CHINA is set to become the world’s largest automobile exporter this year, as its auto exports in the first 10 months hit 3.9 million units, an official with the China Council for the Promotion of International Trade said Friday.

Wang Xia, head of the council’s automotive sub-council, made the remarks at the 21st Guangzhou International Automobile Exhibition that opened Friday.

China’s auto industry has taken a solid step toward internationalization, despite a complex and grave international environment, Wang said.

In the first quarter, China exported 1.07 million vehicles, surpassing Japan for the first time to become the world’s largest automobile exporter.

In the first 10 months, the export volume surged 59.7% year on year to 3.92 million units.

The per vehicle export price rose to 137,000 yuan (US$19,100) in the first three quarters of 2023 from 85,000 yuan in 2014.

“In 2001, the export value of China’s automobile industry chain was only US$1.56 billion, taking up a global share of just 0.65%. In the first eight months of this year, this figure neared US$122 billion, accounting for 5.5% of the global total,” Wang said.

With the landing of a series of policies to stabilize the economy and promote consumption, and the gradual recovery of consumer confidence, the auto market will embrace new space of growth, Wang said. (Xinhua)