Chinese automakers are not expected to be heavily impacted by new US tariffs, Yicai Global reported Monday, citing Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA).

Cui noted in a WeChat post that Chinese vehicle exports to the US totaled 116,000 units in 2024, only 1.81% of China's total auto exports, according to the report.

Most of these shipments were vehicles produced by US companies operating joint ventures in China, including General Motors, the report said.

General Motors operates the SAIC-GM-Wuling joint venture alongside SAIC Motor (SHA:600104) and Wuling Motors Holdings (HKG:0305).

Cui's remarks came after US President Donald Trump signed an executive order implementing "reciprocal tariffs" last week, pushing the tariffs on Chinese goods to at least 54%.

While China represents about 35% of the global auto market, Chinese domestic brands currently claim less than 28% of sales within their home market, the report said, citing Cui.

The CPCA projects China's vehicle exports to grow 5.8% this year to 6.2 million units, following a 19.3% increase in 2023 when exports reached 5.859 million vehicles, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)