31.1% year on year and 81.3% sequentially to 810,000 units in March. Conventional vehicles were eclipsed as new energy vehicles dominated, accounting for a staggering 37% of total passenger vehicle wholesales in China.

China's car export business mirrored similar development trend, exporting 502,000 units in March 2024. This statistic represents a 37.9% year-on-year increase and an outstanding 33% month-on-month improvement. Among these, new energy passenger vehicles saw an exceptional export volume of 120,000 units, up 70.9% year on year and 52.8% month on month. Pure electric vehicles accounted for 82.3% of total exports, making them the primary drivers of this growth.

Looking at the performance of major manufacturers, BYD and Tesla emerged as the top new energy vehicle exporters. In March, BYD led the pack with 38,434 units exported, followed by Tesla with 26,666. Data also showed that A0-segment electric vehicles manufactured by Chinese local firms contributed roughly 60% of total exports.