STORY: Expert regards technology as most powerful engine of China's NEV industry
SHOOTING TIME: Jan. 19, 2024
DATELINE: Jan. 24, 2024
LENGTH: 00:03:02
LOCATION: SHANGHAI, China
CATEGORY: TECHNOLOGY

SHOTLIST:
1. various of vehicles
2. various of NEVs of different brands
3. SOUNDBITE (English): LIU JIA, Analyst of Electronics & Automotive from Nomura Orient International Securities

STORYLINE:

China's auto exports surged 57.9 percent year-on-year to a record high of 4.91 million vehicles in 2023 as the country's automakers expanded their presence overseas, data from the China Association of Automobile Manufacturers (CAAM) showed.

It marks another significant increase after the country exported more than 3 million vehicles in 2022 and over 2 million in 2021.

The massive growth was propelled by a surge in the exports of new energy vehicles (NEVs), which soared 77.6 percent to more than 1.2 million units in the past year. Exports of pure electric vehicles expanded by 80.9 percent while that of hybrid ones increased by 47.8 percent year-on-year.

Liu Jia, Analyst of Electronics & Automotive from Nomura Orient International Securities, shared her view on what are the reasons behind China's rapid rise of the NEV sector.

SOUNDBITE (English): LIU JIA, Analyst of Electronics & Automotive from Nomura Orient International Securities
"I think technology is the first reason. The electric cars and smart technologies they offered give consumers interesting experiences.
I think, in the short- to mid-term, the exports will remain the primary method. If we review the history of Japan's auto exports, the export-to-domestic production ratio rises from single digit to about 50 percent finally. And in the long term, I think building factories overseas will be the ultimate way for achieving global operations, also as exemplified by Japanese car makers, which consists 70 percent of their overseas production to their global output.
I think battery technology will develop towards a safer longer battery life and shorter charging time in the future. Innovations, such as using composite current collectors and updated electrode materials and high voltage faster charging, will enhance the lithium battery performance. And these innovations will aim to eliminate the consumers' concerns about the battery quality or battery performance and boost the penetration rate of new energy vehicles."

Xinhua News Agency correspondents reporting from Shanghai, China.
(XHTV)