China's auto exports up in September with higher average prices

By：Belt and Road Portal Update：2022-10-15

China's automobile exports surged 73.9 percent year on year to 301,000 units in September with the average export price increased thanks to the continuous acceleration of the electrification and intelligentization of China's automobile industry, reported China Securities Journal Friday.

Due to the impact of the COVID-19 epidemic, the overseas automobile supply chain has been interrupted, and the automobile production has been seriously hindered, leading to the continuous shortage in the overseas market, which has driven the growth of China's automobile exports, said Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA).

While the export volume of China's auto has increased strongly, the average export price has also increased remarkably.

The average export price of domestic cars rose from 12,900 U.S. dollars in 2018 to 18,900 U.S. dollars in August 2022, according to data released by CPCA. At the same time, the average export price of pure electric vehicles in China rose from 2,000 U.S. dollars in 2018 to 25,800 U.S. dollars in August 2022.

According to data released by the China Association of Automobile Manufacturers (CAAM), China exported 389,000 new energy vehicles (NEVs) in the first nine months of this year, contributing to a major increase in exports.

The level of China's automobile export has been upgraded, especially the export of medium and high-end electric vehicles, which have gained great recognition from overseas markets, Cui said.

China's new energy vehicle enterprises enjoy leading advantages in industry chain integrity, battery manufacturing and other fields, and the scale effect will bring cost advantages. China's auto exports are expected to maintain relatively fast growth driven by the NEVs, according to Western Securities.