China’s auto industry is experiencing strong growth in the first quarter of 2024, with auto sales rising by 10.6% to 6.72 million vehicles and production increasing by 6.4% to 6.6 million units, according to the China Association of Automobile Manufacturers. New-energy vehicles (NEVs) are leading the way, with production up 28% to 2.1 million units and sales rising nearly 32% to 2.09 million units. Overseas shipments of vehicles also saw a significant increase, up by a third to 1.32 million units, making China the world’s largest auto exporter.
Despite criticism from the U.S. and Europe over allegations of overcapacity in China’s EV industry, Xinhua News Agency refuted these claims, stating that they are groundless. U.S. Treasury Secretary Janet Yellen recently called out artificially cheap Chinese goods during a visit to the country. China’s economy, still recovering from the impact of the Covid-19 pandemic, has seen a decline in the number of billionaires, with 406 on the 2024 Forbes Billionaires List compared to 495 a year ago. Concerns also remain about government support for supply chains and potential export subsidies in the auto and green energy industries.
The 2024 Forbes Billionaires List highlighted China’s influence in the auto industry, with half of the world’s richest billionaires in the sector being from the country. Notable figures included CATV’s Robin Li, Geely Holdings’ Li Shufu, and Great Wall Motor Chairman Wei Jianjun, as well as BYD’s two founders, Wang Chuanfu and Lu Xiangyang. The upcoming Auto China show in Beijing, starting on April 25, will be a key event for global auto industry executives, who will be closely monitoring developments in the Chinese market.
China’s auto industry’s robust performance in the first quarter of 2024 comes amid escalating tensions with Western countries over industrial policies supporting the sector. As the world’s second-largest economy, China continues to attract attention for its economic policies and the growth of its domestic industries, including auto manufacturing. With a focus on NEVs and overseas exports, China is solidifying its position as a major player in the global auto market, despite challenges and criticisms from other countries. The upcoming Auto China show will be a key opportunity for industry leaders to assess the latest developments and trends in the Chinese auto market.
