2024 Chinese Car Exports Skyrocket as Electric Cars Near 50% Market Share

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Chinese Car Exports Skyrocket

After seeing the data from the first few months of this year, some experts are now predicting the entire global automotive industry will be dead within 20 years, and that all cars will be manufactured.

Biden Administration’s Response

We’re talking every single car will be manufactured in China. Now, if the Biden administration has its way, that won’t happen.

America is going to hold on to some production to sell just in America, but all other cars sold for every country worldwide will be made in China. That’s a pretty drastic prediction.

The Biden administration’s tariffs, they’ve come what appears to be in the nick of time, not really.

Chinese EV Export Surge

But Chinese electric car exports have suddenly increased pretty drastically worldwide.

This is because, well, there’s too many cars being manufactured in China, for one, but also because China wants its EV companies, its car companies, to expand overseas.

The European Union has said that EV companies in China get paid a set fee for every vehicle they sell outside of China.

Well, that comes right after China’s car exports have increased, with EV sales hitting nearly 50% market share in the country itself.

BYD’s Record-Breaking Performance

plug-in hybrids accounted for 57% of BYD’s new car sales in China last The other 43% were fully electric cars.

BYD, while their sales in the month were pretty staggering for the month of April. In fact, BYD’s exports worldwide grew to the point where they hit a record.

Byd’s exports were, I believe, about 14% market share. Well, 14% of BYD’s sales completely became exports that’s a new record for BYD.

Diverse Players in the Market

It’s not just BYD you’ve got companies like Zecca, Polestar, Volvo, and companies like Xpung NEO.

There’s a lot of companies that are exporting EVs Mg, in particular, their sales actually dominated everyone else from China.

Economic Headwinds in China

Worldwide, Mg is absolutely smashing it when it comes to, in particular, the Mg 4 EV. New car sales have gone down in China.

Gasoline-powered sales have gone down drastically.

If you look at gas, internal combustion engine sales in China in the month of April versus the month of April, two years ago, They’re about half of what they were two years ago.

That’s crazy because you know the car manufacturers making those cars? They’re Toyota, Volkswagen, Mercedes, Benz, Ford, General Motors, etc april saw exports of Chinese EVs reach a record high, according to the Chinese Passenger Car Association.

In April, domestic sales in China dropped by 5.8%. That’s a pretty significant number, but that was all including the increase in EV sales.

Actually, gasoline-powered vehicles, diesel-powered vehicles, internal combustion-powered vehicles, they declined about 25 % but because EV sales went up drastically, it meant that the market in total only fell by 5.8 %.

Now, sales period in China fell by 10 % versus March. So the month of April, we saw the economic headwinds that China’s facing.

I’ve been talking about this for a little while. Evergrand Property Group going under $600 billion in losses.

People have invested all over China in property, and a lot of those investments were dead investments.

It’s going to have to hit the Chinese economy at some point in time. They want to hide this, but it’s happening.

The fact that the market was down 10% versus April, and the fact that that happened when the Chinese government, it’s trying its best to stimulate car buying in China it’s offering for the first time ever, zero % interest loans, zero dollars down payment.

So you can walk into a dealership and you can buy a car with nothing, no dollars, nothing. And you can get basically zero % interest.

Government Stimulus Efforts

We’ve never seen that happen. It’s never, ever happened in China before, that we know of, at least in the last 30 years of Chinese recorded history.

So China is doing everything it can. I mean, literally everything it can: stimulating it with money, stimulating it with basically no interest loans and zero dollar down payment, trying its best to stimulate its automotive industry in order to soak up all the massive numbers of cars that are being manufactured that aren’t being bought.

Now, a deep analysis of this data actually shows that exports from China grew by 38% year over year.

38% Even though the car market in China is struggling, it’s not really struggling outside of China.

Growth in Exports

China’s exports hit a total of 417,000 vehicles in the month of April alone.

That puts them on pace to probably export around 5 million cars this year, possibly even more than that.

And incredibly, this increase follows a 40% jump in exports in the month of March.

Global Spread of Chinese Exports

China’s exports are rapidly spreading all around the world.

We You might want to think they’re not, but they really are.

According to the Secretary General of the China Passenger Car Association, domestic automakers will need to choose whether to expand overseas or risk losing market share in China, says Reuters.

New energy vehicles, meaning EVs, plug-in hybrids, they continue to gain market share.

If you’re making internal combustion vehicles in China, you’re in big trouble.

You’ve either got to export them or just, I don’t know, do what Jeep did, do what Mitsubishi did, just go bankrupt in China.

Future Outlook

In the previous month, these vehicles accounted for 44% of all new car sales in the country, but in the final two weeks of the month, they accounted for 50%.

Bimini predicted this at the start of the year, and They were right. Evs secured a 50% market share during the initial half of April.

Now, in April, EV sales actually increased 12% compared to April, compared to the previous month.

Geely’s Export Success

The company that benefited from this the most was probably BYD. But secondly, Geely.

Their exports are growing at a very fast pace. They’re actually growing their exports faster than any other car company in China.

Rise of Chinese Plug-In Hybrids

That’s on the back of their EV exports, which have grown by 46%. Chinese car manufacturers accounted for nearly 70% of global plug-in hybrid sales in the first quarter of this year.

Debating the Future

70% of global plug hybrid sales that’s alarming. It’s incredible. But Western automakers, they need to face up to the reality that some analysts are saying, in 20 years from now, all cars worldwide will be made in China.

There’s literally a report I have on my desktop right now here from a very respected analyst who believes the global automotive market will cease to exist as we know it today, and only China will make cars in 20 years from now.

Now, I don’t agree with him, but that is something that some people believe is going to happen.

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