In a significant development for the Chinese automotive industry, the export of used cars has surged to a record high in 2024, with an impressive increase of 45% compared to the previous year. This growth is largely fueled by a rising demand for affordable electric vehicles (EVs) in Russia and Central Asia. Among the leading brands contributing to this trend are Geely's Zeekr luxury EV brand and Li Auto, both of which offer models priced around 200,000 yuan ($27,275) in China.
The surge in exports highlights a growing trend in the international market, where Chinese new car sales are also climbing. However, the allure of cheaper used vehicles continues to capture the attention of global consumers. Geely's Zeekr luxury EVs and Li Auto's models stand out as popular choices among these exports, signaling China's expanding influence in the global automotive landscape.
In Moscow, Frank-Auto dealership showcases electric cars from Zeekr, drawing attention to the brand's luxury appeal. Geely, the parent company of Zeekr, has successfully positioned its premium brand in overseas markets, capitalizing on the increasing global interest in electric vehicles.
In 2024, China exported approximately 400,000 used autos, marking a record high for the country. The industry group attributes this remarkable achievement to the surging demand for electric vehicles in specific regions like Russia and Central Asia. This demand has driven a significant uptick in used auto exports from China, affirming the nation's growing role as a key player in the international automotive market.
Li Auto, a startup known for its innovative approach, has also contributed to this success. Offering competitively priced models alongside Zeekr, Li Auto exemplifies China's burgeoning automotive sector's ability to meet diverse consumer needs across different markets.
The increased export activity underscores the strategic importance of certain regions in driving China's automotive export growth. As global consumers continue to seek cost-effective and sustainable vehicle options, China is poised to further expand its reach in the international used auto market.
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