China’s passenger car exports surge nearly 85% in April as domestic sales slump
HONG KONG (AP) — China’s passenger car exports rose in April as automakers look to expand in overseas markets as domestic sales continue to decline, an industry group said Monday.
Passenger car exports from China last month rose almost 85% from a year ago to nearly 796,000 vehicles, according to the China Association of Automobile Manufacturers. This figure comes from 748,000 exported vehicles. March.
Among them, exports of new energy passenger vehicles, including battery electric vehicles and plug-in hybrids, rose by more than 120% year-on-year to nearly 420,000 units last month.
However, domestic passenger car sales decreased by 25.5% compared to the previous year to 1.3 million vehicles, reaching the sixth consecutive month on an annual basis. fallsCAAM data showed.
While domestic auto demand in China has weakened this year due to rejected government support for drivers to switch to new energy vehicles, auto analysts said the country’s uncertain economic outlook was also triggered by a global crisis. prolonged real estate sector downturn, It’s also keeping some consumers from buying new cars in the world’s largest auto market.
Competition among Chinese automakers is also fierce. in that Beijing Auto Show More than 1,450 vehicles were exhibited at the event where companies exhibited their products last month. latest models and technologiesFrom AI-powered cars to advanced ultra-fast charging batteries.
Some analysts believe the momentum in domestic auto sales could pick up later this year as more new models are introduced. Yichao Zhang, automotive practice partner at consultancy AlixPartners, added that more Chinese consumers this year will likely start buying new cars again as they increasingly adapt to government subsidy changes.
Leading Chinese car brands abroad BYD and Geely Auto is making progress. In addition to the increase in exports, some automobile manufacturers, including BYD, are also expanding their production capacities abroad by establishing factories in regions such as Europe and Latin America.
like the war in Iran going up Along with gasoline prices, expectations that more drivers around the world will switch to electric vehicles are also rising. According to the Federal Chamber of Automotive Industry, one in six new vehicles sold in Australia in April was an electric vehicle, making BYD the second best-selling brand behind Toyota.
S&P Global Ratings automotive analyst Claire Yuan said oil and fuel prices are likely to remain high for a longer period of time, saying this will likely “encourage consumers to buy electric vehicles, which will benefit China’s electric vehicle exports.”
