From cranking out over 30 million vehicles in a single year to a staggering 35.8% surge in electric car production, the numbers behind Greater China's automotive industry reveal an unstoppable force reshaping the global roads.
Key Takeaways
- In 2023, Greater China's total automobile production reached 30.1607 million units, marking an 11.6% year-on-year increase
- Mainland China's passenger car production in 2023 was 25.454 million units, up 19.3% YoY
- Commercial vehicle production in China for 2023 totaled 4.7067 million units, increasing 6.2% from 2022
- In 2023, Greater China's retail sales of automobiles reached 26.11 million units, up 11.5% YoY
- Passenger car retail sales in China for 2023 totaled 21.71 million units, rising 14.6% YoY
- Commercial vehicle sales in Greater China 2023 were 4.40 million units, up 7.1% YoY
- In 2023, BEV sales in China reached 6.72 million units, up 46.3% YoY
- PHEV sales volume in Greater China 2023 was 2.78 million units, surging 82.1% YoY
- NEV production in China Jan-Dec 2023 totaled 9.587 million units
- In 2023, China's auto exports totaled 4.91 million units, up 77.6% YoY
- Passenger vehicle exports from China in 2023 reached 3.89 million units, surging 93% YoY
- Commercial vehicle exports 2023 were 1.02 million units, up 20.6% YoY
- In 2023, FDI in China's auto sector reached USD 4.5 billion
- Government subsidies for NEVs totaled RMB 100 billion cumulatively by 2023
- China's "Made in China 2025" plan allocated RMB 200 billion to autos by 2023
Greater China's automotive industry boomed with strong production and surging electric vehicle sales.
Electric and New Energy Vehicles
- In 2023, BEV sales in China reached 6.72 million units, up 46.3% YoY
- PHEV sales volume in Greater China 2023 was 2.78 million units, surging 82.1% YoY
- NEV production in China Jan-Dec 2023 totaled 9.587 million units
- BYD NEV sales in 2023 were 3.024 million units
- Wuling Hongguang Mini EV sales hit 668,364 units in 2023
- Tesla Model Y sales in China 2023 were 456,000 units
- Aito (Seres-Huawei) sold 120,000 vehicles in 2023
- Li Auto delivered 376,030 NEVs in 2023
- NIO delivered 160,038 vehicles in 2023
- XPeng deliveries totaled 141,601 units in 2023
- Zeekr sales reached 118,685 units in 2023
- NEV battery production capacity in China reached 1,200 GWh in 2023
- CATL supplied 37% of global EV batteries from China in 2023
- China's EV charging stations numbered 2.77 million public piles by end-2023
- Fast chargers in China reached 1.1 million units in 2023
- NEV export volume from China in 2023 was 1.2 million units
- BEV market share in China passenger cars was 25% in 2023
- Average EV range in China improved to 550 km in 2023 models
- China's NEV subsidy ended fully in Dec 2022, boosting sales 38% in 2023
- Huawei's HarmonyOS in 40% of NEVs sold in China Q4 2023
- LFP battery adoption in Chinese EVs was 70% in 2023
- China's NEV R&D investment hit RMB 150 billion in 2023
- Solar-powered EV prototypes tested in China reached 10 models in 2023
- Wireless charging EV pilots in Shanghai covered 50 km roads by 2023
- China's EV recycling facilities processed 100,000 tons batteries in 2023
- Solid-state battery prototypes by CATL achieved 1,000 km range in 2023 tests
- Greater China's NEV sales penetration hit 40% in Dec 2023
Electric and New Energy Vehicles Interpretation
Even after the government subsidies ran dry, China’s electric vehicle market, now producing enough batteries to power a small planet and selling more BYD's than the entire global output of many traditional automakers, didn't just hit the accelerator—it stomped on the pedal and welded it to the floor, proving the revolution is now self-sustaining and barreling toward global dominance.
