China’s automobile exports jumped 33.2 percent year on year in the first quarter (Q1) of 2024, industry data shows.
The country exported over 1.32 million vehicles during the period, according to the China Association of Automobile Manufacturers.
Specifically, some 307,000 new energy vehicles (NEV) were exported, up 23.8 percent year on year.
In March alone, China’s automobile exports rose 37.9 percent from the same period last year, and its NEV exports soared 59.4 percent, the data also shows.
China was recently accused of ‘oversupply’ which Beijing did not take lightly, “Blaming China for “overcapacity” is not new, Lin noted at a regular news briefing, saying that years ago, the United States accused China of “overcapacity” for exporting many high-quality, low-cost products said the Chinese Foreign Minister.
In fact, he said the ratio of export to production for Chinese new energy vehicles is far lower than that of Germany, Japan and Republic of Korea. This is certainly not “dumping extra products into the global market,” he said.
Lin said that “overcapacity” may look like an economic issue, but truth is, the United States is using it to hit Chinese industries and give the United States itself an unfair advantage in market competition. It’s another example of U.S. economic coercion and bullying.
