News
1. Overview of NEV Export Performance
In 2024, China solidified its position as the world’s largest automotive exporter, with new energy vehicles (NEVs) playing a pivotal role in driving growth. According to the China Association of Automobile Manufacturers (CAAM), annual NEV exports reached 1.284 million units, marking a 6.7% year-on-year (YoY) increase. Notably, NEVs accounted for 21.9% of China’s total vehicle exports (5.859 million units). However, customs data cited by industry reports suggest even higher figures, with NEV exports surpassing 2 million units for the first time, underscoring discrepancies in statistical scope (e.g., inclusion of components vs.car).
Key monthly trends included a December surge, where NEV exports hit 134,000 units, up 19.8% YoY and 60.7% month-on-month (MoM). By January 2025, momentum continued, with NEV exports reaching 150,000 units, a 13% YoY rise.
2. Market Expansion and Regional Highlights
Belt and Road Initiative (BRI) Countries: NEV exports to BRI nations grew significantly, with 978,000 units shipped in 2024 (+25% YoY), representing 69.1% of China’s total vehicle exports to these markets.
Europe and Southeast Asia: Belgium (242,300 units), Brazil (149,900 units), the UK (112,000 units), Thailand (105,900 units), and the Philippines (105,700 units) emerged as top destinations, driven by demand for affordable EVs and hybrid models.
3. Leading Automakers and Technological Shifts
BYD: Dominated NEV exports with 433,000 units shipped (+71.8% YoY), leveraging its plug-in hybrid (PHEV) technology. PHEVs constituted 58.5% of its global sales, mitigating EU tariff impacts.
Technology Breakdown: Plug-in hybrids surged 170% YoY in January 2025, with 50,000 units exported, outpacing pure electric vehicles (BEVs), which grew 22%.
4. Challenges and Strategic Responses
EU Tariffs: In October 2024, the EU imposed tariffs of up to 45.3% on Chinese EVs, prompting automakers to pivot to markets like the Middle East, Latin America, and Southeast Asia.
Supply Chain and Innovation: Companies like Chery and SAIC expanded local production partnerships (e.g., Chery’s joint venture with Spain’s Ebro-EV Motors) to circumvent trade barriers.
5. Future Outlook
While CAAM projects a slowdown in 2025 NEV export growth to 10% due to EU tariffs and market saturation, China’s focus on technological innovation (e.g., solid-state batteries) and diversification into emerging markets is expected to sustain long-term competitiveness.