DPrice cuts by automakers boosted demand in China last year. Auto sales rose 8.3 percent to 2.37 million in December, the China Passenger Car Association said on Tuesday. For the year as a whole, sales rose 5.3 percent to 21.93 million units. This means that the industry in China has achieved its third consecutive year of growth.
Last year, exports jumped 62 percent to a record 3.83 million vehicles, meaning China overtook Japan as the world’s largest auto exporter. A tailwind has been provided by Chinese electric vehicle manufacturers, who are increasingly moving into foreign markets. BYD alone sold nearly three million vehicles in 2023, up nearly 62 percent from the previous year.
Sales of pure battery-powered vehicles in China grew 20.8 percent last year. Sales of hybrid vehicles, which are cheaper than electric vehicles, rose 82.5 percent. With demand for new cars faltering, a price war has raged in the world’s largest auto market since early 2023, sparked by US electric car maker Tesla and has since spread to more than 40 brands.
Source: Frantfurter Allgemeine
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