Chery Automobile Co. Ltd. has stolen state-owned SAIC Motor Corp. Ltd.’s (600104.SH) crown as China’s top auto exporter, as the number of Chinese-made cars shipped overseas continues to surge despite an ongoing trade backlash from the U.S. and European Union.
In the first half of 2024, Chery’s auto exports jumped 35% year-on-year to 532,000 cars, according to data published Wednesday by the China Association of Automobile Manufacturers (CAAM). SAIC, which has been China’s biggest auto exporter for years, slipped to second place as its overseas shipments fell 9% year-on-year in the first half to 439,000 vehicles.
Chery Takes SAIC’s Crown
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In the first half of 2024, Chery's auto exports surged 35% to 532,000 cars, overtaking SAIC, whose exports fell 9% to 439,000 vehicles.
Total Chinese auto exports grew 30.5% year-over-year to nearly 2.8 million cars, including 605,000 new-energy vehicles, up 13.2%.
EU and U.S. policies restraining Chinese EV imports pose challenges, prompting Chinese automakers like BYD and Chery to invest in European manufacturing facilities.
AI generated, for reference only
Who’s Who
Chery Automobile Co. Ltd.
Chery Automobile Co. Ltd. has emerged as China’s top auto exporter, surpassing state-owned SAIC Motor Corp. Ltd. In the first half of 2024, Chery’s auto exports increased by 35% year-on-year to 532,000 cars. Chery also acquired a plant in Spain in April as part of its strategy to establish a stronger presence in Europe amidst new EU tariffs on Chinese EVs.
SAIC Motor Corp. Ltd.
SAIC Motor Corp. Ltd., previously China’s top auto exporter, saw its overseas shipments decline by 9% year-on-year to 439,000 vehicles in the first half of 2024. This drop caused SAIC to lose its crown to Chery Automobile Co. Ltd. SAIC has been a prominent player in the Chinese auto export market for years.
Chongqing Changan Automobile Co. Ltd.
Chongqing Changan Automobile Co. Ltd. is listed among China's top 10 auto exporters. The company, along with Geely Automobile Holdings Ltd. and Great Wall Motor Co. Ltd., continues to contribute significantly to China's growing auto exports, which saw a surge of 30.5% year-on-year in the first half of 2024.
Geely Automobile Holdings Ltd.
Geely Automobile Holdings Ltd. is among China's top 10 auto exporters. The company is highlighted alongside other major players like Chongqing Changan Automobile Co. Ltd., Great Wall Motor Co. Ltd., and BYD Co. Ltd. The article does not provide specific export numbers or growth rates for Geely, but it is noted as one of the key contributors to China's robust auto export market.
Great Wall Motor Co. Ltd.
Great Wall Motor Co. Ltd. is listed among China's top 10 auto exporters. The company has made significant contributions to the surge in Chinese auto exports, although specific figures for Great Wall Motor's exports in the first half of 2024 are not detailed in the article.
BYD Co. Ltd.
BYD Co. Ltd. was the fastest-growing Chinese car exporter in the first half of 2024, shipping 207,000 cars overseas, more than double the previous year. Despite protectionist measures, BYD signed a deal to build a factory in Turkey to produce 150,000 electric and hybrid vehicles annually, leveraging Turkey's customs deal with the EU.
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What Happened When
April 2024：
Chery acquired a plant in Spain.
May 2024：
Biden Administration decided to quadruple tariffs on Chinese-made EVs to 100%.
First half of 2024：
Chery's auto exports jumped 35% year-on-year to 532,000 cars.
First half of 2024：
SAIC's overseas shipments fell 9% year-on-year to 439,000 vehicles.
First half of 2024：
BYD was the fastest-growing car exporter, shipping 207,000 cars overseas.
First half of 2024：
China’s auto exports grew 30.5% year-on-year to nearly 2.8 million cars.
By July 4, 2024：
European Commission imposed provisional countervailing duties on imports of EVs from China.
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