China - October 14, 2024

Foreign buyers rev up their engines in China's used car market

(Voice_over)

The used car market in south China's Guangzhou City is attracting an increasing number of international buyers thanks to favorable policies enacted earlier in the year.

In March, the registration process for used car exporters was relaxed, leading to an increase in exporting companies from 21 to more than 150.

At the city’s largest second-hand vehicle market, merchants from Africa, Central Asia and the Middle East have become regulars, with many showing a strong preference for Chinese new energy vehicles.

(Sound_bite)

Benaddane Amine, Algerian merchant:

"I choose only Chinese car in this market, because the Chinese car no problem with mechanical. It's cheaper and technology is better. We have just three or four brands in Africa, but here I see many, many Chinese brands. I think getting a new model to African markets is good."

(Sound_bite)

Wen Jiale, used car dealer:

"We can clearly feel that since July, many new energy vehicles have been purchased by foreigners, as about 30 to 40 percent of our customers are those from abroad."

(Voice_over)

Those in the industry say when sold locally, used vehicles from China have a notable price advantage over those imported from countries like the U.S.

(Sound_bite)

Lin Jiawei, used car dealer:

"The overseas market is currently dominated by high-priced used cars from the United States, giving Chinese used cars a competitive advantage. The price of a used vehicle exported from the U.S. might triple in other countries, while that of such a vehicle from China would only increase by about 1.1 times."

(Voice_over)

Data shows that China's used vehicle exports reached an all-time high of more than 270,000 units last year, marking an increase of nearly 300 percent year on year.

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