China's Auto Exports Surge 56.7% in Q1, Driven by NEVs

In March this year, China produced and sold 2.917 million and 2.899 million vehicles respectively, representing month-on-month increases of 74.4% and 60.6%. During the same period, vehicle exports reached 875,000 units, up 30.2% month-on-month and 72.7% year-on-year, including 371,000 new energy vehicles (NEVs), which surged by 130% year-on-year. From January to March this year, China’s total vehicle exports amounted to 2.226 million units, an increase of 56.7% year-on-year, with NEV exports reaching 954,000 units, up 120% year-on-year. The export growth was primarily driven by the strong performance of NEVs, stable supply and delivery capabilities supported by a complete automotive industrial chain, and enhanced international competitiveness resulting from economies of scale. Additionally, factors such as the implementation of local subsidy policies, promotional activities during spring auto shows, and the launch of new models by automakers have also contributed to a rebound in domestic market activity.