China Becomes Largest Car Exporter After Delivering 1.07 Million Vehicles This Year
- 23, May , 2023
Newstoday: China has left behind Japan as the world's top automobile exporter for the first time in this year. According to a recent survey, China shipped nearly 1.07 million vehicles during this time which represents a huge 58% rise over the first quarter of 2023.
Meanwhile, Japan's automobile exports were 954,185, representing a 6% increase over the previous year. China's export success may be linked to increased demand for electric vehicles as well as shipments to Russia. The switch to electric vehicles has been critical to the expansion of China's automotive sector, with first-quarter exports of new energy vehicles (NEVs), including electric automobiles, increasing by more than 90% over the previous year.
Tesla's China subsidiary, SAIC (owner of the MG brand), and BYD, which has the backing of notable US investor Warren Buffett, are among the key participants in China's NEV exports. Tesla's substantial manufacturing base in Shanghai allows it to export automobiles to a variety of markets, including Japan and Europe. Notably, China's automobile shipments to Russia have increased in response to Western economic restrictions imposed during the Ukraine war. Chinese famous automakers such as Geely and Great Wall have seen a large increase in their market share in Russia which is helping in raising the country's economic growth.