Categories: Business

World’s Largest Car Exporter Title Shifts from Japan to China

According to data from China’s General Administration of Customs, in the first quarter of this year, China exported 1.07 million vehicles, a 58% increase compared to the same period in 2022, becoming the world’s largest exporter of cars, surpassing Japan. In contrast, Japan exported 954,185 vehicles, an increase of 6% from the previous year.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

In 2022, China exported 3.2 million cars, more than Germany’s 2.6 million vehicle exports, and this number was boosted by increased demand for electric vehicles and sales to Russia.

World’s Largest Car Exporter Title Shifts from Japan to China: Key Points

China surpassed Germany to become the world’s second-largest car exporter last year as the shift towards electric cars has helped expand the country’s motor industry.
Chinese car manufacturers such as Geely, Chery and Great Wall saw their market share in Russia increase after rivals like Volkswagen and Toyota had withdrawn from the market due to the Ukraine war.
The first-quarter exports of new energy vehicles, including electric cars, rose by more than 90% compared to the same period last year.
Tesla’s China arm, SAIC, the owner of the MG brand, and BYD, which Warren Buffett backs, are among the top exporters of China’s NEVs.
In Shanghai, Elon Musk’s electric vehicle manufacturer operates a vast production plant that distributes to multiple regions, such as Japan and Europe.
Known as the ‘Gigafactory’, Tesla’s facility has the current capability of manufacturing 1.25 million automobiles annually, with plans underway to increase production capacity further.
Recently, the company commenced production of Model Y SUVs intended for shipment to Canada.
With the effects of trade sanctions imposed on Moscow, the war in Ukraine has resulted in significant export growth from China to Russia.

Last year, the Chinese automotive industry’s market share in Russia rose dramatically, with the likes of Geely, Chery, and Great Wall experiencing substantial expansion after competitors such as Volkswagen and Toyota withdrew from the market.

Also Read: Blackstone acquires International Gemological Institute

Find More Business News Here