Chery Dominates Chinese Vehicle Exports in Q1 2024, Russia and NEVs Surge
Chery, a Chinese automaker, dominated vehicle exports from China in the first quarter of 2024, shipping 253,000 units. This quarter saw significant shifts in export trends, with Russia emerging as a key market for the stock market today and new energy vehicles (NEVs) gaining prominence.
Russia's demand for Chinese vehicles surged, with exports increasing by 33% year-on-year. In January and February alone, Russia received 112,000 vehicles, making it the main market for Chinese automakers. The rise in exports to Russia is partly driven by an increase in rail shipments.
NEVs accounted for 23.2% of China's total vehicle exports in the first quarter. March saw a boost in NEV exports, with 124,000 units shipped, up from 82,000 in February. This growth comes despite trade barriers like the US's 100% tariffs on Chinese electric vehicles, set to take effect in August 2024.
Meanwhile, exports to the UK and Belgium decreased by around -27% and -10.6% respectively in the first two months of 2024. Spanish ports, including Barcelona, however, reported an increase in vehicle imports from China.
Chery's dominance in Chinese vehicle exports highlights the growing global demand for affordable, quality vehicles. The shift towards Russia and NEVs signals a strategic response to trade barriers and evolving market preferences. Despite challenges, Chinese automakers continue to expand their global footprint.
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