China exported 8.205 million vehicles in the first three quarters of the year, up 65.8% year on year, according to the China Association of Automobile Manufacturers (CAAM). New energy vehicle (NEV) exports reached 4.006 million units, up 130%. In September alone, vehicle exports totaled 1.053 million units, up 61.4%, including 571,000 NEVs, up 160%.
Chen Shihua, deputy secretary-general of CAAM, said NEVs have accounted for more than 50% of vehicle exports for four consecutive months, and full-year vehicle exports are expected to exceed 10 million units. According to China Newsweek, Chery exported 1.551 million vehicles in the first three quarters, including 529,000 NEVs, up 136%, while Geely's NEV exports reached 484,000 units, up 531%.
Rapid growth brings challenges too. The European Commission opened a safeguard investigation into hybrid vehicle imports on October 30, and a notice from China's Ministry of Finance and the State Taxation Administration sets the VAT export rebate for NEVs at 9% from April 1, 2027, down from 13%. Industry observers also note that overseas after-sales networks and spare-parts supply are lagging behind sales growth.