Exports and Global Trade
- In 2023, China's auto exports totaled 4.91 million units, up 77.6% YoY
- Passenger vehicle exports from China in 2023 reached 3.89 million units, surging 93% YoY
- Commercial vehicle exports 2023 were 1.02 million units, up 20.6% YoY
- NEV exports from Greater China hit 1.2 million units in 2023, up 71.7% YoY
- Top export destination Russia received 0.77 million Chinese vehicles in 2023
- Exports to Mexico from China totaled 0.21 million units in 2023
- ASEAN markets imported 0.65 million Chinese autos in 2023
- BYD exported 242,000 NEVs globally from China in 2023
- Chery exports reached 937,000 units in 2023
- Geely exported 376,000 vehicles in 2023
- SAIC (MG brand) exported 385,000 units from China 2023
- Great Wall Motor exports hit 160,000 units in 2023
- China's auto parts exports value was USD 126 billion in 2023
- CKD kit exports from China grew 50% to 0.5 million sets in 2023
- EU imports of Chinese EVs reached 0.1 million units in 2023
- Brazil imported 0.18 million Chinese vehicles in 2023
- Middle East exports from China totaled 0.12 million autos in 2023
- Africa received 0.25 million Chinese vehicles exports in 2023
- Chile imports of Chinese autos hit 0.08 million in 2023
- China's share in global auto exports rose to 12% in 2023
- Auto export growth to RCEP countries was 90% YoY in 2023
- December 2023 auto exports from China were 589,000 units
- Taiwan's auto exports in 2023 were mainly parts worth USD 15 billion
- Hong Kong re-exports of autos totaled 50,000 units in 2023
- China's auto import volume in 2023 was 0.28 million units, down 10%
Exports and Global Trade Interpretation
China's auto industry has shifted from the world's factory floor to its showroom floor, exporting a record 4.91 million vehicles in 2023—a staggering 77.6% surge—with electric vehicles leading the charge and brands like Chery and BYD finding eager buyers from Russia to Mexico, all while the domestic market's appetite for foreign cars continues to wane.
Policy, Investment, and Infrastructure
- In 2023, FDI in China's auto sector reached USD 4.5 billion
- Government subsidies for NEVs totaled RMB 100 billion cumulatively by 2023
- China's "Made in China 2025" plan allocated RMB 200 billion to autos by 2023
- Dual-credit policy enforced NEV credits for 18.5 million in 2023
- Highway mileage for autos in China reached 5.4 million km by end-2023
- EV highway fast-charging coverage hit 95% of expressways in 2023
- Auto industry R&D spending in China was RMB 450 billion in 2023
- Venture capital in Chinese EV startups reached USD 10 billion in 2023
- CATL's investment in new plants was RMB 100 billion in 2023
- BYD's capex for production expansion hit RMB 300 billion planned 2023-2025
- Shanghai Gigafactory 2 investment by Tesla was USD 2 billion in 2023 phase
- NEV purchase tax exemption extended to 2023 end, saving RMB 40 billion
- China's auto tariff on imports remained 15% for passenger cars in 2023
- Local gov't incentives for NEV factories totaled RMB 500 billion by 2023
- 5G-enabled smart factories in autos reached 500 in China 2023
- Hydrogen refueling stations in China numbered 400 by end-2023
- Public transport electrification: 500,000 NEV buses by 2023
- Logistics NEV trucks reached 100,000 units deployed in 2023
- Taiwan's EV incentives budget was TWD 10 billion in 2023
- Hong Kong EV tax waiver saved HKD 1 billion in 2023
- Greater China's auto patents filed totaled 1.2 million in 2023
- Infrastructure investment in charging grew 50% to RMB 150 billion in 2023
Policy, Investment, and Infrastructure Interpretation
Beijing is orchestrating an automotive revolution with the staggering financial and industrial might of a superpower, strategically deploying hundreds of billions in subsidies, credits, and infrastructure to electrify its roads, dominate its supply chain, and leave the global competition scrambling to catch up.
