China's vehicle imports fell by 18% in 2022
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China's vehicle imports fell by 18% in 2022
- Sales of imported vehicles in China in 2022 decreased by 18% compared to the previous year to reach 769,286 units, marking the third consecutive year of decline since 2020. This phenomenon is notably due to the drop in imports from Germany and Japan, as China now producing most of the German and Japanese cars sold on its soil. We must also take into account the sluggish growth of the Chinese economy due to the resurgence of the new coronavirus, the impact of the global shortage of semiconductors and the sharp rise in raw material prices.
- European vehicle imports fell 18.3% year-on-year to 530,033 units. The market share of European brands decreased by 0.2 points to 68.9%, continuing to hold almost 70% of the imported vehicle market compared to the previous year.
- Japanese carmakers' imports fell 15.3 percent from a year earlier to 223,142 units, but their market share increased slightly to 29.0 % of total imports from 28.1 percent a year earlier.
- Due to the impact of the pandemic and tensions between the United States and China in various areas, sales of American automobile carmakers continued to decline sharply, down 43.4% year-on-year, to 13,935 units. As a result, the United States' share of the imported vehicle market fell further, from 2.6% to 1.8% compared to the previous year. US vehicle imports peaked in 2014 at 174,000 units. Korean imports represent only 0.3% of total imports, compared to 0.2% in 2021.
Sales and production of electrified vehicles are on the rise in major Asian markets
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Sales and production of electrified vehicles are on the rise in major Asian markets
- Here is the 2022 report on sales and production of electrified vehicles (xEVs) in four Asian countries excluding China and Japan: South Korea, India, Thailand, Indonesia. Alongside the recovery and growth in domestic demand following the Covid-19 pandemic, sales and production of electrified vehicles are on the rise in major Asian markets, reaching all-time highs.
- However, with the exception of South Korea, where the market share of electrified vehicles exceeds 20%, it is below 10% in all other countries, meaning that conventional vehicles remain the best-selling. When it comes to electrified vehicle sales trends, the HEV category is dominated by Toyota, while the main players in the BEV category are Wuling, Hyundai, Kia, and Tesla.
- xEVs registrations in India increased by 66.0% year-on-year to 222,000 units, with market share increasing to 5.4%.
- xEVs registrations in Thailand increased by 71.1% to 74,000 units, market share increased to 7.7%.
- Indonesia saw a 6.5-fold increase in xEVs sales, to 21,000 units, with their market share increasing to 2.0%.
- In South Korea, xEVs sales jumped 25.6% to 368,000 units, while their market share increased to 21.8%, surpassing the 20% mark for the first time. In terms of electrified vehicle production in Korea, Japanese carmakers Toyota and Honda are the main players in the HEV sector, while Korean brands Hyundai and Kia and Chinese company MG lead the BEV segment. PHEVs are represented by German brands.
Indonesia's automobile exports in 2022 reached 473,602 units, up 60.7%
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Indonesia's automobile exports in 2022 reached 473,602 units, up 60.7%
- Indonesia's automobile exports in 2022 reached 473,602 units, up 60.7% from the previous year. Driven by a doubling of shipments to the Philippines, Indonesia's top export destination, total exports exceeded 2019's record of 332,023 units by more than 42%. New developments include the start of large-scale exports by Hyundai, which started operations at its first assembly plant located in Indonesia in March 2022, and the start of exports of electrified vehicles (xEV).
- In September 2022, China's Wuling (partner of GM and SAIC) began exporting its ultra-compact BEV Air EV model, becoming the first electric vehicle to be exported from Indonesia. This vehicle is the first electric Wuling officially sold outside China. It presents a different design from the Wuling HongGuang Mini EV which enjoyed great success in China for three years (2020-2021-2022) but which saw its sales collapse on the Chinese market in the first half of 2023 (40,000 sales).
- Wuling has now started production of mini electric vehicles in Indonesia (perhaps to benefit from lower costs). However, the quantities of vehicles sold have nothing to do with those recorded in China in recent years, since Wuling produced only 30,000 cars in Indonesia in 2022 and will produce less than 40,000 units in 2023, i.e. ten times less than HongGuang Mini EV in its peak.
- For its part, Toyota began exporting the HEV version of the Kijang Innova Zenix in February 2023. The Japanese carmaker plans to export more than 8,000 units of this model over the whole of 2023, including the version with thermal motor.
South Korea's automobile exports increased by 12.7% in 2022
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South Korea's automobile exports increased by 12.7% in 2022
- South Korea's automobile exports increased by 12.7% year-on-year to reach 2,300,333 units in 2022. Led by the Hyundai brand, which accounts for 40% of all Korean automobile exports, all carmakers (Kia, GM Korea, Renault Korea, Ssangyong) increased their exports compared to the previous year. SUVs and electrified vehicles hit record levels in 2022, boosting overall export results. In value terms, automobile exports increased by 17.8% to US$49 billion, reaching a historically high level.
- It is interesting to note that Korean automobile exports had continuously declined from 2013 to 2020, but this decline was caused by the establishment of Hyundai-Kia factories outside South Korea or transfers of Hyundai-Kia models from South Korea to outside countries, including North America, South America and Europe. This decline in Korean automobile exports was also caused by the loss of influence of carmakers such as GM Korea, Renault Samsung and Ssangyong. Since 2021, we have seen a revival of Korean automobile exports due to the development of Hyundai-Kia electrified vehicles (xEVs) which are produced in their country of origin and to a greater success of models from GM Korea, Renault Korea and Ssangyong.
- South Korea's main export regions remain North America (1.1 million units in 2022 compared to 925 000 in 2021) and Europe (600 000 units in 2022 compared to 625 000 in 2021).
Exports of vehicles made in Thailand increased by 4.3% in 2022
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Exports of vehicles made in Thailand increased by 4.3% in 2022
- Exports of vehicles made in Thailand increased by 4.3% from the previous year to reach 1,000,256 units in 2022, showing a gradual recovery but still far from the figures reached between 2015 and 2018, i.e. 1.2 million per year. This volume of exports represents 53% of the production carried out in Thailand in 2022, which was 1,883,515 vehicles. The remaining 47% was intended for the local market, mainly passenger cars (very few pick-ups).
- Exports concern a majority of pick-ups because Thailand is the largest producer of medium-tonnage pick-ups in the world (1,084,225 units produced in 2022), the United States being the largest producer of large tonnage pick-ups (2,560,637 units in 2022). Most pickups made in Thailand are exported, while the United States exports very few large pickups.
- An increase in Thailand's exports to the Middle East and Africa and a recovery in demand for medium-tonnage pickup trucks contributed to an export volume exceeding one million units in 2022. The transfer of Nissan Navara pickups from Spain to Thailand also contributed to this growth.
- On the other hand, the decline in passenger car production due to the shortage of semiconductors and the fall in exports to the European market (mainly the Mitsubishi Space Star) partially hampered the recovery. In 2023, the semiconductor shortage is expected to ease and demand for medium-duty pickup trucks is expected to continue to increase. As a result, total exports are expected to reach or even exceed 2019's level of 1.05 million units.
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