Posted on 01/11/2024 4:55:12 AM PST by FarCenter
SHANGHAI -- China's vehicle sales accelerated 12% to record 30.09 million units in 2023, an industry group said Thursday, beating a 3% growth target set earlier.
Higher global demand, especially for Chinese electric vehicles, and fierce competition among automakers who enticed buyers with discounts and new models fueled the rise. Recovering appetite for commercial vehicles was another factor.
"With the EV market maintaining a rapid growth, it has become an important force in leading the transformation of the global automotive industry," said Chen Shihua, a China Association of Automobile Manufacturers (CAAM) spokesperson.
With 30.09 million units sold in 2023, China maintained its position as the world's largest automobile seller. That number included overseas shipments, which grew 58% to 4.91 million units. Pending the actual data release, China could unseat top exporter Japan, which is forecast to ship 4.3 million units.
While Russia and Mexico were the top export destinations overall, shipments to Belgium and Thailand helped drive a 77% climb in overseas demand for Chinese EVs to 1.2 million units.
Though Chinese exports face rising regulatory risks, especially in the European Union, Fitch Ratings has said global demand for EVs from the country will continue due to the nation's strong cost advantages and fierce domestic competition. "Chinese automakers' investments in overseas capacity are set to increase, with the choice of destinations depending on the regulatory environment and potential market coverage," the ratings agency said in a report.
Thursday's data revealed Chinese consumers' ongoing transition away from the internal combustion engine to EVs, including pure battery-powered and plug-in hybrids vehicles. EV sales expanded by 38% to 9.49 million units, accounting for a 31% market share. Demand for plug-in hybrids rose 85% to 2.80 million units, boosting the overall EV growth. In comparison, pure battery-powered vehicles grew 25% to 6.68 million units.
(Excerpt) Read more at asia.nikkei.com ...
China sometimes lies about its economic statistics. Sometimes.
The article is untrue. The reality is there are tens of thousands of China EV's sitting in fields. There are lots of reports and of photos and videos giving testimony to the existence of many, many faild manufacurers and the uncountable cars.
China is exporting EV's by BYD and Tesla
LOL! Well said!
Park the cars in their empty cities.
Ursula Gertrud von der Leyen, head of sinister German accents for threating world peace and temporarily serving as the 13th president of the European Commission says China is dumping EV’s on the European market in an attempt to TAKE OVER THE WORLD (of EV’s.) Anyway, she’s really, really peeved about it and threatening to use her sinister German accent to make them RUE THE DAY! (I’m fairly certain there was some sinister handwashing on the part of the interpreter for the death, just off screen.)
Why do I find this extremely difficult to believe?
And Bill Clinton did not have sexual relations with.....Miss BJ
Too save money, I'll bet they didn't put batteries in these cars.
Can you imagine one of these cars catching fire; starting a domino effect; and all of these cars burning at the same time?
China would be known as the "Land of the midnight sun", or "smog".
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