China Auto Sector Booming

The five millionth new energy vehicle (NEV) produced by China's leading NEV manufacturer BYD rolled off the production line on Wednesday.

China has been the world's largest automobile production and sales country for 14 consecutive years, and the production and sales of new energy vehicles (NEVs) topped the global market for the eighth year in a row.   

Particularly, China's vehicle exports soared to around 1.07 million units in the first quarter of 2023, data from the General Administration of Customs showed, indicating that China had become the world's largest auto exporter in the period, even outpacing Japan.

This photo taken on Jan. 11, 2023 shows workers working at a factory of Lotus in Wuhan, central China's Hubei Province. (Xinhua/Xiao Yijiu)

This photo taken on June 19, 2023 shows workers working at a factory of Lotus in Wuhan, central China's Hubei Province. (Xinhua/Cheng Min)

A staff member works at an assembly line of new energy vehicles (NEVs) in a factory of Chery Holding Group Co., Ltd. in Wuhu City, east China's Anhui Province, Oct. 12, 2022. (Xinhua/Zhou Mu)

This aerial photo taken on July 26, 2023 shows domestically-made vehicles at the Horgos comprehensive bonded area in northwest China's Xinjiang Uygur Autonomous Region. More and more domestically-made automobiles have been exported through the Horgos Port, one of China's closest ports to Central Asia and Europe by land transport, to countries along the Belt and Road, including Kazakhstan, Uzbekistan and Russia. (Xinhua/Ding Lei)

This aerial photo taken on Jan. 18, 2023 shows vehicles waiting for shipment at Yantai Port in Yantai, east China's Shandong Province. The port is seeing busy days ahead of the upcoming Spring Festival as arrays of vehicles waiting for shipment occupy its roll-on/roll-off terminal. (Xinhua/Zhu Zheng)

NEVs are a highlight of China's vehicle exports. According to data from the China Association of Automobile Manufacturers, Chinese auto manufacturers exported 457,000 units of NEVs from January to May this year, an increase of 1.6 times over the same period last year.

Since 2020, China's electric car manufacturers have begun to enter the overseas mainstream automobile markets and become more competitive relying on their original technologies and targeted market strategies.

A worker is busy on the production line of new energy vehicles (NEVs) at a factory of Chinese automaker Chery Holding Group Co., Ltd. in Wuhu City, east China's Anhui Province, Oct. 12, 2022.(Xinhua/Zhou Mu)

This photo taken on Feb. 15, 2023 shows a workshop of Chinese electric vehicle (EV) maker Li Auto Inc. in Changzhou, east China's Jiangsu Province. (Xinhua/Li Bo)

A transport vehicle delivers the installed power battery system parts at a workshop of SAIC-CATL Motor Power Battery System Co., Ltd. in Changzhou, east China's Jiangsu Province, Feb. 16, 2023. (Xinhua/Li Bo)

This undated photo shows a production line of new energy vehicles (NEVs) of BYD in Shenzhen, south China's Guangdong Province. (BYD/Handout via Xinhua)

This undated photo shows a production line of new energy vehicles (NEVs) of BYD in Shenzhen, south China's Guangdong Province.  (BYD/Handout via Xinhua)

Aerial photo taken on Oct. 12, 2022 shows new energy vehicles (NEVs) at a factory of Chinese automaker Chery Holding Group Co., Ltd. in Wuhu City, east China's Anhui Province. (Xinhua/Zhou Mu)

This aerial photo taken on July 11, 2023 shows new energy vehicles for export at a terminal of Taicang Port, east China's Jiangsu Province. (Photo by Ji Haixin/Xinhua)

Shayne Heffernan