According to CCTV Finance and Economics, the latest data from the General Administration of Customs shows that from January to August 2021, the export value of automotive parts products was 316.58 billion yuan, a year-on-year increase of 34.6%. Compared to the export value of 31.22 billion yuan in the same period of 2019, it increased by nine times.

Against the backdrop of a continuous decline in global automobile production, why is China's export of automotive components growing so rapidly?

The reporter learned from the mechanical and electrical factory in Hangzhou, Zhejiang that since the second half of last year, export orders have exploded in large numbers, with an order growth rate of over 80%. Currently, the company's more than 40 production lines are producing at full capacity, with orders scheduled for 3 months later.

According to reports, a mechanical manufacturing factory in Huzhou, Zhejiang mainly produces aluminum automotive components such as steering gears, and the workshop is also bustling. Due to the continuous growth of orders, the factory integrated and expanded its production lines last year, adding three new automated production lines, improving production efficiency by 30%.

It is understood that due to a shortage of chips, global automobile production is declining, and the demand for parts to provide supporting services for vehicle manufacturers has decreased. However, the demand for new energy vehicles and maintenance after-sales markets remains strong.

Due to the shortage of chips, many overseas factories are facing the situation of impending production stoppage. This includes brands such as Stellantis, Scania, Volvo, and Ford.

Data shows that the shortage of cores this year will lead to a reduction in global passenger car production of at least 5.2 million units. From 2021 to 2023, this number will further expand to 8.1 million units. Analysts predict that the shortage of chips will continue until 2023.