Chinese Auto Industry's Expansion and Success in Overseas Markets

TapTechNews August 26 news, TapTechNews learned from the website of the Chinese Embassy in Algeria that on August 25, the largest-circulating media in Algeria, Al-Akhbar published a written interview with Chinese Ambassador to Algeria Li Jian.

Li Jian said that in 2023, China's direct investment in Algeria increased by more than 70 million US dollars (TapTechNews note: currently about 499 million yuan), an increase of 86%. Chinese auto companies such as Jianghuai, Chery, Geely and home appliance companies such as Hisense, Haier, Midea are handling investment procedures and will introduce advanced technologies in Algeria and carry out localized production. The products will not only be sold in Algeria but also exported to third countries.

At present, many Chinese auto companies (including but not limited to BYD, Great Wall, SAIC, GAC, Nezha, etc.) have accelerated the pace of building factories overseas, including many regions such as Southeast Asia, Europe, South America, and South Asia, and have set their sights on the global area.

In addition, according to TapTechNews' previous report, data from the China Association of Automobile Manufacturers shows that Chinese automakers exported 2.793 million cars overseas in the first half of this year, an increase of 31% year-on-year. Data released by the Japan Automobile Manufacturers Association on July 31 shows that Japan's auto export volume in the first half of 2024 decreased slightly compared to the same period of the previous year to 2.01 million. This means that after surpassing Japan to become the world's largest auto exporter for the whole year of 2023, in the first half of 2024, the Chinese auto industry once again achieved a surpass over Japan.