On July 3, the 20th millionth new car of China's new energy (4.370, 0.00, 0.00%) rolled off the production line. From 1995, China's first new energy vehicles off the production line, after 27 years, in February 2022 to achieve 10 million production, and now to achieve the second 10 million production, it took only a short year and five months.
"The production of new energy vehicles in China has exceeded 20 million units, which is of great significance to the strengthening of China's automobile industry chain, automobile exports and industrial upgrading of the manufacturing industry." Cui Dongshu, secretary general of the National Passenger Car Market Information Association, told Time Finance that he expected: "The third 10 million units are expected to be achieved around July and August 2024, and the sustained high growth of new energy vehicles has become a new driving force for China's economic growth (2.880, -0.01, -0.35%)."
With the rapid development of new energy vehicles, China's automobile exports are also surging, according to the China Association of Automobile manufacturers collated by the General Administration of Customs data show that 2023 from January to May, China's automobile exports of 1.933 million, an increase of 79.8%. It is worth mentioning that in the first quarter of this year, China's auto exports exceeded Japan for the first time, becoming the world's largest auto exporter.
Yang Jing, director of China corporate research at Fitch Ratings, told Time Finance that China's auto exports have witnessed explosive growth since 2021. China's resilient auto supply chain has allowed Chinese auto companies to increase exports and partially fill supply gaps in some overseas markets amid volatility in the global auto supply chain. At the same time, with a complete, efficient and cost-effective new energy vehicle industry chain, Chinese-made new energy vehicles began to export to Europe and other electric vehicle consumers.
