China’s auto production and exports climbed to record highs in 2023 as its domestic market recovered and manufacturers filled the void left by Western companies that pulled out of Russia.
Automakers produced 30.16 million vehicles last year, and wholesale deliveries — which include shipments to dealers — rose to 30 million, according to China Association of Automobile Manufacturers data released Thursday.
Both surpassed previous records set in 2017.
Exports surged 58 percent to 4.91 million units.
“Price discounts have impacted the market and the recovery of auto consumption is ongoing,” Chen Shihua, CAAM’s vice secretary general, said in a briefing. “Toward the end of the year, the auto market performed better than expected and production and wholesale volumes broke records.”
Russia was the top destination for Chinese auto exports in 2023, receiving more than 841,000 vehicles in the first 11 months of the year, more than twice the number sent to runner-up Mexico.
Chinese automakers have taken advantage of the withdrawal of companies including Volkswagen Group and Toyota following Russia’s invasion of Ukraine in early 2022.
However, China’s export drive may face headwinds this year. The boost from Russia is not expected to recur as the local market stabilizes, the European Union has launched an anti-subsidy investigation into Chinese EVs, and some countries such as the U.S. are mulling raising import tariffs, said Xu Haidong, CAAM’s deputy chief engineer.
SAIC remained China’s biggest auto exporter, while Chery claimed the No. 2 spot, boosted by its shipments to Russia.
Geely and Changan followed in third and fourth places, according to CAAM.
