Image Source : China Visual

BEIJING, October 27 (TMTPOST) — In the first three quarters of 2022, China's auto (including chassis) exports reached 360,000 units, up 106% year-on-year, according to the latest data from the General Administration of Customs.

China’s auto exports were 2.26 million units, 51.6% higher year-on-year, more than the total amount of 2021.

In 2021, China's auto export volume was 2.12 million units, the first time to break the record-high of 2 million units. In 2012, China's auto export volume exceeded 1 million units for the first time and has been hovering around 1 million units since then. There was a boom in China's auto exports in 2021, which doubled in the same year.

In the first three quarters of 2022, exports of new energy passenger cars (including pure electric and plug-in hybrid passenger cars) amounted to 656,000 units, up 93% year-on-year.

On Tuesday, Cui Dongshu, secretary-general of the National Passenger Cars Association (NPCA), wrote that the high momentum of exports in the past two years is mainly due to the lack of overseas supply and the significant increase in the export competitiveness of Chinese car companies.

Europe is a critical incremental market for China's auto exports. Chip tension in 202, coupled with geopolitical conflicts and the energy crisis in 2022, led to Europe's local auto supply struggles. Data from the European Automobile Manufacturers' Association (ACEA) shows that European new car registrations fell 9.9% year-on-year in the first three quarters of 2022.

In the era of traditional fuel vehicles, China's auto export destinations are limited to the Middle East, Latin America, and other underdeveloped regions. In the era of new energy vehicles, China started earlier, and the European and American markets have heavy pressure on carbon emissions and urgent demand for new energy vehicles, bringing opportunities for developing domestic new energy vehicles.