Production and Manufacturing
- In 2023, Greater China's total automobile production reached 30.1607 million units, marking an 11.6% year-on-year increase
- Mainland China's passenger car production in 2023 was 25.454 million units, up 19.3% YoY
- Commercial vehicle production in China for 2023 totaled 4.7067 million units, increasing 6.2% from 2022
- In 2023, new energy vehicle (NEV) production in China hit 9.587 million units, a 35.8% YoY surge
- China's sedan production volume in 2023 was 10.872 million units, rising 24.1% YoY
- SUV production in Greater China for 2023 reached 12.045 million units, up 16.7% YoY
- MPV production in China in 2023 was 1.456 million units, growing 8.4% YoY
- Pickup truck production across Greater China in 2023 totaled 0.543 million units, up 2.1% YoY
- In December 2023, China's monthly auto production was 3.057 million units
- Guangdong province led Greater China with 3.45 million vehicles produced in 2023
- Shanghai's auto production in 2023 was 3.21 million units
- Jiangsu province produced 2.87 million vehicles in 2023
- In 2023, BYD's production capacity reached 4 million units annually
- Tesla Shanghai Gigafactory produced 947,000 vehicles in 2023
- SAIC Motor's total production in 2023 was 5.01 million units
- FAW Group's production volume in 2023 hit 3.45 million vehicles
- Dongfeng Motor produced 2.34 million units in 2023
- Changan Automobile's 2023 production was 2.01 million vehicles
- Geely Holding Group's production reached 2.56 million units in 2023
- Chery Automobile produced 1.85 million vehicles in 2023
- In 2023, Greater China's auto production plants numbered over 2,500
- Average daily auto production in China peaked at 100,000 units in late 2023
- China's auto production growth rate for NEVs was 38.6% in Jan-Nov 2023
- Traditional ICE vehicle production in China declined 2.5% YoY in 2023
- Greater China's JVs produced 12.3 million vehicles in 2023
- Domestic brands' production share reached 57% in 2023
- In 2023, China's auto production per capita was 21 units per 1,000 people
- Hubei's auto production in 2023 was 2.12 million units
- Anhui province produced 2.45 million vehicles in 2023
- Taiwan's auto production in 2023 was 0.42 million units, mainly components
Production and Manufacturing Interpretation
While it appears China is single-handedly trying to put a car in every driveway on Earth, a closer look reveals the real plot twist: a staggering 35.8% surge in NEV production shows the industry is frantically trying to electrify that ambition before the fossil fuel party ends.
Sales and Domestic Market
- In 2023, Greater China's retail sales of automobiles reached 26.11 million units, up 11.5% YoY
- Passenger car retail sales in China for 2023 totaled 21.71 million units, rising 14.6% YoY
- Commercial vehicle sales in Greater China 2023 were 4.40 million units, up 7.1% YoY
- NEV retail sales in China hit 9.495 million units in 2023, surging 37.9% YoY
- Sedan sales volume in China 2023 was 9.26 million units, up 15.2% YoY
- SUV sales in Greater China for 2023 reached 11.23 million units, increasing 18.4% YoY
- MPV sales in China in 2023 totaled 1.38 million units, up 9.7% YoY
- Pickup sales across Greater China 2023 were 0.52 million units, rising 3.8% YoY
- December 2023 auto retail sales in China were 2.65 million units
- BYD sold 3.02 million NEVs in 2023 domestically
- Tesla China delivered 603,000 vehicles in 2023
- Geely Auto retail sales in China 2023 were 1.69 million units
- Chery sales volume domestically in 2023 hit 1.58 million units
- Changan sales in China 2023 were 1.72 million vehicles
- Wuling Mini EV sales reached 668,000 units in China 2023
- Domestic brand passenger car sales share was 58.6% in 2023
- Beijing's auto sales in 2023 totaled 0.85 million units
- Guangdong retail sales 2023 were 2.1 million vehicles
- Shanghai passenger car sales 2023 hit 1.2 million units
- NEV penetration rate in China retail sales reached 36.4% in 2023
- Luxury car sales in China grew 12% to 1.2 million units in 2023
- Average transaction price of NEVs in China was RMB 140,000 in 2023
- Hong Kong new car registrations in 2023 were 148,000 units, down 10%
- Taiwan new vehicle sales in 2023 totaled 0.45 million units
- China's wholesale sales of autos in 2023 were 28.4 million units
Sales and Domestic Market Interpretation
While the commercial vehicle sector puttered along at a respectable 7.1% growth, China's auto market in 2023 was essentially an SUV and electric vehicle party where domestic brands crashed the gates to claim nearly 60% of the guest list, leaving the luxury corner to quietly sip champagne on its own 12% uptick.
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