Chinese car manufacturers are gearing up to deliver nearly 5 million vehicles to international markets, with a dominant demand from emerging regions, especially Southeast Asia.
This surge is expected to position China at the forefront of global automotive exports, global finance firm UBS predicted.
The Swiss banking powerhouse reveal that Chinese car brands can to tackle issues like the European Commission's inquiries into China's electric vehicle market. UBS' Paul Gong told media that 30 percent of China's car export volume will be electric vehicles this year.
“Chinese electric-car makers enjoy an advantage in terms of technology. Aside from high-performance batteries, they also have good command of some manufacturing techniques, which make production processes simpler and cost effective,” Gong said.
Data from the China Association of Automobile Manufacturers suggest that in 2023, the country was already on the verge of becoming the top car exporter worldwide. Its shipments soared by 58 percent to 4.4 million units in the opening 11 months, surpassing Japan's 3.99 million units recorded in 2022.
According to Gong, the assembly expenses for BYD's Seal vehicle in Europe are 25 percent more economical than those for Tesla's Model 3.
UBS predicts that by 2030, Chinese automakers will control 33 percent of the worldwide market, up from their 2022 share of 17 percent. Confirming this projection, the China Passenger Car Association noted a 37 percent yearly rise in electric vehicle sales in China, hitting 8.9 million vehicles in 2023. These statistics highlight China's pivotal role, representing roughly 60 percent of global electric car sales.
Chinese brands like BYD, Li Auto, and GAC held an 84 percent market share in the domestic electric car market from January to November. In the fourth quarter of 2023, BYD, backed by Warren Buffett's Berkshire Hathaway, became the world's top electric car producer, exporting 526,409 vehicles, surpassing Tesla's 484,507 deliveries.