According to the Ministry of Industry and Information Technology, China’s auto exports grew 57,9% year-on-year in 2023, and in particular overseas sales of new energy ones (NEVs) rose 77,6% to 1.2 million units.

“China’s new energy vehicle (NEV) industry continues to lead the global market. Production reached 9,587,000 and 9,497,000 were sold,” Vice Minister Xin Guobin said.

According to the executive, China will accelerate the high-quality development of the NEV industry and the automotive industry in general, while working to prevent possible risks of overproduction.

One of the main examples of expansion in the sector is Chinese manufacturer BYD, which was confirmed in Q4 2023 as the world’s largest seller of pure electric cars ahead of Tesla.

The company had a remarkable presence in the local market, in fact, two out of five vehicles sold in China are electric and these sales represent 60% of the world’s total.

China is now prioritizing the use of such vehicles as part of its national energy transition program to reduce pollutant gas emissions, a pending issue for the world’s second-largest economy.

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