China's Auto Industry Sets New Highs, Primed for More Growth in 2024
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Vehicle production and sales in China hit record highs in 2023, with over 30 million units manufactured and sold. Forecasts predict continued fast growth in 2024.
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Major Chinese automakers like BYD and Li Auto, along with brands like Zeekr and Voyah, expect sales doublings or strong growth in 2024 on the back of rising demand.
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International brands like Volkswagen and BMW also saw growth in China in 2023 and aim to tailor vehicles to Chinese consumer demands going forward.
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China became the world's largest auto exporter in 2023, shipping nearly 5 million overseas. Exports are forecast to grow again in 2024.
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Chinese electric vehicle startups like Leapmotor plan to expand to Europe and other overseas markets in 2024 as production scales up.