China’s auto exports will expand by as much as 25 per cent to a record of more than 7mn this year, according to analyst and industry association estimates, as carmakers try to offset collapsing domestic sales of petrol cars and slowing electric vehicle growth.
Chinese and foreign carmakers including Volkswagen and Hyundai are repurposing their factories towards more lucrative export markets, in a strategic shift that puts pressure on manufacturers outside China.
Internal combustion engine (ICE) exports from China are expected to rise 4 per cent to 3.4mn this year, while electric vehicle shipments will surge more than 50 per cent to 3.7mn, according to China auto analysts at UBS. The analysts forecast Chinese exports will increase to 9.4mn by 2030, double the amount shipped in 2024.