China's auto exports hit another record high in July

China's auto exports hit another record high in July.

China's car exports rose 67 per cent last month from a year earlier to 290,000 units, the data showed. China's monthly auto exports reached 245,000 units in May and 249,000 units in June, setting a new record for the third consecutive month. As of July this year, cumulative exports have increased by 50.6 percent to 1.509 million units.

The export growth trend is led by new energy vehicles, including electric vehicles and plug-in hybrids. The cumulative export of new energy vehicles in the first seven months was 416,000 units, surging 115%. Byd, China's largest electric vehicle manufacturer, entered Japan and Thailand in July and August, respectively, after entering Europe. The "new power" of electric vehicles, such as Xpeng and NIO, also started to enter the European market last year.

Chinese cars are gaining market share in export regions. The share of Chinese cars in Europe rose to 3.3 percent last year from 0.3 percent in 2018. In the same period, Central and South America rose from 5.5 percent to 12.9 percent, and Africa from 13.4 percent to 21.5 percent.

At the beginning of this year, the China Association of Automobile Manufacturers (CAAM) forecasted 2.4 million units, but considering the current average monthly sales of more than 200,000 units, it is expected to greatly exceed the forecast. "Companies have already received a lot of orders, so they are confident of meeting their targets," the CAAM said. Last year, China exported 2.01 million cars, ranking fifth in the world. Japan (4.37 million), Mexico (2.7 million), Germany (2.37 million) and South Korea (2.05 million) were the top four.