BEIJING: China’s auto industry saw record vehicle production and sales in 2023, and major domestic and international automakers expect continued fast growth this year despite fierce competition, China Daily reported.

The China Association of Automobile Manufacturers reported 30.16 million vehicles were produced in China in 2023, up 11.6 percent, while 30.09 million units were sold, a 12 percent rise. Growth accelerated in the second half as the economy recovered and supportive government policies took effect.

China has been the world’s largest auto market since 2009. Forecasts suggest sales could hit 31 million this year, with 11.5 million new energy vehicles, up from 9.5 million in 2023.

EV leader BYD sold 3.02 million electric and hybrid vehicles in 2023, up 62.3 percent, passing Tesla for a time as top global EV seller. It aims for 4 million sales this year. Startup Li Auto delivered 376,000 vehicles, almost tripling volumes, with an 800,000 target for 2024.

Premium EV brand Zeekr seeks to double 2023
sales of 118,000 vehicles. Dongfeng’s Voyah plans 100,000 sales, twice last year’s level, with a new SUV coming.

Among foreign brands, Volkswagen kept its Chinese sales crown with a modest 1.6 percent gain to 3.24 million vehicles. Its Audi unit grew sales 13.5 percent. EV deliveries rose 23 percent for Volkswagen Group. BMW increased its China volumes 4.2 percent to nearly 825,000 luxury vehicles.

With surging exports, China became the world’s top auto exporter last year.

Source: Emirates News Agency