China produced and sold a total of 30.161 million and 30.094 million vehicles, respectively, in 2023, with year-on-year increases of 11.6 percent and 12 percent. The production and sales volume set a new historical record, according to China Association of Automobile Manufacturers (CAAM).

New energy vehicles maintained strong momentum in both production and sales, reaching 9.587 million and 9.495 million, respectively, with year-on-year increases of 35.8 percent and 37.9 percent, according to CAAM

The market share reached 31.6 percent, an increase of 5.9 percentage points compared to the same period last year.

Automobile exports reached a new high. In 2023, automobile exports reached 4.91 million vehicles, a year-on-year increase of 57.9 percent, contributing 55.7 percent to the overall growth in automobile sales.

CAAM stated that it is expected that the automobile market will continue to maintain a stable and positive development trend in 2024, with a growth rate of over 3 percent.