China becomes world’s biggest exporter of cars, overtakes Japan

China becomes world’s biggest exporter of cars, overtakes Japan

China has become the world’s biggest exporter of cars after overtaking Japan in the first three months of the year.
China exported 1.07 million vehicles during the period, up by 58 per cent compared to the first quarter of 2022, according to a BBC report.
Japan’s vehicle exports stood at 954,185.
China’s exports were boosted by demand for electric cars and sales to Russia.
Chinese automakers, including Geely, Chery and Great Wall, saw their market share in Russia jump after rivals including Volkswagen and Toyota quit the country following the invasion of Ukraine.
Last year, China overtook Germany to become the world’s second largest car exporter.
China’s General Administration of Customs said the country exported 3.2 million vehicles in 2022, compared to Germany’s 2.6 million vehicle exports, the BBC reported.
The first quarter exports of new energy vehicles (NEVs), which includes electric cars, rose by more than 90 per cent, compared to a year earlier.
Tesla’s China arm, SAIC — the owner of the MG brand — and BYD, which is backed by veteran US investor Warren Buffett, are among China’s top exporters of NEVs.
Elon Musk’s electric automaker Tesla has a huge manufacturing plant in Shanghai which exports to regions including Japan and Europe.
Tesla’s ‘Gigafactory’ is currently capable of producing 1.25 million vehicles a year, and the company is planning to further increase capacity.
Last month, it started making Model Y sport utility vehicles for export to Canada, the BBC reported.
China has also seen exports to Russia surge since the start of the Ukraine war, as Western countries imposed trade sanctions on Moscow.

China becomes world’s biggest exporter of cars, overtakes Japan