Arya News - China`s New Energy Vehicle (NEW) exports reached 553,000 units in July, rising by 5.7 percent month-on-month and 145.5 percent year-on-year. Notably, NEVs also accounted for more than half of China`s total automobile exports for the second consecutive month.
BEIJING – China’s automobile exports maintained strong growth in July, surpassing 1 million units for the second consecutive month, driven in large part by a surge in new energy vehicle shipments, data released Wednesday by the China Association of Automobile Manufacturers showed.
The country exported 1.043 million automobiles in July, up 0.6 percent from June and 81.3 percent from a year earlier. After topping 900,000 units in both April and May, monthly exports crossed the 1 million mark in June and remained above that level in July.
NEV exports reached 553,000 units in July, rising 5.7 percent month-on-month and 145.5 percent year-on-year. Notably, NEVs accounted for more than half of China’s total automobile exports for the second consecutive month.
Belt and Road Initiative markets have emerged as major destinations for Chinese automobile exports.
In the first half of the year, the value of China’s automobile product exports to BRI markets reached $83.67 billion, up 30.8 percent year-on-year. The figure represented 57.5 percent of the country’s total automobile product exports, according to data from the General Administration of Customs compiled by the association on Tuesday.
China exported 3.381 million vehicles to BRI markets during the period, an increase of 48.1 percent year-on-year. Of those, 1.135 million were NEVs, up 59.4 percent.
Chen Shihua, deputy secretary-general of the association, said China’s automobile market is currently characterized by pressure on domestic demand and strong foreign trade.
“Exports are becoming a key force in stabilizing the industry and a core engine of growth,” Chen said.