Chinese Gasoline Exports Reach 6.5M Units in 2024

Chinese automakers are exporting a record number of gasoline-powered vehicles to emerging markets worldwide in 2024, driven by overcapacity at home as the country accelerates its shift toward electric vehicles. Annual shipments have surged to more than 6.5 million units this year, up from about 1 million in 2020, with gas and hybrid models accounting for roughly three-quarters of the total, according to industry data.

The export boom stems from China's aggressive push into electric vehicles, which now represent half of its domestic auto sales. Government subsidies, mandates and support for EV production have fueled a fierce price war that has slashed demand for combustion-engine cars within the country. Factories capable of producing 30 million gasoline vehicles annually sit underutilized, prompting state-backed manufacturers to redirect surplus inventory abroad rather than idle plants. Companies such as Chery Automobile, SAIC Motor, Dongfeng Motor and Changan Automobile lead the effort, with Chery alone exporting over 2.5 million vehicles in 2024, the majority gasoline-powered, a sharp rise from 730,000 units in 2020.

These exports target regions with limited EV infrastructure...